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Objective

Provide an infrastructure that runs 24/7 in order to let payment service providers provide a digital account to account payment service that settles in a few seconds and makes funds instantly available for beneficiaries

AdoptionScale

  • Number of users (by October 2023): 146,861,796 individuals and 14,462,733 companies and merchants, totalling 161,324,529 users
  • Transaction volumes (up to October 2023): 32.8 billion transactions (BRL 13.5 trillion)

Maturity

3 years
Pix was launched in November 2020

Technology Architecture

Microservices using a Kubernetes orchestration

Technical Standards

ISO20022; XMDSig; TLS 1.2; RFCs 7515, 7517, 7518, 5280, 8615, 4086, 4122 and 6960.

Operational Guidelines

ITIL based processes, defined in internal documents (not publicly available)

Monitoring and Evaluation Metrics

IT monitoring processes defined in internal documents. Evaluation indicators defined in https://www.bcb.gov.br/content/estabilidadefinanceira/pix/Regulamento_Pix/IX_ManualdeTemposdoPix.pdf section 5.

Capacity Building Measures

A biannual demand projection triggers a capacity evaluation (and capacity growing, if necessary)

Governance Mechanism

Law 12.865/2013 gives a mandate to the central bank of Brazil (BCB) to adopt policies to foster competition, inclusion, and transparency in the provision of payment services. Pix is a public policy from BCB which created a payment scheme whose rulebook is owned by BCB (through Resolution BCB 1/2020). BCB also provides the needed infrastructure to allow the provision of the payment service to end users. The service is provided by payment service providers (both banks and non-banks) that are participants of the scheme and must follow Pix rulebook.

Engagement Mode

BCB owns Pix rulebook (BCB’s board is in charge of approving it). Every rule and operational procedure is submitted to a public consultation within Pix Forum. Pix Forum is an open and permanent consultative group, with almost 300 participants, like Pix participants (banks and non-banks), associations (merchants’, non-governments’, banks’, fintechs’, consumers’, governments’), technology providers, law firms, consultancy firms, etc.

Use Cases

Any payment or transfer use case: transfers between two persons, in-person purchases, purchases on e-commerce and m-commerce, tax collection, bill payments, transfers or payments between two companies, donations, payments from government entities

Annual budget

US$10 million

Additional Information

Pix webpage: Pix En (bcb.gov.br)
Pix Rulebook (in Portuguese): Exibe Normativo (bcb.gov.br)
Explanatory memorandum (in Portuguese): Title (bcb.gov.br)
Pix Management Report: bcb.gov.br/content/estabilidadefinanceira/pix/relatorio_de_gestao_pix/pix_management_report_2023.pdf
Impact assessments (in Portuguese):
Relatorio_de_Cidadania_Financeira_2021.pdf (bcb.gov.br)
Relatório de Economia Bancária – 2021 (bcb.gov.br)
Relatório de Economia Bancária – 2022 (bcb.gov.br)

Contact Details

  • pix@bcb.gov.br

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