Loved by Brazilians, instant payment system PIX is becoming a headache for banks

According to a report from XP, it's not news that using PIX for transactions would change the market, but the fast pace it has maintained is surprising banks.

RIO DE JANEIRO, BRAZIL - For years, Brazilian banks have been cashing in on hefty transaction fees. That is (almost) over now. But debit and credit cards are also in danger of being overrun by PIX.

PIX, the new instant payment system launched by the Central Bank (BC) last year, has already played its way into the hearts of Brazilians because it is convenient and because it is cheaper than the traditional TED and DOC transfers and payments.

According to BC, the new system has quickly gained public acceptance and has seen strong CMGR (weighted average growth) in both money volume . . .

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