South America

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.



  • Consumers
  • Banks
  • Merchants
  • Billers



Population banking level


Number of debit, credit and charge cards per adult


Index to global average


Fully banked

Key statistics


IP launch year

Immediate payments types

Single instance, future dated

Initiation & authorization

Bank account

ISO 20022

Message standard









% of adults who have a mobile wallet and have used it in the past year

Share of volumes by payments instrument



Spend (USD)

  • Paper-based payments
  • Electronic payments
  • Immediate payments

Immediate payments volume and its share in overall non-paper-based transactions, 2014-24f

% of total electronic payments transaction volume


Brazil’s current IP system is now almost 20 years old — and although it was considered advanced when it first launched, it is now behind the times. The pending launch of the upgraded PIX system on ISO 20022 will propel IP growth, meaning the Brazilian market will see a major uptick in the next five years.

It’s also clear that Brazilian consumers are willing to adopt new payment methods, as characterized by the considerable growth of mobile wallets. In fact, the number of adults reporting usage in the last year has increased almost sevenfold since 2014. If mobile wallets integrate IP, growth should continue well beyond the next five years.

BCB’s plans include several factors that will set PIX up for success, including mandating adoption by all financial institutions with over 500,000 accounts before mid-November, with voluntary participation for financial institutions with <500K accounts.

PIX is also touting its integration and adoption availability for all players interested in connecting to the scheme.

ACI’s take

As Brazil invests in modernizing and scaling up its IP systems, it’s critical that the open banking element be addressed hand-in-hand. Global experience shows that API access to IP systems is crucial to ensuring participation of all necessary digital ecosystem players to both develop and adopt new services. It’s promising that Brazil is investing in the new rich-data ISO 20022 standard, which is so key to enabling the services that create an IP catalyst.

With a clear collaborative appetite for open banking and a market-wide mandate on the horizon, the opportunity for Brazil’s institutions is wide open in terms of developing IP services, which are competitive differentiators. Brazil’s market already supports an ecosystem of payment services tailored to the specifics required by the local population. The opportunity is in integrating new IP capabilities into that ecosystem to enrich it, and drive further digital payment volumes.

If PIX does successfully boost adoption among merchants and digital players like Rappi; it could drive even more significant growth in volumes than currently predicted.


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