Digital payment ecosystems and financial inclusion: Comparative analysis of UPI in India and PIX in Brazil

Nagrale, Ajay Venkat and Chandnani, Shivansh (2025) Digital payment ecosystems and financial inclusion: Comparative analysis of UPI in India and PIX in Brazil. Global Journal of Engineering and Technology Advances, 23 (2). 077-085. ISSN 2582-5003

This article examines how digital payment systems, specifically India's Unified Payments Interface (UPI) and Brazil's PIX, contribute to financial inclusion in emerging markets. Through a mixed-methods approach combining transaction data analysis, user surveys, and stakeholder interviews, the article investigates how these real-time payment infrastructures compare to traditional banking systems in terms of accessibility, transaction costs, and user experience for underserved populations. The comparative analysis reveals distinct implementation strategies and adoption patterns while highlighting common success factors and challenges. Findings indicate that these digital payment ecosystems significantly reduce barriers to financial services, particularly for rural and lower-income segments, while stimulating micro-entrepreneurship and formal economic participation. This article provides valuable insights for policymakers and financial institutions seeking to leverage digital payment technologies to enhance financial inclusion and economic development in similar emerging market contexts.