The wait is over: on November 16, Pix was officially launched for the entire Brazilian population, allowing immediate money transfer 24 hours a day, 7 days a week. While consumers are still exploring the platform and getting used to the new way to pay, the market is looking forward to developing more innovative solutions involving Pix. One of them is recurring payments with Pix, designed for business models that work with subscriptions.
Subscription market in Brazil: more than 4,000 companies
The subscription market shows impressive potential in Brazil: according to Betalabs, there are already 4,000 companies operating in this sector, compared to only 300 companies in 2015.
And if subscription clubs already showed a growth trend, with transactions around BRL 1 billion, this service was further driven by the pandemic: 800 new subscription clubs were opened in Brazil during the period of social isolation. About 600 new consumers purchase a subscription service daily.
More than BRL 9 billion transactions with Pix in the first week
According to the Central Bank of Brazil, the financial volume traded in the first week of Pix’s operation reached BRL 9.3 billion, with a total of 12.2 million transactions. Data is from the 16th to the 22nd of November.
The data shows a strong trend toward the adoption of Pix. For the president of the Central Bank of Brazil, Roberto Campo Neto, the launch of the new payment method can be classified as “spectacular” and meets the population’s demand for a fast, cheap, secure, transparent, and open payment method.
How will recurring payments with Pix work?
One of the possibilities of enabling recurring payments via Pix is through a payment link: the user will receive periodically via e-mail a link to a payment page and will be able to make the payment via Pix. In addition, one of the Central Bank’s forecasts is also to launch the “Pix Agendado”, a feature that will allow the user to schedule an instant payment for a future date.
With the boom in subscription business models, expanding payment methods is essential to democratizing consumer access to products and services. In this sense, enabling recurrent payments with Pix is an important step to include more people in ecommerce and expand the reach of virtual stores.
Pix’s benefits in ecommerce are already well-known: in addition to the accelerated confirmation, the new payment method allows for quick product delivery or immediate service availability. Adding recurring payments to this equation will greatly improve the user experience.
