One year ago #Brazil's #Pix @PicPay #MobilePayments platform didn't exist. Now half the population uses it— and ~$89 billion has already moved through the network—showing just how quickly adoption of digital payments can spread.
Pix's @PicPay is a Mobile Payments System which allows fast money transfers over smartphones. In the 11 months since it was launched by Brazil's central bank, it has become ubiquitous in the South American nation.
It's already been used at least once by 110 million Brazilians and about $89 billion has moved through the network. Brazil now registers more instant transfers than the U.S.
All that's needed to send cash to someone is a simple key they've set up, such as an email address or phone number. Similar to the privately owned Zelle in the U.S., Pix works through multiple apps from banks and other digital wallet services.
In July, Pix broke its own record of 40 million payments in one day. Most of those were person-to-person transfers.
One of the goals of the Central Bank of Brazil in launching Pix is to get more people inside the formal financial system. "We want to offer an infrastructure able to meet all the needs of our society, especially in those sectors where needs are not currently met,"
The country is particularly fertile ground for digital payments: Brazilians spend more time on social media than people in any other country in the Western Hemisphere and have the fifth-largest online population, according to GlobalWebIndex.
Pix is following a well tread history in Brazil. In recent years, fintechs such as the Warren Buffett-backed Nubank have drawn customers away from traditional Brazilian banks. Nubank is eyeing an initial public offering that could give it a market value of $55 billion.
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