What's PIX, you ask?
PIX is the instant money transfer service by Brazil's Central Bank.
Brazillians can send and receive money 24/7, even during holidays.
There's no fee for individuals, and the transfer arrives in less than 10 seconds (usually 1~2 seconds).
Every bank with more than 500k customers is obligated to participate.
Even ridesharing apps offers payments accounts with PIX integrated.
You can pay people, gas, groceries, utility bills, bills in general (including from the government), even the huckster in the street accepts it.
It's great, way better than options from "developed", "first world", "global north" countries. And that's only the tip of the iceberg.
Well, it's complicated. It puts all the eggs in one basket, bringing with it inherent risks and costs.
It's for good reasons that those "developed" countries carefully weigh the pros and cons of systems like this and often decide not to go that direction.
Yes, it looks all happy and shiny, but there are downsides under the surface.
