I study how financial technology reshapes competition among banks. I exploit quasi-random
variation in exposure to the introduction of Brazil's Pix, an instant payment system, and show …

Instant payment systems have received considerable attention because of their integration
with the banking system and their shared functionalities with CBDCs. We show that instant …

Instant interoperable payment systems (IIPSs) are increasingly celebrated as a means to
advance economic growth and financial consumer welfare, in low-and middle-income …