In 2020, with the Covid-19 pandemic, we saw a significant acceleration in the adoption of contactless payments among users in Brazil. This trend was already taking shape prior to the first coronavirus case in the country but was driven by restrictions brought about by the quarantine. NFC payments began to be Brazilian routine, and QR code transactions slowly became a part of the population’s daily lives – especially with Pix, the Central Bank of Brazil’s new payment method.
But the future ahead is not only about contactless payments but mostly about invisible payments. And Pix will play an important role in this phenomenon.
What are invisible payments?
First, we need to clarify what invisible payments are: transactions in which the user does not have to carry out any prior action to complete a purchase, such as insert a card into a POS machine or fill out the checkout page with a credit or debit card information every time he or she wishes to make a payment. The intention is to provide the user with the best payment experience possible, without hurdles. Although making a payment can sometimes seem unpleasant, at least it can be nearly imperceptible.
Today, a good example of frictionless payments is a recurring subscription. The user selects the payment method of their choice and, once the information is registered, is periodically charged through this payment method to access products and services. Since the user authorized the recurring charge previously, no other action is necessary for the following charges to confirm the transaction.
Other examples are app delivery and car trip services. After the payment method is registered, a consumer can choose to always be charged on the same credit or debit card every time he or she places an order. This way, it is possible to take specific actions to confirm the next purchases.
Pix becomes an alternative
At the moment, invisible payments are usually carried out by credit or debit or through digital wallet usage. But with Pix, new possibilities are born: frictionless payments become more accessible to consumers with limited access to traditional banking services.
Currently, several services can be paid through a balance that the user is charged directly in the app or in a digital wallet. With Pix, the user will have one more option to do so in a simple, secure, and extremely fast way – unlike more traditional options, such as prepaid cards or deposits via boleto bancário.
Further, Pix is free of charge for payers, freeing the customer from fees applied to other payment methods, and all of this in a very secure service with instant confirmation, which enables more dynamic and optimized payments.
Pix still has a lot of evolving to do this year. The Central Bank of Brazil is expected to launch new features such as: moving a salary account, withdrawing at retail, proximity payment, and much more. In other words, Pix is on its way to becoming a complete payment platform, where the possibilities are endless!