[4] Bloomberg referred to the app as "ubiquitous" in Brazil in October 2021, a year after Pix's release.

[7] The Brazilian instant payment ecosystem (Pix) was created with the aim of reducing cash transactions and offering an alternative to existing payment instruments, such as bank slip or boleto and ATM, as well as being faster and more affordable.

The main advantages of Pix are its full-time availability, the speed of transactions using the system, low-cost functionality, convenience, versatility, open environment, and safety.

The BCB is responsible for the management and operation of Pix's operational frameworks: the instant payment System (SPI),[1] which is the only infrastructure for instant payments settlement; as well as the "Transaction Accounts Identifier Directory" (DICT), the database linking Pix keys/aliases and the users' transactional account information.

To perform an instant transfer or payment, the payer will need the receiver's Pix alias or key (the "nickname" used to identify the payee's/receiver's transactional account).