The Central Bank of Brazil (BCB) launched Pix, a digital payment system, in November 2020 amidst the covid-19 pandemic. It gained popularity due to its instant, free, and easy-to-use features.
By 2024, Pix became Brazil’s most popular payment technology, surpassing cash and cards, with 63 billion transactions and 26 trillion reais ($4.5 trillion) moved, making it the fastest adoption of such a system globally.