Technology

Almost half of the transactions via PIX are made in non-business hours in Brazil, says Nubank

49% of transactions are made after 5 pm on weekdays or weekends and almost a fifth (18%) are done over the weekend

Nubank's office. Photo: Nubank/Courtesy
  • Adherence to PIX falls as the age and income range increases;
  • PIX is ​​mostly used via transfer between individuals (92%).

Nubank launched on Thursday a survey about the use of PIX (Brazilian Central Bank’s instant payments system) in Brazil. The research reveals that 49% of the transactions via PIX (by Nubank‘s users) are made in non-business hours, it means, after 5 pm on weekdays or weekends and almost a fifth (18%) are done over the weekend.

The survey looks at the behavior of these users from October 5, 2020 (during the pre-launch testing phase, which took place on November 16) to January 5, 2021.

READ ALSO: Brazilian instant payment system PIX has already been used by 77% of Brazilians

Who are the Brazilians that use PIX?

Among Nubank‘s users who used PIX during this period, the payment method is more popular in the Midwest and North of the country, being adopted by 20.2% and 19.6% of residents in these regions; and also among young people aged 18 to 30 years old (20.2%), and people with declared income between BRL 5,000 and BRL 10,000 (adoption of 19.1%).

According to the study, adherence to PIX falls as the age and income range increases: penetration among people over 60 is 3.3% and 5% considering the total number of customers with an income above BRL 10,000. Nubank’s survey also highlights that users of all ages and income groups used PIX at least once in the analyzed period.

READ ALSO: Handling of salary accounts via PIX is the Central Bank’s bet for 2021

How Brazilians are using PIX?

According to the report, PIX is ​​mostly used via transfer between individuals (92%), called P2P, which points to enormous growth potential for other formats of use, such as the QR Code between individuals. Today, the functionality is predominantly used by retailers.

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