Paulo Picchetti said criticism of the Pix reflects interests outside those of the country, addressing concerns raised abroad, including in the United States.

“Those who criticize Pix have interests that are not those of the Brazilian population,” said the Centrak Bank’s Director of International Affairs and Corporate Risk Management after an event in Rio de Janeiro.

Picchetti said some objections are linked to segments of the US payments industry affected by the spread of instant transfers, which are free for individuals and low cost for businesses, Xinhua reported.

He said the system lowers transaction costs, increases competition and broadens access to financial services. “That naturally creates discomfort for more traditional business models,” he said.

Launched in 2020 by the Central Bank of Brazil, Pix enables transfers at any time without intermediaries. Picchetti said Brazil can develop domestic financial tools. 

“Brazil has the full capacity to create modern instruments that meet the needs of its population, without depending on imported models,” he said.

Officials say the system has expanded financial inclusion, while analysts link criticism to competition over digital payments infrastructure.