The Brazilian Federation of Banks (Febraban) has reported a significant increase in Pix transactions during the first half of the year. The instant payment system, which was launched in November 2020, has witnessed a surge of 61%, reaching a total value of £29 billion. This growth is attributed to the convenience and accessibility of Pix, which allows users to make payments 24/7 using their smartphones or other devices.

The widespread adoption of Pix has been driven by its ease of use and low transaction fees. The system has also benefited from the government's efforts to promote digital payments and reduce the use of cash. As a result, Pix has become the preferred payment method for a wide range of transactions, including online purchases, bill payments, and person-to-person transfers.

The growth of Pix is expected to continue in the coming years, as more businesses and consumers adopt the system. The Brazilian Central Bank is also working to enhance the security and functionality of Pix, making it even more convenient and reliable for users.