According to the Brazilian Federation of Banks (Febraban), the value of transactions made through the instant payment system, PIX, has grown by an impressive 61% compared to the same period last year. This surge in usage highlights the growing popularity and convenience of PIX, which allows users to make real-time payments and transfers using only a mobile phone number or QR code.

The widespread adoption of PIX is attributed to its ease of use, low cost, and availability across various platforms. It has also played a crucial role in promoting financial inclusion, particularly among unbanked and underbanked populations.

As PIX continues to gain traction, it is expected to further transform the Brazilian payments landscape, fostering innovation and competition within the financial sector.