Economy

Brazil’s instant payments system, PIX already accounts for 78% of bank transfers in the country

Convenience and zero cost attract users. The money handled by PIX in 2021 already exceeds BRL 60 billion and the average amount transferred is R$ 700

PIX, Brazil's instantpayments system logo
PIX, Brazil's instant payments system logo, on a smartphone screen. Photo: Shutterstock.
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  • According to the Central Bank, Brazilians made 87.1 million bank transfers with PIX between January 1st and 17th (PIX was launched on November 16th, 2020);
  • The amount of money handled by PIX in 2021 is already over R$ 60 billion and the average amount transferred is R$ 700.

Two months after its launch, PIX, Brazil’s instant payment system controlled by its Central Bank, is already used for 78% of all bank transfers in Brazil thanks to the low cost of the operation for banks and the ease for users.

According to the Central Bank, Brazilians made 87.1 million bank transfers with PIX between January 1st and 17th (PIX was launched on November 16th, 2020). The amount of money handled by PIX in 2021 is already over BRL 60 billion and the average amount transferred is BRL 700.

João Bragança, senior director at Roland Berger and a payment methods specialist, says that the use of PIX exceeded expectations in P2P transfers (between users) and the service’s popularity is due to the fact that PIX is replacing TEDs (electronic transfer) and DOCs (credit order document).

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This is because PIX brings some facilities that the other two services do not have, such as the absence of a minimum or maximum limit for payments or transfers, availability of the service 24 hours a day, seven days a week, and zero cost for individuals – and even for banks the cost is very low, at BRL 0.001 per PIX, according to the Central Bank estimate.

In fact, in the same period that the PIX hit 87.1 million bank transfers, only 18 million TEDs and 6.5 million DOCs were made.

READ ALSO: Brazilian e-commerce will never be the same after PIX

For Roland Berger, the PIX will be increasingly used to replace the boleto bancário (a type of payment voucher or bank slip that Brazilians use to pay bills and purchases), since it is more economical to pay bills like this; and, by the end of the year, Bragança believes that the PIX will also be used more in retail – an option that already exists, but is still less well known.

“For Brazilians to be able to use the PIX to pay for their purchases in stores, we believe that new reconciliation tools will be necessary. It is necessary to know how to track sales with this payment method and many retailers are not yet prepared ”, explains Bragança.

READ ALSO: 60% of Brazilians prefer PIX over bank transfers, says Ibope survey

The most recent data availabled by the Central Bank points that, up to December 31th, 105,951,584 P2P transactions, 7,966,717 P2B transactions and 2,807,835 B2B transactions were carried out by PIX.

Although the total of B2B bank transfers by PIX was much lower than the number of P2P transfers, the amount handled is quite approximate: P2P transfers involved R$ 48.8 billion, while B2B transfers reached R$ 40 billion.