Central Bank workers display a banner in protest for better wages. Photo: Pedro Ladeira/Folhapress
Civil servants at the Central Bank went on strike on Friday demanding better wages, in a move which could disrupt Brazilian payments. The institution’s instant payment system, PIX, could suffer disruptions during the workers’ protest.
Why it matters. Since its November 2020 launch, PIX has become the leading method of payment for Brazilians. In Q4 2021, it overtook credit card transactions for the first time. Its possible disruption has thus become a powerful bargaining chip in the workers’ favor.
By the numbers. Per Central Bank data, PIX transactions in Q4 2021 were up 34 percent over the previous quarter. Card transactions also grew, but at a slower pace. The number of payments made with debit cards rose 9 percent, while credit cards increased 12 percent.
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