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Emerging technologiesNovember 27 2023

Brazil’s PIX a threat to credit cards, but a boon for banks

Compared to Brazil, banks in Europe or the US have lost the payments game.
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Brazil’s PIX a threat to credit cards, but a boon for banksImage: Dado Galdieri/Bloomberg

The market for credit cards and debit cards is going to get smaller in Brazil, as PIX, the country’s instant payment system, expands its reach and features. 

Launched in November 2020 by the Brazilian Central Bank (BCB) to foster competition in financial services, PIX became so popular that, by the end of last year, 77% of the Brazilian population had used it. 

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Barbara Pianese is the Latin America editor at The Banker. She joined from Mergermarket, where she spent four years covering mergers and acquisitions across Europe with a focus on the consumer sector. She holds an MA in International and Diplomatic Affairs from the University of Bologna having studied in Brazil and France as well.
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