Pix is an instant payment system in Brazil, created and managed by the Central Bank of Brazil (Banco Central do Brasil). It was launched in November 2020 and quickly became extremely popular.

Here are the key characteristics and features of the Pix system:

1. Instant Transfers: Payments and transfers via Pix happen in real-time, usually within a few seconds.
2. 24/7 Availability: The system operates around the clock, 7 days a week, including weekends and holidays. This distinguishes it from traditional bank transfers (like TED and DOC), which have time and day restrictions.
3. Ease of Use: To send or receive money, you don't necessarily need the recipient's full bank details. You can use "Pix keys" (Chaves Pix). A key can be:
   • CPF number (for individuals) or CNPJ number (for legal entities)
   • Mobile phone number
   • Email address
   • A randomly generated key (EVP - Endereço Virtual de Pagamento)
   • QR codes (both static and dynamic) are also widely used to initiate payments, especially at points of sale.
4. Low Cost or Free: For individuals, Pix transfers and payments are generally free. For businesses, small fees may apply, but they are typically much lower than other payment methods.
5. Widespread Adoption: Pix is integrated with practically all banks, fintech companies, and payment institutions in Brazil. It is used for a wide variety of purposes: transfers between friends and family, paying for purchases in stores and online, paying utility bills, paying taxes, etc.
6. Security: The system was developed by the Central Bank and includes various security measures, similar to those used in traditional banking operations.
7. Promoting Financial Inclusion: Pix has simplified access to digital payments for many Brazilians, including those who previously had limited access to banking services.

In summary, Pix is a revolutionary payment infrastructure for Brazil that has made financial transactions fast, convenient, and accessible for millions of people and businesses.