A person pays using their cell phone with the instant electronic payment mode known as PIX, at a store in Rio de Janeiro, Brazil April 1, 2024. REUTERS/Pilar Olivares/File Photo
(Reuters) - Brazil's wildly popular instant payment system Pix is poised for another leap with the launch of a new recurring payments feature this month, central bank officials said on Wednesday.
Since its launch in late 2020, Pix has rapidly become the leading payment method in Latin America's largest economy, surpassing cash as well as debit and credit cards. Last year it handled more than 26 trillion reais ($4.61 trillion) in transactions.
