Pix, financial sovereignty and betting: why the US is investigating Brazil's payment system
When the Central Bank launched Pix in November 2020, the initiative aimed to modernise Brazil’s payment system, expand financial inclusion and reduce costs for consumers and businesses. A few years later, the platform processes trillions of reais annually, is used by more than 170 million Brazilians and has become an international benchmark for instant payments.
However, the success of the Brazilian model has also placed the country at the centre of a broader discussion involving economics and geopolitics. The opening of a US trade investigation into Brazilian practices in the digital payments sector has raised questions about Washington’s real interests and brought to light a debate over financial sovereignty in an increasingly technology-dependent world.
Although US President Donald Trump has not mentioned Pix by name in public statements, members of his administration and official documents suggest concerns about Brazilian policies that could favour domestic solutions at the expense of foreign private companies. For specialists, the discussion goes far beyond a simple trade dispute.
A public system that changed consumer habits
Before Pix, bank transfers in Brazil relied mainly on TED and DOC transactions, which could be costly and subject to limited operating hours. Debit and credit cards dominated a large share of retail transactions, while cash payments remained relevant in certain segments. The arrival of Pix quickly changed this scenario.
Within a few months, the system had been adopted by consumers, small merchants and large companies. Free instant transfers for individuals and reduced fees for commercial establishments created a competitive environment that pressured traditional financial institutions to review tariffs and services.
Data from the Central Bank show that Pix has already surpassed debit cards in transaction volume and frequently records new daily transaction highs. The system is also receiving new features, such as recurring payments, integration with digital wallets and credit modalities linked to instant transfers. All this progress attracted the attention of international regulators and companies that have historically controlled a large part of the global payments infrastructure.
US concerns
In June 2026, the Office of the United States Trade Representative (USTR) announced an investigation based on Section 301 of the US Trade Act. The mechanism allows the review of foreign practices considered discriminatory or harmful to the country’s economic interests. The document released by the agency does not directly mention Pix, but refers to Brazilian measures related to electronic payments, digital services and policies implemented by the federal government and the Central Bank.
The investigation began at a time when US payment companies are facing significant changes in several markets. Companies such as Visa, Mastercard and PayPal have built business models based on transaction intermediation and the collection of processing fees. Public instant payment systems, on the other hand, reduce the need for intermediaries and can significantly reduce the revenues generated by these companies.
The issue gained further public attention following Donald Trump’s statements advocating a tougher stance towards countries that, according to him, adopt practices that harm US companies.
“If an American company is treated unfairly anywhere in the world, we will respond,” the president said during a meeting with business leaders in Washington.
Financial sovereignty under debate
For decades, a large share of global electronic payments has depended on private companies headquartered in the United States. Beyond card networks, US companies exert significant influence over settlement systems, international payment platforms and digital services associated with the banking sector. Pix represents a different approach.
Created and operated by the Central Bank, the system functions as a public infrastructure available to banks, fintechs and authorised payment institutions. The model seeks to stimulate competition and reduce costs without relying exclusively on private operators.
For some specialists, this format is close to the concept of financial sovereignty, understood as a country’s ability to control essential mechanisms for the circulation of resources within its economy.
It is also worth noting that several governments have developed their own instant payment solutions. India operates the UPI system, considered one of the largest platforms in the world. Thailand has PromptPay. The European Union is studying mechanisms capable of reducing dependence on international card networks, while African countries are advancing regional interoperability projects.
The Brazilian case is often cited as a successful experience due to the speed of adoption and the broad reach achieved within just a few months.
The impact of Pix on the Brazilian betting market
Pix’s relevance to Brazil’s digital economy can also be observed in the sports betting and online gaming market, one of the sectors that benefited most from the popularisation of instant payments.
Before the system’s launch in 2020, Brazilian bettors relied mainly on international credit cards, bank payment slips (boletos), and digital wallets to make deposits and withdrawals on foreign platforms. In addition to higher fees, many of these methods required settlement periods that could range from hours to several days.
With the arrival of Pix, the user experience changed completely. Deposits were credited within seconds, while withdrawals became almost immediate, reducing friction in the movement of funds and contributing to the expansion of the sector in the country.
The system’s relevance increased further with the regulation of fixed-odds betting in Brazil. Rules established by the Ministry of Finance prohibit using credit cards to fund betting activities, limiting transactions to methods that draw on funds already available in the user’s account. In practice, this transformed Pix into the main payment method in Brazil’s regulated market.
Today, virtually all companies authorised by the Secretariat of Prizes and Betting (SPA) offer Pix as their primary option for deposits and withdrawals. In addition to its speed, the system has also come to play an important role in meeting regulatory requirements, since transactions are linked to bank accounts held by the same individual, assisting identity verification procedures, anti-money laundering controls and the monitoring of suspicious activity.
The sector’s strong dependence on Pix demonstrates how the system has evolved beyond its role as a simple payment tool and become a core part of the infrastructure underpinning Brazil’s online betting market. In a segment that depends on fast transactions to attract and retain users, Pix’s success has reduced the need for international payment processors and provided a more integrated experience for operators and bettors.
This article was first published on the Portuguese SiGMA News page on 18 June 2026.
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