The Brazilian Federation of Banks (FEBRABAN) has reported a significant increase in the use of PIX, Brazil's instant payment system, in the first half of 2023. According to the federation, the number of PIX transactions grew by an impressive 61% compared to the same period last year, reaching a total of £29 billion. This surge in electronic fund transfers highlights the growing popularity and convenience of digital payment methods in Brazil.

PIX, which was launched in November 2020, allows users to make instant payments and receive funds 24 hours a day, seven days a week, using only a mobile phone number or QR code. The system has gained widespread adoption due to its ease of use, speed, and security.

The growth in PIX transactions is expected to continue in the coming months as more businesses and individuals embrace digital payment methods. The Brazilian government has also been actively promoting the use of PIX as part of its efforts to reduce the use of cash and increase financial inclusion.