Central Bank instant payment systems and financial inclusion : evidence from rural and urban municipalities in Brazil
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2025-09-29
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Schiozer, Rafael Felipe
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This thesis investigates the role of central bank instant payment systems in advancing financial inclusion, focusing on Brazil’s Pix, introduced in 2020 with inclusion as one of its core policy objective. The study examines whether greater Pix usage per capita is associated with higher savings per capita, and whether this effect differs between rural and urban municipalities. Using a balanced panel of 3,560 municipalities observed annually from 2020 to 2024, the analysis combines Pix transaction data, savings balances, and demographic indicators. Fixed-effects regression models control for unobserved municipal characteristics and nationwide shocks. The results show that higher Pix usage is positively and significantly associated with increased savings per capita, with a proportionally stronger effect in rural municipalities where traditional financial infrastructure is limited. These findings suggest that Pix can help bridge geographic barriers to financial inclusion. The research contributes to debates on digital payments as inclusion tools and provides policy-relevant evidence for other countries considering central bank–operated instant payment systems.