Brazil's government-run payments system has become dominant

I've been living in Brazil for the last 20 years.

Pix revolutionised the way we transact in Brazil. I've used Pix to pay for things that cost only cents, and I have a friend who bought her house using Pix. The system just works for any transfer amount. And it's so easy to use.

Its speed is truly baffling, and so is its reliability. Never have I failed to make a Pix payment because of downtime. I never cease to be amazed by how fast money arrives in my Brazilian account when I make a withdrawal directly from my EUR wallet on Wise. I receive a push notification from my Brazilian bank before Wise finishes running the animation of confirmation of withdrawal. It's like magic.

And it's so widespread that nowadays I don't even question whether someone accepts Pix. When I get in a taxi, no matter how old the driver is, it's certain that they take (and prefer) Pix.

I've even had homeless people ask me for Pix instead of change on multiple occasions.

Cryptocurrencies don't stand a chance.

> Cryptocurrencies don't stand a chance.

Pix can't facilitate cross-border micro payments.

> Pix can't facilitate cross-border micro payments.

No reason it couldn't. Bizum (mobile payments in Spain) started with just Spain but can now be used for payments across & to/from Spain, Italy, Portugal, and Andorra.

Bizum is also a member of European Mobile Payment Systems Association which I think will eventually lead to all members being able to make transfers to other members, but that might a somewhat dream rather than actual reality today.

there's a lot of reasons that it won't happen anytime soon. Those countries use euro as their main currency, also culturally and historically connected, which you can call them latins. Why don't you add Denmark to that group ? You can't because it will take ages :)