Developed by the Central Bank, PIX is a payment method that revolutionized the way of paying and receiving money in Brazil. Nonetheless, now, the method is in the sights of other countries in Latin and North America. According to the Central Bank, Canada and Colombia signaled interest in exporting the technology to their countries.
The Latin American country, inclusive, is already negotiating with BC representatives to make PIX viable in Colombian territory, according to information from the institution's own presidency. Nonetheless, Canada has also made clear its interest in technology. One of the main attractions for banks is that the PIX method is accessible to coffers.
At the moment, PIX costs the Central Bank around R$ 5 million to operate, a relatively low value. The PIX payment method was praised by the Bank for International Settlement (BIS), organization that supervises central banks around the world. BIS highlighted the modality's ability to carry out transactions with lower costs and providing greater financial interaction.
United States will launch FedNow
At the same time, the United States decided to develop its own payment method, inspired by PIX. O Federal Reserve (FED), banco central americano, will launch FedNow, technology very similar to the Brazilian version. The payment method is already in the testing phase and should be launched in May 2023.
According to the vice president of the FED, Lael Brainard, the goal is to revolutionize, mainly, the way families and small businesses carry out their transactions. The idea is that FedNow contributes to family financial organization and small business finance.
The pilot project involves more than 120 banks and will be available to financial institutions of the most diverse types and sizes. Yet, FedNow will work the same as PIX, 24 hours a day and seven days a week.
PIX is close to 1 trillion transactions
The large adoption of PIX is justified by its high ease of payments and, mainly, for fee exemption. Operating in more than 770 financial institutions, at the moment, PIX approaches 1 trillion transactions carried out per month.
Modernity already has more than 478 millions of PIX keys registered in different banks and institutions. This represents twice the number of inhabitants in Brazil today (according to recent data from the Brazilian Institute of Geography and Statistics, IBGE). Like this, the number of PIX users is 131,8 million, being that of this total, 122 Millions are natural persons.
