Brazil, ECB studying instant payments link in potential first cross-border move for Pix – Reuters. A pilot project could be launched in 2028.
Brazil’s central bank and the European Central Bank (ECB) are studying a potential link between their instant payment systems, in a move that could mark the first cross-border expansion of Brazil’s hugely successful Pix platform. The ECB said in a statement to Reuters that there was an ongoing preliminary investigation exploring a potential interlinking between its TARGET Instant Payment Settlement (TIPS) platform and Pix. The ECB identified Pix in June as a „currency corridor under exploration” for TIPS.
The sources, who spoke on condition of anonymity, said the discussions reflect a willingness by technical teams on both sides to assess whether such an interconnection is feasible. One source said a pilot project could be launched in 2028 if the initiative advances as planned.
Last month, Brazil’s central bank said it was assessing links between Pix and similar payment systems abroad, signaling a more concrete push toward cross-border integration. It has signed Pix information-sharing accords with 65 foreign counterparts.
Since its launch in November 2020, Pix has transformed Brazil’s payments landscape. Pix adoption in Brazil has reached over 178 million users, covering approximately 91% of the adult population.
Pix – Key Adoption Figures
Monthly Transactions: Pix processes between 6 billion and 7 billion transactions every month.
Transaction Value: The system moves over BRL 3 trillion (roughly USD 557 billion) in value monthly.
User Base: More than 178 million individuals and millions of businesses actively use the platform.
E-commerce Share: Pix commands roughly 40% of all online retail payments in Brazil.
Business vs. Personal: Business transactions account for about 55% of the total volume, while person-to-person (P2P) transfers make up the remaining 45%.
More Pix statistics here
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Pix was created by the Banco Central do Brasil (BCB) to democratize the access of all Brazilian citizens to digital means of payments, encouraging the use of electronic payments and thereby leveraging the efficiency in the retail payments market.
Pix is the Brazilian Instant Payment scheme that enables its users — people, companies and governmental entities — to send or receive payment transfers in a few seconds at any time, including non-business days. By funds transferring between transactional accounts — demand, savings and prepaid payment accounts — Pix is a payment method that tends to have a lower acceptance cost because its framework works with few intermediaries.
Since November 16th, 2020, Pix performs its instant funds transfer, which can be further facilitated if the beneficiary has registered a Pix alias associated to her/his/its transactional account. Pix aliases are portable and the users’ information stored in the database are encrypted and protected by law.
How Pix works
One of the greatest advantages of Pix is its transactions’ speed. And it is fast even before the transaction is initiated. Instead of asking for information regarding the beneficiary’s account and/or personal data, the payer just asks for the Pix alias or scans a QR code (static or dynamic) in order to start a Pix funds transfer at any day and time.
Once started, Pix transactions are irrevocable and processed individually in a few seconds. Pix will promptly notify the end users (both payer and payee) of the transaction’s conclusion. With the payment confirmation, the payer has certainty that the payment was received and funds are available for the beneficiary. It must be emphasized that the Pix alias is only used to facilitate initiating a Pix transaction and, therefore, to pay with Pix it is not necessary to register a Pix alias.
