Colombia Is in Talks With Brazil to Implement the Pix Payment System

The Colombian Fintech Association is working with the monetary authority of Brazil to bring the Pix instant payment model to Colombia.

Pix is an instant payment system that was initially announced in 2019 and became fully operational in November 2020. The platform was created by the Central Bank of Brazil, and it allows for the quick execution of payments and transfers. The Brazilian instant payment ecosystem (Pix) was implemented to reduce cash transactions and offer an alternative to existing payment instruments.