With growth of 32% YOY, one scheme in place and a more advanced network set to launch in late 2020, the Brazilian IP market is likely to see tremendous future expansion.
Brazil’s current scheme, Sistema de Transferência de Fundos (SITRAF), is a "real-time-like" system which launched in December 2002. Transactions are only processed during Brazilian banking hours (6:30 AM-5:00 PM), and 90% of payments are processed in 90 seconds or less. SITRAF supports P2P, C2B, G2C and G2B payments, and payments can only be made via internet or mobile banking.
In 2018, Banco Central do Brasil (BCB) announced the introduction of an upgraded ISO 20022 IP service named PIX, anticipated to be fully functioning by 2021. PIX will offer 24/7/365 availability with real-time clearing and settlement, and it is expected to support a wider range of payments: P2P, C2B, B2B, C2G, G2C, B2G and G2B. Transfers will be possible from the paying user account to the receiving account, without the need for intermediaries. The new scheme also adds a variety of transfer initiation methods, from mobile numbers and emails to social security numbers.