Melnikov, NikitaBraga, Isabel Costanza de Sousa2026-01-302026-01-302025-06-162025-06-16http://hdl.handle.net/10362/199887Instant payment systems have grown rapidly in emerging economies. This thesis examines the effect of Pix on firm activity in Brazil, using municipal-level data and a synthetic difference in-differences approach. The results show that Pix adoption is associated with small but statistically significant increases in firm openings and closures, GDP per capita, and survival rates.The effects are consistent between firms of different sizes. The findings contribute to understanding how digital payment systems relate to small business dynamics in an emergent economy.engInstant paymentsBrazilDigital transformationFinancial inclusionBusiness formationPixmaster thesis204127840