When the central bank built the rail itself

In Brazil, the fastest way to pay was built by the one institution with no product to sell: the central bank.

Rather than wait for banks to modernise, Banco Central do Brasil built Pix itself - free, instant, and public. More than 150 million Brazilians, over nine in ten adults, now use it, including the street vendors and informal workers the banking system priced out.

When the state builds the rail as a public good, inclusion stops being a product and becomes the default.

Source: Banco Central do Brasil, 2025.