Brazil’s PIX payment system faces U.S. scrutiny over competition with Visa, Mastercard

Brazil’s central bank-run instant payment system, PIX, is under scrutiny by the Trump administration after the Office of the U.S. Trade Representative opened an inquiry in July 2025 into whether it unfairly competes with U.S. card networks including Visa (V) and Mastercard (MA). PIX processed about $7 trillion in transactions in 2025 and has 178 million registered users in a country of 213 million people. Launched in 2020, the system allows real-time transfers for individuals, companies and government entities with Brazilian bank accounts. Individuals pay no transfer fees, while business fees are typically below conventional bank-transfer costs. The system’s rapid adoption has also brought fraud concerns. The Brazilian Forum of Public Security estimated 24 million to 28 million people were affected by PIX-related crimes from January to September 2025. Authorities and banks have imposed account monitoring and overnight transfer limits to curb theft and fraudulent transfers.