The Central Bank of Brazil published its Pix Management Report for 2023-2025, documenting the instant payment system’s growth and outlining areas for further development. Pix processed nearly 80 billion transactions worth more than BRL 35 trillion in 2025. By the end of the review period, 148 million individuals and 12.8 million businesses had sent or received at least one Pix transaction, while registered keys exceeded 920 million. The period included the introduction of contactless Pix, Pix Automático and recurring scheduling, alongside greater integration with Open Finance. Security measures included enhancements to the Special Refund Mechanism, new requirements for participants, stronger monitoring and broader sharing of security information among institutions. Future areas under study include new payment experiences, improvements to Pix Automático, hybrid billing, wider integration with financial services and international interoperability.