A PIX of Financial Inclusion via a Brazilian Instant Payment System: A Delphi-Based Approach

Financial inclusion has increasingly relied on digital technologies to broaden access to essential financial services, particularly for vulnerable populations in low- and middle-income countries. This study investigates Pix’s role in promoting financial inclusion in Brazil. Employing the Delphi method with experts from the Central Bank of Brazil and the financial market, it identifies critical success factors behind Pix’s rapid adoption and impact. Over three iterative rounds, experts reached a consensus on 16 key factors, highlighting low transaction costs, ease of use, security, mobile accessibility, and regulatory support as central drivers of inclusion. The study advances academic research by deepening the understanding of how instant payment systems like Pix promote financial inclusion in LMICs and by reinforcing the use of the Delphi method within ICT4D research. From a managerial perspective, it offers practical insights for policymakers, financial institutions, and technology developers seeking to design and implement inclusive digital payment solutions.