Next Sunday, 16th, it has been six months since the launch of the PIX (Brazilian Central Bank instant payment system). The PIX reached more than 87.3 million users, between individuals and legal entities, and reached the mark of 230.6 million registered keys (a kind of a personal PIX code). 220.9 million are individual user keys and 9.6 million are corporate PIX keys.
Other PIX figures are equally impressive: 1.549 billion real-time payment transactions were processed, which handled BRL 1.108 trillion. The majority of these transactions were made from person to person (P2P), but it is the increase of from person to business (P2B) transactions that draws attention: if 1.4 million P2B transactions were made via PIX in November, in April that number increased to 47.5 million; a jump of 3,299%.
This impressive leap can be explained by the fact that, given the good user reception, companies started offering PIX as a payment method – including retailers and delivery giants such as Mercado Libre, which relies on PIX to replace the bank slip and increase the e-commerce conversion rate, iFood and Magazine Luiza. Today, only 11% of PIX are from people to companies, indicating a huge potential to be explored by the market.
“PIX from people to business has an average growth rate of 57.5% per month. Compared to other instant payment systems globally, PIX is among those who have had the fastest user adoption. The novelty has challenged the market, stimulating more competition,” says Carlos Eduardo Brandt, head of the Competition and Structure Department at the Central Bank and in charge of PIX’s Management.
According to Central Bank data, a third of the adult Brazilians has already made at least one PIX transaction and 752 institutions, including traditional banks, neobanks, fintechs and cooperatives, can offer PIX (and integration solutions for other businesses).
A survey led by C6 Bank/Ipec in April showed that PIX is already considered better than DOC and TED (types of electronic transfer) by 83% of Brazilians. The survey also shows that 67% of Brazilians want to use PIX for payments in retail.
Actually, Brazil is one of the top 10 instant payment markets (which include other methods than PIX), with 1.3 billion real-time payment transactions made last year, according to a report by ACI Worldwide and GlobalData.
PIX will have new features
According to Brandt, the popularity of the Brazilian PIX – in April, for example, there were 106.1 million PIX transactions more than in March – is due to the set of features that make the instant payment method attractive to consumers.
PIX works on a 24/7/365 basis, with real-time clearing and settlement, and supports a wide range of payments: P2P, C2B, B2B, C2G, G2C, B2G, and G2B. Users can make transfers through various channels by using a recipient’s account number, the so-called PIX key (users’ mobile number, tax ID, or email), or by scanning a QR code.
The Central Bank wants to include other features by the end of the year.
The Central Bank started a public consultation on the creation of PIX Saque and PIX Troco, making cash withdrawals available. The Central Bank will define the maximum amount that the user can withdraw per day; initially, it will be BRL 500. The public consultation will be open until July 9 on the Central Bank’s website.