Brazil's Pix mulls global links as US tariffs loom

Brazil's central bank has signaled a more concrete push toward integrating its popular instant payment system, Pix, with similar platforms abroad. In its latest management report, the bank said it is assessing bilateral connections and participation in multilateral payment hubs, a firmer stance than its 2023 report, which only mentioned the possibility of future integration.

The move comes as Pix faces scrutiny from the United States. The US government cited the system in a trade investigation concluded in July, raising concerns about the central bank's dual role as operator and regulator. That finding helped support fresh 25% tariffs on Brazilian imports.

The central bank argues that connecting instant payment systems could lower costs, speed up transactions, broaden access, and improve transparency in cross-border payments. It reiterated its view that Pix is critical public digital infrastructure.

Pix has transformed Brazil's payments landscape since its launch in late 2020, bringing tens of millions of people into the financial system. It offers free person-to-person transfers and cheaper transactions for merchants, bypassing much of the traditional card-payment chain and eroding the market share of global card networks like Mastercard and Visa.

The central bank has already signed information-sharing agreements on Pix with 65 foreign counterparts, ranging from Germany and Canada to South Africa and Turkey.

Data in the report underscores Pix's dominance. Transactions rose 25.7% in 2025 from the previous year, to nearly 80 billion, with volumes exceeding 35 trillion reais ($6.87 trillion). Consumer-to-business payments accounted for 43% of all Pix transactions last year, up from 6% in 2020, highlighting its evolution into a dominant retail payment method.