The United Kingdom has experienced a significant increase in the adoption of the PIX instant payment system, with transactions rising by an impressive 61% in the first half of the year. This surge has pushed the total value of PIX transactions to a staggering £29 billion, according to the latest figures from the UK Banking Federation (UKBF).

The growth in PIX usage is attributed to its convenience and efficiency. The system allows users to make instant payments to anyone with a UK bank account, using only their mobile phone number or email address. This has made it a popular choice for both personal and business transactions.

The UKBF expects the growth in PIX transactions to continue in the coming months, as more businesses and consumers adopt the system. This is expected to further drive down the cost of payments and make it easier for people to manage their finances.