Launched on November 16th, 2020, Pix – Brazil’s instant payment method – has already become the most used payment method for P2P transactions. The numbers have outgrown the Central Bank of Brazil’s predictions: the total number of Pix keys registered at the moment is 182 million, far beyond the 20 million predicted for the first six months of operations.
Read also: Pix: numbers and next steps for the new payment method
It’s not difficult to understand Brazilians’ acceptance of this new payment method: Pix is free of charge for payers and is available 24 hours a day, 7 days a week – including weekends and holidays. Further, the payment is instantly confirmed to the receiver’s account. All these benefits encourage Pix’s adoption, and, slowly, usage is increased altogether, including P2B transactions.
Pix usage in online stores: user adoption is promising
But how is Pix’s usage in Brazilian ecommerce progressing? We gathered some insights from PagBrasil’s partner stores that use the instant payment method. In a period of one month, Pix corresponded to an average of 5.8% of successful transactions in online stores that enabled the payment method. The analysis refers to the period between February 15th and March 15th of 2021.
Pix, unlike credit cards in Brazil, do not enable installment payments at the moment – which can limit the instant payment method’s usage. According to a study carried out by the Sociedade Brasileira de Varejo e Consumo (SBVC), credit card installments are the most used payment option for 48% of desktop consumers and 41% of mobile consumers. However, the Central Bank of Brazil will launch Pix Garantido, a feature that will enable installments with Pix, which will likely increase the instant payment’s adoption.
Boleto bancário remains as Brazilians’ second favorite payment method, mainly because of purchase habits, as well as for operational reasons: boleto bancário is integrated with corporate management systems. In addition, the payment method also adapts well to companies’ internal purchasing process, as it is easier to schedule payments.
Read also: The importance of the boleto bancário for B2B companies selling to Brazil
According to a study carried out by Ernst & Young that predicts the scenarios for Pix for the next five years, the payment method’s financial volume should peak as of the fourth year of operation, considering both a moderate and aggressive scenario. In other words, traditional payment methods should face a decline of their financial volumes only as of the fourth year of Pix’s operations.
Even considering these elements, Pix’s potential in Brazilian ecommerce is huge since merchants can reach consumers with different profiles and needs through a simple and intuitive payment method. Pix’s adoption in Brazilians everyday lives should naturally increase the number of transactions, even in digital environments.
Want to learn more about Pix? Check out our content series dedicated to the subject!
