- Instant payments solution PIX is almost as used as cash;
- With less than a year of operation, 80 million users made at least one transaction through PIX;
Less than a year since its inception, the Brazilian instant payment system PIX is already the go-to payment method among customers. According to a survey by the National Confederation of Store Leaders (CNDL) and the Credit Protection Service (SPC) PIX is the second favorite payment method in Brazil, losing by a small margin to cash.
The research also points out that PIX outshines debit cards and credit cards. Thus, the most used payment methods in Brazil are cash (71%), PIX (70%), debit card (66%), and credit card (57%).
Data also suggest that Brazilians consider the instant payments system to be fast, convenient, and safe. According to the survey, most customers use PIX to transfer money to friends and relatives: 88% mentioned this purpose against 40% using PIX to purchase services.
“The official data on PIX, released by the Central Bank of Brazil, show a very fast adoption of this kind of payment. According to the monetary authority, the number of users who have already made at least one transaction per PIX is close to 80 million”, highlights CNDL’s president, José César da Costa.
Free and instant, PIX is also being incorporated by retailers as an option among other payment methods. For now, accepting the PIX can still be considered a competitive advantage. However, the method is not the favorite for e-commerce customers yet — credit cards lead this kind of online transaction.
READ ALSO: AliExpress Brazil allows payments via PIX and opens the marketplace for Brazilian sellers
Security concerns
Last Friday, the Central Bank of Brazil released new security rules for PIX. The rules also apply to other means of payment, such as prepaid and debit cards and TEDs (as same-day transfers in Brazil are named). The main measure is the limit of BRL 1,000 for transactions between individuals between 8 pm to 6 am.
Customers, however, can request an increase in these limits. Also, during the night, financial institutions will not be able to host TEDs of different ownerships between individuals and micro-entrepreneurs (known by the acronym MEI), except for scheduled transfer orders. Central Bank of Brazil aims to prevent scams and frauds using the PIX, which allows instant transfers 24/7.
