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. U.S. officials argue Pix receives unfair government advantages, while Brazil's central bank chief Gabriel Galipolo dismissed the complaints, noting Pix is a public service that expanded banking access and did not reduce credit card usage in absolute terms. Launched in 2020, Pix now handles over half of Brazil's transactions by volume with 170 million users. Brazil has signed information-sharing agreements with 65 countries, positioning Pix as a global model for instant payments. The dispute highlights tensions between government-built payment infrastructure and traditional card networks.
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