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Pix: The Brazilian fast payments scheme
Pix, the Brazilian fast payments scheme, has enjoyed an impressive rate of adoption during its first year of operation. As this paper discusses, this is not simply due to its speed and 24/7 availability, but also such factors as convenience, reconciliation, openness, competitiveness, safety, low cost and the multiplicity of use cases. This paper also explores the role played by the Central Bank of Brazil in the implementation, management and operation of Pix, with a particular focus on the Pix rulebook and its settlement system. Finally, the paper shares some lessons learned from the Brazilian experience, including learnings regarding branding, focusing on the user and the rulebook (rather than the system), mandatory participation, minimum requirements, standardisation, fee structure, usability, use cases, governance and stakeholder engagement.
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Breno Lobo is a senior adviser at the Central Bank of Brazil, where he lends high-level technical expertise to the team responsible for managing and operating the country’s fast payment scheme, Pix. For the last 15 years, Lobo has been working for the Central Bank of Brazil in the area of payment systems, including the conceptualisation, design and implementation of Pix. He has a master’s degree in economics from Brasilia University.
Carlos Eduardo Brandt is a deputy head in the Central Bank of Brazil’s Department of Competition and Financial Market Structure, where he leads the Pix management and operation team, and drives the scheme’s evolving agenda. Brandt also coordinates Pix Forum, the permanent advisory committee convened to support the Central Bank of Brazil in establishing the Pix rulebook. He graduated in engineering and law, specialising in finance and law.