The comparison between Pix and Zelle entered the public debate after former deputy Eduardo Bolsonaro (PL-SP) cited the American system as an example of a tool similar to that created by the Central Bank.
The discussion gained strength after the United States government included Pix among the points questioned in a commercial investigation that could result in 25% tariffs on Brazilian products.
In a video published on social media, Eduardo stated that the US has mechanisms “very similar to Pix” and mentioned Zelle as an example, suggesting that the Brazilian payment system could be negotiated between Brasília and Washington.
Despite performing similar functions for the end user, Pix and Zelle were built on very different models. These differences are among the arguments presented by the Office of the United States Trade Representative (USTR) when questioning the Brazilian system.
Who controls each system
The main distinction is in governance. Pix was developed and operated by the Central Bank. All participating financial institutions follow standardized rules defined by the monetary authority, including operating criteria, interoperability and free access for individuals.
Zelle takes the opposite path. Launched in 2017, the system is administered by a network of private American banks and does not have a central public authority responsible for its operation.
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In the United States, each participating institution can define its own terms of use and policies for its customers.
Free
One of the points mentioned by the USTR involves precisely the way in which Pix is offered to the public. In Brazil, the Central Bank determined that transfers via Pix are free for individuals. In addition, participating institutions must make the featured service available to customers.
The American government argues that this structure would favor a state-operated system to the detriment of private competitors, including American companies in the payments sector.
At Zelle, the reality is different. Currently, almost all accounts linked to the system do not charge users fees, but this free fee arises from banks’ commercial decisions, not from a regulatory obligation.
In the report released this week, the USTR states that the Central Bank simultaneously plays the role of regulator and operator of Pix. According to the body, this structure would create a potential conflict of interests by allowing the same institution to establish market rules and manage one of the systems that operate in this environment.
The document also argues that the obligation to offer Pix for free and in a prominent position in banking applications benefits public infrastructure to the detriment of private solutions.
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Among the companies potentially affected, Americans cite groups such as Visa, Mastercard and WhatsApp Pay.
