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Soon, Pix will be recognized internationally for its effectiveness; see more details here!
The Central Bank (BC) transformed Brazil’s payment system in 2020 by introducing Pix. This innovation quickly won the preference of most Brazilians and, due to its extraordinary success, the regulatory body will receive an honor at the annual ceremony of the Council of the Americas (COA).
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Thus, the ceremony, scheduled for October 20 in Miami, United States, will serve to applaud the accessibility that Pix has provided to Brazil.
Along with Brazil, three other countries will be honored at the Bravo Business Awards. Additionally, the event also recognizes excellence in business and political leadership in the Americas.
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COA Highlights the Importance of Pix
The COA emphasizes that Pix, in less than three years since its implementation, achieved phenomenal adoption. Today, more than 700 financial institutions have adopted it, and 80% of adults in Brazil use it.
This has accelerated financial inclusion in the country at unprecedented rates, and Pix is inspiring other central banks around the world to develop similar solutions in their markets, serving as a global example of financial inclusion.
A Retrospective on the Genesis of Pix
In 2012, the BC defined its first strategy for instant payments, an initiative highlighted in the 2013 Brazilian Payment System (SPB) Oversight Report.
In the following years, significant progress was made. In 2014, the BC organized a forum to discuss topics relevant to payment entities and their respective systems. These discussions gained international recognition in 2016, during an international symposium on the subject.
2018: A Crucial Year for the Development of the Payment System
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The year 2018 proved especially crucial to the evolution of Pix. That year, the BC formed a Working Group for instant payments and conducted an international study to measure Brazil's progress in this sector.
That same year, in December, the primary requirements for the instant payments ecosystem were defined. Subsequently, in 2019, the BC inaugurated the Pix Forum, a vital venue for discussions on the subject.
Finally, between June 2019 and November 2020, important developments related to the tool took place. Numerous studies, the start of platform construction, brand promotion, the implementation of the Instant Payments System (SPI), and, finally, the enactment of the regulation accompanied by the official launch of Pix.
