Explaining Brazil #132: Banking transformation PIX up steam

The Central Bank has launched PIX, its new instant payment system. We analyze what changes this brings to the country's financial landscape

It is hard to recall a year with so many novelties to the Brazilian banking system as 2020. From the creation of millions of bank accounts to the introduction of open banking, the local financial system is quickly being reshaped. Another game-changer is PIX, Brazil’s brand-new instant payment system. PIX has just become operational this week — and we will explain what changes it will bring to Brazil’s financial system.

The Central Bank hopes PIX will accelerate the digitization of Brazil’s financial landscape, guaranteeing safer transactions and limiting the so-called “underground economy.” Elsewhere, studies predict that PIX could cut the use of banknotes in Brazil by half over the next 10 years.

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On this episode:

  • Marcela Mattiuzzo is a lawyer specialized in antitrust law and data protection at VMCA Advogados, a São Paulo-based law firm — and previously worked as chief of staff to the chairman of Brazil’s antitrust regulator Cade. She holds a master’s degree in law from the University of São Paulo, and was a visiting researcher at Yale Law School.

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