2 PAYMENT METHOD PROFILES: PAY BY BANK
Regulation
Europe 548
Brazil 549
India 550
Mexico 551
Rules of the Interbank Electronic Payment System
Instant Payments Regulation
Central Bank of Brazil Resolution 195
Payment and Settlement Systems Act
Regulation
Date Adopted
2024
2022
2007
2017
Instant Credit Transfers, Pricing, Verification, Security
Defining operational aspects of the Instant Payments System
Empowered Reserve Bank of India to manage payment systems
Defines obligation of system participants and system functionality
Focus
Table 2.18
Case Study
Case Study: Brazil Brazil’s faster payments rail launched in November 2020 and has been described as transforming from “local sensation to global game-changer.” 552 Volumes have grown to over 63 billion transactions in 2024 representing over $4.5 trillon USD. 553 Pix’s year-on-year growth as of March 2025 was 28%, outpacing credit card’s growth of 11% YoY by 2.5 times in Brazil. 554 Moreover, Pix has supplanted cash as the most widespread payment method in Brazil with 76.4% of the population using the platform compared to 69.1% for debit and 68.9% for cash. 555 One of Pix’s fastest growing use cases is consumer-to-business which now represents 42% of Pix transactions. 556 This use case may benefit from the growth of QR code transaction initiation which represent 47% of Pix transactions as QR codes are widely used by merchants to initiate transactions. 557 Pix spending in ecommerce passed credit card spending between 2023 and 2024 by growing from 30% to 41% while credit card shares declined from 40% to 32%. In previous years of the Worldpay Global Payments Report, bank transfers didn’t make the list for in-store payment methods; however, in 2024, they made up 32% of in-store spending. 558
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