The PIX payment system, launched in November 2020, has gained widespread adoption in Brazil, offering a convenient and secure method for instant payments. The surge in transactions highlights the growing popularity of digital payments and the increasing reliance on cashless transactions.

Febraban's report attributes the growth to the system's ease of use, which allows users to make payments using only a mobile phone number or QR code. Additionally, the availability of PIX services through various financial institutions and payment platforms has contributed to its widespread adoption.

The increase in PIX transactions is expected to continue as more businesses and individuals embrace digital payments. The system's efficiency and convenience are likely to further drive its popularity, making it a key player in the Brazilian financial landscape.