Brazil and US clash over future of payments as popular Pix system stirs global interest
Brazil's instant payment system Pix has become a point of contention between Brasília and Washington. The Trump administration imposed 25% tariffs on Brazilian imports, citing Pix as a trade barrier that undermines U.S. digital payment firms like Visa and Mastercard. Brazilian officials, including central bank chief Gabriel Galipolo, reject the criticism, arguing Pix is a public service that has expanded banking access and not harmed credit card usage. Pix, launched in 2020, now handles over half of Brazil's transactions by volume with 170 million users. The system's global appeal is growing, with Brazil sharing Pix information with 65 international counterparts. The dispute highlights the tension between government-built payment infrastructure and traditional card networks.
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