Brazil’s Pix payment system reshapes how millions pay — and puts Washington on edge

Pix, Brazil's instant payment system, has revolutionized daily life by making cash nearly obsolete and integrating millions into the digital economy. Launched in 2020, it allows free, instant transactions via smartphones, with over 90% of Brazilian adults using it. Despite US concerns about its competitive advantage, Pix has expanded financial inclusion and benefits the entire financial sector.