Brazil’s Central Bank led a revolution

Five years ago, Brazil’s Central Bank launched Pix — a public, instant payment system that lets people send money to each other at no cost. And it was a real shake-up. Until then, Brazilians were used to paying fees for almost any transfer.

Over the following years, Pix kept expanding, adding new features like recurring payments, scheduled transfers, cash withdrawals at retail stores, tap-to-pay, and even instant refunds in case of fraud.