Economy

Almost 25 million PIX keys were registered in five days

The volume was recorded from 9 am on Monday to 6 pm on Friday

Photo: Marcello Casal Jr/ Agência Brasil

In the first five days of registration, 24,821,312 keys were registered with Brazil’s instant payment system PIX, informed Agência Brasil. The volume was recorded from 9 am on Monday, October 5th, until 6 pm on Friday, 9.

Expected to debut on November 16, Brazil’s Central Bank PIX will allow people to make bank transfers and payments 24 hours a day, 365 days a year.

READ ALSO: Santander, Banco do Brasil, and Nubank are some of the players offering prizes to retain consumers as PIX approaches

PIX is poised to leverage financial inclusion in the country at an unprecedented pace, but what will determine if these wave of newly banked population will stay, is the capacity of banks and fintechs to offer the right range of solutions, as João Bragança, senior director for the financial industry at consultancy Roland Bergerexplained to LABS.