The Brazilian instant payments system PIX has already shown its potential and became very popular with consumers. As a result, the payment method has expanded its acceptance among online stores, as pointed out by a payment study carried out by the consultancy Gmattos.
According to the most recent survey, PIX reached 64.4% acceptance by Brazilian e-commerce. The number represents a jump of 8.5 percentage points from the data monitored by the consultancy in December 2021.
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The company believes that the surge has been fostered by the adhesion of large stores in the sector to the payment method. Currently, PIX is only behind boletos (normally translated as cash voucher or bank slip), that is offered by 74.6% and credit cards, offered by 98.3% as the main payment method in Brazilian e-commerce.
“If the average growth rate of the PIX is maintained, its acceptance may reach the boletos in March or, at the latest, in May of this year”, estimates Gastão Mattos, co-founder and CEO of Gmattos. “However, new inclusions tend to be more difficult than those achieved so far, due to the high level already achieved”, he adds.
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The most recent edition of the study analyzed 59 prominent online stores in the Brazilian market, from the most diverse segments, which together represent 85% of the country’s e-commerce. Most observations in this edition took place between January 24 and 25, 2022.
In the expert’s opinion, some factors should help keep the modality growing, such as installment PIX feature planned for the future, for example. Another aspect that contributes to the high adherence to PIX is the possibility for consumers to receive discounts.
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The study also reveals that, despite its success, PIX has not stolen space only from the boleto, but from the payment with debit. Of the stores that accepted PIX in January, 84% also worked with boletos, while a much smaller percentage, 34%, operated with some type of debit.
BNPL: the return of installment plans
Consolidated in first place since January 2021 is credit, with an acceptance of 98.3% in all editions of the Gmattos Payments Study. Features such as “interest-free” installments and points in loyalty programs encourage consumers to use this method in the country.
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On the other hand, installment payments do not seem to have the scope desired by retailers today to meet all the demands of online consumers, especially in segments with high sales values.
In this way, the “Buy Now, Pay Later” installment format has gained traction, according to the study. Before credit cards were common in Brazil, this type of BNPL format was highly popular. “[The installment plan] will possibly incorporate the PIX in installments into a future schedule”, says Gastão Mattos.