Let’s talk about Pix: The Brazilian instant payment system and the challenge of gender equality
By Paula da Cunha Duarte
22. April 2026
In just a few years, the Brazilian payment system Pix has become the most popular payment method in the country and is also cited as a model of success in discussions in Germany. But how does Pix work, and what impact is it having on financial inclusion, particularly for women?
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“I’m going to pay with Pix” is a sentence Brazilians say and hear every single day. However, five years ago this expression would not have made any sense. It all began in August 2020, when the Central Bank of Brazil (BCB) launched Pix, the country’s instant payment system. Available 24/7, it allows individuals, businesses, and government entities to transfer funds in just a few seconds.
Pix has been a game changer in Brazil, expanding account ownership in the country and making digital payments more accessible and efficient. Yet, this payment tool is rarely examined through a gender lens. Gender inequality in access to financial services remains a critical challenge across many countries, and Brazil is no exception. Addressing this issue requires an active role from financial regulators, such as the BCB, in promoting gender-sensitive regulatory frameworks.
Against this backdrop, it is worth examining how Pix can contribute to women’s financial inclusion, and how the Central Bank can integrate a gender perspective into its agenda to advance inclusion and avoid reinforcing existing inequalities.
But first: what exactly is Pix, and how does it work?
What is Pix?
The Central Bank of Brazil created Pix and operates the infrastructure behind this instant payment tool. Unlike wire transfers, which can take hours or days to settle, or card networks such as Visa or Mastercard, often associated with significant fees, Pix offers a faster and cheaper alternative, processing transactions around the clock, including weekends and holidays, at no cost to individuals and at minimal cost to businesses.
In addition to creating Pix, the BCB also acts as its regulator and overseer and is therefore responsible for establishing all of its operational and regulatory rules. Two of them, in particular, have been essential to the success of this instant payment tool.
First, the Central Bank required major financial institutions and fintechs to offer Pix, ensuring its adoption alongside existing payment methods (like traditional bank transfer or card payments), all available within users’ bank or fintech apps.
Second, the BCB prohibited institutions from charging fees to individuals for sending or receiving funds, a rule that likely explains much of Pix’s popularity among Brazilians. Fees apply only to businesses, though the cost per transaction remains significantly lower than those charged by traditional intermediaries such as card networks.1
Another important factor behind Pix’s success is how easy it is to register and use. The only prerequisite is to have a transaction account with a bank or fintech. From there, users register by linking their account to a “Pix key”, which can be a social security number, email address, phone number, or a randomly generated code. The key acts as a simple identifier for the account, eliminating the need to share full banking details when sending or receiving money.
In practice, using Pix is straightforward. To send money, the user enters the recipient’s Pix key (or scans a QR code) in their bank or fintech app, types the amount, and confirms the transaction. Behind the scenes, the payment is routed instantly through the infrastructure created by the BCB for Pix and settled within seconds, becoming immediately available to the recipient.
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In the years following its launch, the Central Bank has continued to enhance Pix by introducing new functionalities aimed at increasing its versatility and attractiveness. In addition to traditional instant transfers, users can now schedule payments for future (called “Pix Agendado”), set up recurring payments (“Pix Automático”), and rely on features such as “Pix Saque” and “Pix Troco”, which allow cash withdrawals at retail locations, among other innovations.
Although the Central Bank has the final say on the rules, it also promotes what is known as the “Pix Forum”, a space for dialogue where the regulator engages with other market participants, such as banks and fintechs, to discuss new functionalities, security issues, and operational improvements. In practice, this works as a form of participatory governance.
In general, banks and fintechs must adapt to the new features and rules introduced by the BCB for Pix. Currently, the only feature developed by these institutions that is not regulated by the Central Bank is the possibility of making payments in instalments through Pix, similarly to a “buy now, pay later” model. While this expands access to credit and can make purchases more convenient, it also involves interest rates. This raises important concerns about affordability and the risk of indebtedness, especially for more vulnerable users, who may have greater difficulty assessing the true cost of credit and managing repayments.
Understanding how Pix works is only the first step. The next step is to examine its relationship with financial inclusion in Brazil.
Pix and financial inclusion
Financial inclusion is often reduced to account ownership, even though having a bank account is only the first step toward accessing the financial system. True inclusion requires active and meaningful participation. While there is no single global definition, a widely adopted framework from the World Bank and the Global Partnership for Financial Inclusion (GPFI) defines financial inclusion as a state in which individuals and businesses have access to useful and affordable financial products and services that meet their needs, delivered responsibly to consumers and sustainably by providers.2
One of the main goals of Pix is to promote financial inclusion. It has contributed to this objective in Brazil through a combination of factors. Its launch in November 2020, at the height of the COVID-19 pandemic, coincided with the government’s need to distribute emergency aid to millions of unbanked Brazilians, accelerating the opening of digital accounts across fintechs (e.g., Nubank, the largest neobank in the country).
Beyond the context of the pandemic, Pix significantly increased the utility of these accounts: for the first time, holding an account with a digital bank provided the same payment functionality as an account with a traditional bank. In addition, the fact that Pix is free for individuals removed a key barrier for lower-income populations, who had previously avoided wire transfers due to their cost.
Together, these factors gave millions of Brazilians a concrete reason to enter the financial system for the first time. While less than half of the Brazilian population had a bank account before Pix, by 2025 this figure had risen to approximately 90%, with no gender gap. Pix has also become the most widely used payment method in Brazil, surpassing cash, credit cards, and debit cards.3 This represents a remarkable achievement for an emerging economy with a population of over 200 million.
Pix has undoubtedly contributed to promoting financial inclusion. But how is it helping to move beyond access and effectively promote financial inclusion for Brazilian women?
Gender inequality in Brazil
According to the Global Gender Gap Report published in 2025 by the World Economic Forum, Brazil ranks 72nd in the global ranking of 148 economies (Germany ranks 9th).4 Several factors help explain why the country is not better ranked. Take unpaid work as an example: In 2022 (the most recent data available), white Brazilian women spent 20.4 hours per week on caregiving and household chores. For Black women, that number climbs even higher, to 22 hours. Men, on the other hand, spent 11.7 hours per week on the same tasks, regardless of race.5
The gender pay gap tells a similar story. In 2024, women in Brazil earned, on average, 20.9% less than men.6 This gap has real consequences, because lower salaries make it harder for women to access credit and obtain loans, for example.
Financial literacy is another piece of the puzzle. Brazil scores 59.6 out of 100 on financial literacy, which already represents a challenge for the population as a whole. However, women score even lower than men: 57.5 versus 62.5. That difference matters, because it shapes how people make financial decisions and whether they feel confident accessing credit.
And when we look at financial wellbeing indicators more broadly, there is also a concerning gap:7
- 29.2% of women stated that financial problems affect their ability to concentrate, against 18.4% of men;
- 24.1% of women indicated that they currently have a lot of debt, while the same was reported by 15.8% of men;
- 38.7% of women pointed out that their financial situation limits their ability to do things that are important to them, compared to 31.3% of men.
Having an account is the entry point to the financial system, but true financial inclusion goes beyond that. This broader understanding of financial inclusion can be particularly transformative for women: it fosters financial autonomy, which is closely linked to economic empowerment, enabling women to make independent decisions, invest in education or business opportunities, plan for the future, and even leave situations of economic dependency.
Pix and women’s financial inclusion
Existing evidence highlights the potential of digital financial services (such as Pix) to expand women’s financial inclusion.8 Examining Pix’s features illustrates how this instant payment system could help improve women’s financial inclusion and, in turn, advance gender equality in Brazil.
1. No transaction fees for individuals
Women are disproportionately affected by income inequality, earning 20.9% less than men, and tend to exhibit higher levels of financial stress. In this context, one of the most relevant features of Pix is that person-to-person and person-to-business transfers are completely free. This removes a real barrier: women can participate in the financial system without worrying about transaction costs eating into an already tighter budget.
2. 24/7 availability
For women working irregular hours, the ability to receive payments through Pix at any time, with immediate access to funds, represents a significant advantage. This flexibility is particularly important for those who juggle multiple jobs to secure an income for themselves and their families. Importantly, the fact that Pix is available around the clock is also closely linked to the next two aspects discussed below, the faster delivery of social benefits and the promotion of women’s entrepreneurship.
3. Faster delivery of social benefits
In Brazil, 51% of households are headed by women. Moreover, in the country’s largest social assistance program, called “Programa Bolsa Família”, which targets individuals living in poverty and social vulnerability, women represent the vast majority of beneficiaries (84.2%).
Since its launch, Pix has also been used to distribute government social transfers, including “Programa Bolsa Família”. By allowing payments to be made instantly and directly into users’ accounts, Pix helps reduce delays and gives beneficiaries immediate access to funds, something that can make a real difference for households managing tight budgets and day-to-day expenses.
It also makes receiving these benefits simpler and safer. With less need to withdraw cash or travel to bank branches, beneficiaries can avoid long lines, transportation costs, and potential security risks. This is particularly important for women, who often face greater time constraints and mobility challenges due to caregiving responsibilities.
4. Support women’s entrepreneurship
As of 2024, the most recent data available, women account for 34.1% of entrepreneurs in Brazil, representing around 10.4 million women. A significant share of these businesses is driven by necessity rather than opportunity. Compared to male entrepreneurs, women tend to earn about 25% less, have more limited access to financial resources, and spend around 17% less time on their businesses, largely due to greater caregiving responsibilities, as noted earlier.9
In this context, Pix can play an important role. By reducing the need for costly card machines and enabling businesses to accept digital payments easily and instantly, Pix can help lower operational costs, increase profit margins, and support the sustainability of women-led businesses.
In summary: Pix has the potential to go beyond expanding account ownership and further promote women’s financial inclusion. But given that the BCB acts as both regulator and operator, what more can it do to improve this scenario?
Where more can be done
There are two areas that – instead of the overall benefits of Pix – have shown not only to be detrimental to more financial inclusion, particularly for women, but capable of aggravating existing problems or creating new ones:
1. Financial literacy and financial education.
As Pix expands access to financial services, actions to improve financial literacy become essential. As mentioned earlier, the level of financial literacy among the Brazilian population is low, with women performing worse than men. However, this gap is not limited to financial literacy; it also appears across several other financial indicators, such as lower financial resilience and greater vulnerability to financial distress.
One way to address this problem is to strengthen financial education initiatives to improve financial literacy. The BCB has already acknowledged in official reports the need to implement specific measures for women, but no concrete actions have been taken so far.
2. Consumer protection and cybersecurity.
In 2025, Brazil ranked 7th globally in terms of breached accounts.10 The Central Bank of Brazil has sought to address this issue by introducing new regulations at the end of 2023 to strengthen security requirements.
Another major concern in terms of consumer protection relates to cyber fraud and scams. While the instant nature of Pix has brought significant convenience to Brazilians, it has also increased exposure to fraud. Although the BCB has implemented important protective mechanisms, awareness remains limited, and there is a lack of studies with sex-disaggregated data. Given that women earn less than men and generally experience higher levels of financial distress, they may be disproportionately affected when falling victim to such scams. A gender-sensitive regulatory approach would therefore require the systematic collection and analysis of sex-disaggregated data on fraud, risk exposure, and usage patterns.
At present, the security strategies developed by the Central Bank for Pix, while important, remain largely gender-neutral and do not specifically address women’s needs. Incorporating a gender-sensitive approach to consumer protection would be a critical next step. This should begin with collecting, analyzing, and using sex-disaggregated data to inform regulatory policies and better identify risks that disproportionately affect women.
Conclusion
Pix illustrates how a simple, accessible, and widely adopted payment system can go beyond expanding account ownership to support broader financial inclusion for women by lowering barriers, enabling meaningful use of financial services, and improving their lives.
However, this potential will not realise itself automatically. In a context marked by persistent gender inequalities, integrating a gender perspective into the Central Bank of Brazil’s policymaking is essential to ensure that Pix not only expands access, but also contributes to advancing gender equality and strengthening women’s full financial inclusion.
Zitiervorschlag
da Cunha Duarte, Paula (2026): Let’s talk about Pix: The Brazilian instant payment system and the challenge of gender equality. In: eFin-Blog. https://zevedi.de/en/efinblog-pix-the-brazilian-instant-payment-system-and-the-challenge-of-gender-equality/ [22.04.2026]. https://doi.org/10.83253/apw4-0g93.
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1 Although the BCB mandated that Pix must be free for individuals, it left each bank or fintech free to set its own rates for business transactions.2 Global Partnership for Financial Inclusion (November 2022): G20 Yogyakarta financial inclusion framework: Harnessing digitalization to increase productivity, sustainable and inclusive economy of women, youth and MSMEs. https://www.gpfi.org/news/g20-yogyakarta-financial-inclusion-framework.3 This data can be checked on the statistics published by the Central Bank of Brazil on its website: https://www.bcb.gov.br/estatisticas/spbadendos?ano=2024.4 World Economic Forum (2025): Global Gender Gap Report 2025. https://reports.weforum.org/docs/WEF_GGGR_2025.pdf.5 Instituto Brasileiro de Geografia e Estatística (IBGE, Brazilian Institute of Geography and Statistics): (2022): Gender Statistics – Social indicators of women in Brazil (tables 1.1.1 & 1.2.1). https://www.ibge.gov.br/estatisticas/multidominio/genero/20163-estatisticas-degenero-indicadores-sociais-das-mulheres-no-brasil.html.6 Ministério do Trabalho e Emprego (MTE, Ministry of Labour and Employment) (2025): 3º Relatório de Transparência Salarial: mulheres recebem 20,9% a menos do que os homens; https://www.gov.br/mulheres/pt-br/central-de-conteudos/noticias/2025/abril/3o-relatorio-de-transparencia-salarial-mulheres-recebem-20-9-a-menos-do-que-os-homens.7 Banco Central do Brasil (BCB) & Fundo Garantidor de Crédito (FGC, Credit Guarantee Fund) (2023): Mensuração do letramento e da inclusão financeira. https://www.bcb.gov.br/content/cidadaniafinanceira/documentos_cidadania/letramento/relatorio-de-letramento-financeiro.pdf.8 Toronto Centre (2018): Advancing women’s digital financial inclusion. https://www.torontocentre.org/media/acfupload/Advancing_Womens_Digital_Financial_Inclusion_Updated_Links_1_copy_1.pdf; World Bank Group (2021): Accelerating gender equality in digital development. Digital Development Note on Gender Equality; UNSGSA et al. (2023): Igniting SDG Progress through Digital Financial Inclusion – 2023 edition. Igniting_SDG_Progress_Through_Digital_Financial_Inclusion_2023_edition.pdf.9 Ministério do Desenvolvimento, Indústria, Comércio e Serviços (MDIC, Ministry of Development, Industry, Trade and Services), & United Nations Development Programme (UNDP) (2024): Panorama do empreendedorismo feminino no Brasil. https://www.gov.br/empresas-e-negocios/pt-br/empreendedor/elas-empreendem/panorama-do-empreendedorismo-feminino-no-brasil/estudo-do-empreendedorismo-feminino.pdf.10 Surfshark (2026): Data breach monitoring. https://surfshark.com/research/data-breach-monitoring?country=br.