Pix has once again become the focus of tensions between Brazil and the United States. After the instant payment system was cited in a US trade investigation that could result in the imposition of 25% tariffs on Brazilian products, the Brazilian Federation of Banks (Febraban) defended the tool created by the Central Bank and stated that the US government is working with incomplete information about how the system functions.
According to a report by g1The organization argues that Pix is not a commercial product, but a public payment infrastructure designed to increase competition, reduce costs, and facilitate financial transactions for individuals and businesses.
System comes under US scrutiny.
The debate gained momentum after the release of preliminary findings from an investigation conducted by the Office of the United States Trade Representative (USTR). According to the American agency, some policies adopted by Brazil could represent trade barriers or favor certain national solutions to the detriment of foreign private companies. Among these is Pix.
The investigation could serve as the basis for the adoption of an additional 25% tariff on Brazilian products exported to the American market. The final decision should be announced by July 15th.
Febraban responds to criticism.
In a statement, Febraban (Brazilian Federation of Banks) asserted that the American assessment does not adequately reflect the structure of the Brazilian payment system. The organization highlighted that Pix operates under an open model and allows the participation of national and foreign banks, fintechs, and financial institutions operating in the country.
According to the federation, there are no restrictions related to the origin of companies interested in operating in the system, as long as they comply with the rules established by the Central Bank.
The organization also highlighted that the service is free for individuals, but may incur a charge for companies, regardless of whether they are Brazilian or foreign.
The system is seen as a global benchmark.
Created by the Central Bank and launched in November 2020, Pix has established itself as the main means of instant payments in the country. The system allows transfers in a few seconds, 24 hours a day, every day of the week.
The tool has become one of the largest financial digitization initiatives in Brazil and is frequently cited by experts as an international benchmark in electronic payments.
The American investigation was opened based on Section 301 of the Trade Act of 1974, an instrument used by the United States to investigate practices considered harmful to the country's commercial interests.
While the final decision has not yet been announced, the Brazilian government, the Central Bank, and representatives of the financial system are trying to convince American authorities that Pix does not represent unfair competition or market restriction.
Febraban expects that the technical contributions presented to the American government will help clarify how the system works and reduce the chances of new trade barriers against Brazil.
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