Massive growth in digital payments in Brazil has reached another important step.
At the end of 2024, PIX, the system supported by the country’s government which allows citizens to exchange funds transparent via their mobile phone, has become the country’s favorite method of transactions, overcoming cash, credit cards and traditional interban electronic transactions.
According to figures from the Banco Central Do Brazil, 76.4% of the country’s 211 million inhabitants now use Pix, followed by 69.1% debit and cash flow cards at 68.9%.
“Pix has transformed the Brazilian economy; It has expanded financial inclusion, formalized part of the informal economy and gave the government greater visibility on transactions, “explains Reginaldo Nogueira, national director of the Brazilian Capital Markets Institute (IBMEC).
“It is not only a payment innovation; It is a structural reconfiguration of the way money circulates and the way in which the state perceives income, “he adds. According to the Brazilian banking federation, there were 68.7 billion pixes in 2024 only, a massive increase of 52% compared to the previous year, reaching approximately 5 billions of dollars of value.
The massive increase was due to the increase in business transactions to business via the system, which recorded a 90% leap in annual shift in 2024, according to a study by Matera Research.
Pix recorded its largest volume of one day on December 20, 2024, when the system managed 252.1 million transactions.
“The Central Bank’s digitization program, led by Pix, is in full swing and transforms the way Brazilians make payments,” said Rodrigo Teixeira, director of administration at the Central Bank. The central bank aims to extend Piixs features in the side of the credit, incorporating features such as payment payments and allowing future Pix transactions to be accepted as guarantees in loan transactions.
Pix also develops on the Stablecoin side, the Central Bank recorded a massive increase in TETH (a stablecoin set to the US dollar) on Pix this year. Courtnay Guimarães, manager of digital assets in Bradesco Bank, explains: “With a cryptographic account and Pix, anyone can convert funds in real time, accessing up to 180,000 active as a global scale.”