Financial institutions using Pix as of June 2023, by type
a relatively high unbanked Brazilian population into using more digital payments.
As of June 2023, roughly three out of four financial institutions in Brazil using Pix as a payment method were credit cooperatives. The number of Pix-adopting credit cooperatives amounted to 594 as of that point in time. Payment institutions and multiple banks ranked second and third, with 94 and 57 participating organizations, respectively. Pix is widely regarded as one of the more important instant payment systems - much like UPI in India or CoDi in Mexico - as they are deliberately designed to convert