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 cited Pix as a trade barrier to justify new 25% tariffs on Brazilian imports. US officials argue Pix, operated by Brazil's central bank, receives unfair government advantages that undermine US credit card companies like Visa and Mastercard. Brazilian officials, including central bank chief Gabriel Galipolo, reject the criticism, stating Pix is a public service that has expanded banking access and actually increased 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 on Pix with 65 countries. The dispute highlights global tensions between government-built payment infrastructure and traditional card networks.
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