Technology

Fintechs lead key registration on PIX, Brazil's instant payment system

Nubank tops the list with 8 million keys, followed by Mercado Pago and PagSeguro

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  • From Tuesday to Wednesday, the Brazilian Central Bank registered another 3.7 million key registrations on PIX;
  • Even though the key cannot be the same one, each user can register more than one key at several institutions.

Brazilian fintechs and neobanks are leading the list of key registrations on PIX, the Brazilian instant payment system. Nubank tops the list with a record of 8 million keys, followed by Mercado Pago, with 4.7 million, and PagSeguro, with 4.3 million. After it, there is the first traditional bank: Bradesco, with 3.7 million.

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From Tuesday to Wednesday, the Brazilian Central Bank registered another 3.7 million key registrations on PIX. According to the monetary authority, from October 5 until Wednesday 6 pm, the total number of key registrations reached 33.7 million, reported Valor Econômico.

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In practice, a key for using Brazil’s instant payments system can be the user’s taxpayer registry number (known by the acronym CPF in Portuguese), cellphone number, or e-mail address. As users can’t use the same key in two different financial institutions, banks and fintechs started a race to a kind of “pre-registration” of these keys in September. Even though the key cannot be the same one, each user can register more than one key through different institutions to make payments within PIX.