One of the reasons for the success of Pix is the internet affinity and smartphone density in Brazil.
(Photo: Moment/Getty Images)
Sao Paulo In September two years ago, the Brazilian central bank introduced its latest 200 real banknote. Due to the high level of social assistance during the pandemic, central bankers expected cash transactions to increase rapidly. But things turned out differently: To this day, hardly anyone in Brazil has touched the note with the maned wolf.
This is not because the banknote, which is worth almost $40, is too expensive. Rather, the reason is that Brazilians are using less and less cash. Anyone who wants to pay for a beer in the bar, a taxi ride or a haircut in cash these days will usually hear: “Não tem pix? Don’t you have a Pix?”
Pix is the instant transfer system that the Brazilian central bank introduced two years ago – shortly after the new banknote was introduced. This system was immensely successful from the start.
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