ECONOMY
Pix instant payments are coming for credit cards
Pix, Brazil’s instant payment system, is replacing many of the uses for credit cards. Photo: Etalbr/Shutterstock
Brazil’s Central Bank is expanding the country’s wildly successful instant payment system, Pix, introducing new features that could further displace traditional credit and debit cards — a development that major financial players are monitoring closely.
As of next week, users will be able to schedule recurring payments by way of “Automatic Pix,” a feature akin to AutoPay in the United States. While similar options already exist for paying utility bills, the Pix version will extend to subscriptions traditionally linked to credit cards — such as streaming services and digital platforms.
This innovation could significantly broaden access to scheduled payments. Despite the number of credit cards exceeding the population — 235 million active cards in a country of 203 million — nearly 60 million Brazilians remain excluded from the credit card system…
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