Mobile Instant Payment Systems and Financial Inclusion: A Delphi‐Based Analysis of Brazil's Pix

ABSTRACT This study investigates the role of Pix—an innovative mobile instant payment system developed by the Central Bank of Brazil—in promoting financial inclusion in the country, using the Delphi methodology. This research also highlights the importance of mandatory bank participation, regulation and implementation of a centralized governance model led by the Central Bank of Brazil, the flexible structure of the system, the inclusion of small financial institutions, and the implementation of robust data security and privacy measures. These findings provide valuable insights into the key elements that have contributed to Pix's success in Brazil as an innovative financial inclusion tool, paving the way for future research and public policy development on this subject. Finally, by identifying those critical factors, the study highlights Pix's potential for long‐term financial inclusion and socioeconomic development in Brazil, especially among the most disadvantaged segments of the population.