BRASILIA (Reuters) – Brazil’s central bank chief Roberto Campos Neto said on Thursday that it is not true that banks lose money with the Pix instant payment system, launched by policymakers in late 2020.

Speaking at an event hosted by Brazil’s banking lobby group Febraban, he acknowledged that Pix affected revenues to some degree. On the other hand, new accounts were opened with the system, offering new services, increasing the volume of transactions, and reducing cash costs for banks, said Campos Neto.