Pix
Pix

Pix will stimulate mobile payment methods

On November 16th, Pix, the instant payment platform developed by the Central Bank of Brazil, will be available to the population. With this new payment method, consumers will be able to make payments easily by simply scanning a QR Code or using a Pix key. By October 14th, the Central Bank of Brazil had registered 33.7 million Pix keys since the registration first became available on October 5th.

 

Read more: How Pix will work in ecommerce

 

With Pix, the expectation is that mobile payment usage with smartphones will increase. According to the new Panorama Mobile Time | Opinion Box survey on m-commerce and m-payment in Brazil, published in September 2020, 26% of Brazilians said they had heard about Pix. Of these, 89% intend to use this payment method.

But mobile payments have already been increasing over time: digital wallets, for example, were already a trend at the beginning of the year and faced a significant boom with the Covid-19 pandemic. Now, consumers are more adapted to new payment methods: the survey showed that 48% of Brazilians have already tried paying with QR Codes.

Proximity payments also grew during the Covid-19 pandemic. In six months, the proportion of Brazilian Internet users with smartphones that had already used this payment method rose from 23% to 33%.

 

M-commerce grows during the Covid-19 pandemic

The pandemic has also boosted m-commerce in Brazil, leading many Brazilians to buy for the first time through an app or website using their smartphones. In six months, the proportion of mobile consumers – that is, internet users who have already made purchases with m-commerce – has grown from 85% to 91%. Further, 76% of mobile consumers said that they currently make more purchases via mobile apps or websites than they did six months ago.

Not only m-commerce, but ecommerce as a whole has seen significant growth during the social distancing period. According to a study by Kearney on the impacts of Covid-19 on Brazilian consumer behavior, ecommerce revenue in Brazil should reach BRL 111 billion in 2020. In addition to encouraging online shopping, the pandemic has also forced some sectors to reinvent themselves and bring their business to the digital environment.

 

Read also: Brazilian ecommerce and Covid-19: stats and forecasts

 

Social media sales increase during the pandemic

The survey also showed an increase in sales via social networks. The study revealed that 70% of mobile consumers have already purchased through WhatsApp; 40% revealed having made purchases via Facebook Messenger and 39% through Instagram.

In this scenario, payment link adoption has grown: this solution enables merchants to send a link to the consumer through a communication channel – such as WhatsApp or private messages on social media – that directs him to a payment page.

This way, merchants can expand their sales channels and continue selling despite social distancing. According to an estimate by the Associação Brasileira das Empresas de Cartões de Crédito e Serviços (Abecs), distance purchases in Brazil account for 29% of the volume handled by credit cards.

 

Read also: Pix, digital wallets, and payment link: the Brazilian ecommerce trends

 

With an instant, secure, and democratic payment method like Pix, mobile consumers will have one more option to pay for their online purchases. Still, the platform encourages innovation and competition among financial market players. In other words: new solutions are yet to come!

Want to know more about the Central Bank of Brazil’s new payment method? Check out 10 questions and answers about Pix in this article.