Template-Type: ReDIF-Paper 1.0
Author-Name:  Angelo Duarte 
Author-X-Name-First: Angelo  
Author-X-Name-Last: Duarte
Author-Name: Jon Frost
Author-X-Name-First: Jon
Author-X-Name-Last: Frost
Author-Name: Leonardo Gambacorta
Author-X-Name-First: Leonardo 
Author-X-Name-Last: Gambacorta
Author-Name: Priscilla Koo Wilkens
Author-X-Name-First: Priscilla 
Author-X-Name-Last: Koo Wilkens
Author-Name: Hyun Song Shin
Author-X-Name-First: Hyun  
Author-X-Name-Last: Song Shin
Title: Central banks, the monetary system and public payment infrastructures: lessons from Brazil's Pix
Abstract: Public payment infrastructures build on the central bank's foundational role in the monetary system by promoting competition and interoperability between payment platforms. They can reduce costs for users and promote financial inclusion.
Brazil's recent experience with the Pix retail instant payment system illustrates the potential gains. In little over a year since its launch in November 2020, Pix has signed up 67% of adults in Brazil, with free payments between individuals and low charges for merchants.
The two key ingredients in the success of Pix are, first, the mandatory participation of large banks to kick-start network effects for users, and second, the central bank's dual role as infrastructure provider and rule setter.
Length: 8 pages
Creation-Date: 2022-03-23
File-URL: https://www.bis.org/publ/bisbull52.pdf
File-Format: Application/pdf
File-Function: Full PDF document
File-URL: https://www.bis.org/publ/bisbull52.htm
File-Format: text/html
Number: 52
Handle: RePEc:bis:bisblt:52