💰 Pix

Welcome to Latinometrics. We bring you Latin American insights and trends through concise, thought-provoking data visualizations.

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Okay, so you’re lucky enough to live in the one and only Rio de Janeiro. Brazil’s Cidade Maravilhosa.

You get a haircut. You buy some Biscoito Globo and matte limão from a beach vendor. Your friend and you buy tickets to watch Flamengo get absolutely thrashed by Vasco da Gama (hopefully) in the famed Maracanã stadium. What do all these things in common? Chances are, you almost certainly used Pix in all three transactions.

It’s frankly hard to think back to the dark days before Brazil’s central bank rolled out Pix in late 2020. People used to…carry change? Go to the bank to pay a boleto, or payment slip, for government services? No longer. Pix has become as central to the everyday Brazilian’s life as rice, beans, and farofa.

Pix works with just about every national bank account, from established giants like Bradesco and Santander to the newer players like C6 and Nubank. It streamlines the payment system, making it easier for individuals and businesses to send or receive money instantly, freely, and securely. Firms can pay invoices with it, and the government accepts it. Even some homeless Brazilians will accept Pix donations.

Within the first year of operations, Pix was responsible for over 6B transactions, a number which rose to 42B in 2023. Last year, over 63B Pix payments were sent, demonstrating the inexorable rise of arguably Latin America’s greatest public-policy rollout of the past decade.

Notably, electronic bank transfers through the national TED system remain the chief payment method by value, in large part due to their use in commercial and real estate transactions. While the average Pix is of just $76, the average e-transfer rather runs around the $10K range.

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