Pix was created, and is managed, by the Central Bank of Brazil, in part to increase competition in the Brazilian finance industry. Pix launched in November 2020 and less than a year later was accepted throughout Brazil, as well as many international markets.
Pix was designed to provide a faster and less expensive alternative to other payment methods available in Brazil. Operated by Brazil’s central bank, Pix is known for being safe, secure, and available anytime.
Pix allows merchants to accept payments online and in-person, is easy to use, and charges merchants less than other payment methods ($0.50 per transaction).
Consumers create a wallet on their phone that stores their banking information, as well as identifying information such as finger- and face-prints. Pix works by generating an account number and storing it on the customer’s device. When they want to make a purchase, Pix will use this account number to process their payment.
Pix is easy for consumers because it doesn't require them to enter any personal information; all they have to do is look into the camera when prompted by the app or website where they're making their purchase. This helps validate the user, and removes liability for fraudulent transactions from the merchant.