Brazil and Pix: A Journey to International Instant Payments

The Brazilian Central Bank (BC) is advancing studies to interconnect the instant payment system Pix with TIPS, Europe's platform of the European Central Bank (ECB). This move comes in a complex macroeconomic context where Pix faces criticisms from the United States. The BC's decision reflects a broader strategy for the internationalization of Brazil's payment system, which is currently in pre-investigation phase with TIPS since June 2025. This process aims to facilitate instant transactions between the euro and other currencies as well as between Pix and similar systems in other countries. Connections with NGP's Nexus and Swiss SIC-IP are more advanced but still face significant challenges before implementation, which is set for 2027. The internationalization of Pix extends beyond Europe; it has also been considered by India through its UPI system and the non-profit organization Nexus Global Payments based in Singapore. This joint effort to interconnect different instant payment systems resonates with global digital transformation where central banks are seeking a more efficient and inclusive payments environment. The internationalization of Pix could bring significant benefits for both Brazil and its international partners, promoting liquidity in finance and reducing costs associated with cross-border transactions.