Pix is an instant payment system that was initially announced in 2019 and became fully operational in November 2020. The platform was created by the Central Bank of Brazil, and it allows for the quick execution of payments and transfers. The Brazilian instant payment ecosystem (Pix) was implemented to reduce cash transactions and offer an alternative to existing payment instruments.
According to latamlist.com, more than 478 million passwords were registered on Pix as of July 2022. While initially available only in Brazil, other countries such as Colombia are looking into adopting this payment system. According to the same source, Colombia is looking to minimise the use of cash in the country and boost the financial inclusion of its most vulnerable citizens.
The timeframe for implementing Pix in Colombia will depend on the decisions made by the country’s Central Bank. According to Forbes, Brazilian President Jair Bolsonaro stated that the United States, Colombia, and Canada will also import the Brazilian Pix sometime in the future. The same source reveals that more than 100 million people use the system in Brazil even though Brazilians initially viewed the system with suspicion.
In September 2022, the Banco do Brasil (BB) has added a payment initiation service to its app, which allows customers to transfer their funds via Pix from the accounts of other financial institutions to BB. The system supports transfers from 18 banks, including the largest ones, and the expectation is for a gradual expansion.
Banco do Brasil hopes that the new offering will facilitate the use of its financial management solution, called Minhas Finanças Multibancos, which allows customers who shared data with BB via Open Finance to consult the statements of their other accounts. Minhas Finanças Multibancos reportedly manages BRL 8 billion (over USD 1.5 million) in consolidated balances.
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