New rules, record transactions, and 100% acceptance among the leading e-commerce stores in Brazil: take a look at Pix’s developments in 2023.
As you may or may not know, Pix is Brazilians’ favorite payment method. The Central Bank of Brazil developed the instant payment in November 2020, reaching over 150 million users. In 2023, Pix has become a popular payment method in e-commerce, rivaling credit cards.
Pix in 2023: Check out the advancements so far
The fourth quarter of the year begins with an even greater participation of Pix in the daily lives of Brazilians, including online purchases. Check out the highlights!
Pix’s acceptance in e-commerce reaches 100% in the largest e-commerce stores
The Gmattos Payment Study indicated that Pix is already accepted by Brazil’s 59 largest e-commerce stores, including companies like Amazon, Americanas, and Magalu. Until September 2022, the payment method was still not accepted by 18.6% of the largest online stores.
Payments with Pix are not only accepted but also encouraged, as customers find discounts ranging from 5% to 20% when choosing this payment method. According to the study, Pix has proven to be an advantageous payment method due to its high conversion rates and lower costs than other payment methods.
Pix more than doubles in purchases of goods and services
Pix is also becoming increasingly popular beyond online stores. According to a survey by Itaú Unibanco, Pix payments for purchases of goods and services grew by 125% in the first eight months of 2023 compared to the same period the previous year. The method is most used in the food segment, accounting for 17% of total transactions.
New record: 152.7 million transactions in a single day
The Central Bank registered a new record in Pix transactions. Roughly 152.7 million instant transfers were made on September 6, 2023, totaling R$ 76.1 billion!
Central Bank defines new rules for data breaches
The Central Bank mandates that financial institutions inform customers of compromised information, even before investigating security incidents and in the absence of risks.
Resolution No. 342 aims to promote more transparency in cases of data breaches. The regulations go beyond what is already stipulated in the General Data Protection Law, which only requires communication in cases of information breaches that have significant damages or potential risks. Now, affected customers must be informed, even in minor impact cases, through a secure channel, such as the bank’s app.
VAT discount in Uruguay may apply to Pix
The Value Added Tax discount in Uruguay, already applied to credit and debit card purchases in some categories of tourist services, may be extended to Pix for Brazilians visiting the country. This benefit is due to the partnership between PagBrasil and the Uruguayan company Plexo.
PagBrasil’s CEO, Alex Hoffmann, says, “This is a great opportunity to bring one of the most innovative payment methods in the world to other countries and facilitate transactions for Brazilian tourists.”