Brazil’s instant‑payment platform Pix, launched by the Central Bank in 2020, now handles more daily transactions than Visa and Mastercard combined, processing 276 million in June 2025. The system’s low 0.33 % fee has attracted 180 million users and eclipsed card volumes.

U.S. regulators, backed by the Trump administration, opened a formal investigation in September 2025, accusing Pix of creating an “unfair competitive disadvantage” for American firms. Brazilian President Lula dismissed the probe, branding Pix a national asset and rallying public support.

The Central Bank continues to add features—Automatic, Proximity, International, and Installment Pix—while tightening security with MED 2.0. As Pix expands, it threatens to reshape Brazil’s payment ecosystem, pushing card issuers toward higher fees and new compliance burdens.