In Senate Hearing, Brazil’s Central Bank Chief Says PIX Does Not Compete With Credit Cards

Overview

• Gabriel Galípolo, who testified Tuesday before the Senate Economic Affairs Committee, said PIX brought more people into banking and helped drive growth in credit-card borrowing.
• Senators pressed him over Banco Master’s liquidation after the Central Bank blocked BRB’s purchase in September 2025 and later shut the bank down citing problems that made it unviable.
• A White House trade report dated April 1 said PIX may harm U.S. firms such as Visa and Mastercard and noted that institutions with more than 500,000 accounts must offer PIX.
• The U.S. government opened a trade investigation into Brazilian digital payments in July 2025 at President Donald Trump’s request.
• A new global study reported PIX now accounts for 38% of online purchases and 34% of in-store payments in Brazil, while credit cards held 40% of e-commerce in 2025 and cash still made up 12% of store transactions.