Brazil, India Lead Instant Payments Growth Worldwide With Pix, UPI

Source: Fintech Nexus

Latin America typically isn’t at the forefront of global economic policy, but with pioneering financial initiatives like Pix, Brazil is emerging as a leader in the rapid growth of instant payments, alongside India. Brazil launched its instant payment system, Pix, in 2020 during the height of the COVID-19 pandemic. Similarly, India, another major developing economy, introduced UPI a few years earlier. In both instances, these initiatives were part of broader efforts to rapidly digitize the population and propel these economies into the digital banking era.

Fast forward to today, and both countries collectively account for over 60 percent of all real-time transactions worldwide. According to "Beyond Borders," an annual report published by Brazilian payments fintech Ebanx on payment trends, Brazil’s significant adoption of Pix now constitutes 15 percent of all instant payments globally, while India’s UPI accounts for 46 percent.