Cesar Boralli, senior consultant at Payments and Commerce Market Intelligence: “Pix has experienced rapid growth in Brazil and is poised for continued expansion in the coming years. The collaborative effort between the central bank and market participants was crucial in ensuring interoperability and cost-free person-to-person transactions. Mandates to commercial banks at the inception of Pix reinforced its adoption. On the consumer side, Pix is widely offered by both banks and non-banks, facilitated by the supportive ‘payment institution’ law (12,865/2013), which enables seamless transitions from cash to digital accounts. Beyond peer-to-peer transactions and cash displacement, there’s a rising demand for person-to-merchant transactions, both online and offline. Merchants nationwide are incentivizing Pix with discounts and cash back offers. While Brazil spearheads this payment infrastructure, other countries in the region are…”