Anyone who has visited Brazil recently has noticed that the payment method via Pix dominates the market. No one carries cash in their wallets anymore, so even to pay for street parking or a street vendor, it’s common to hear: “make a pix there, uncle.”
A recent study by the Brazilian payment company Ebanx shows that Pix is expected to surpass credit cards as the leader in the local online shopping market as early as next year.
Pix was launched by the Central Bank at the end of 2020, quickly becoming one of the most used tools for money transfers or purchases, as it offers mostly free transactions that are settled instantly.
According to the study, Pix is expected to account for 44% of Brazil’s online payment market by the end of 2025, while credit cards are expected to hold a 41% share.
According to the Central Bank, by the end of 2022, about 71.5 million Brazilians were included in the financial system through Pix.
The Brazilian Central Bank is expected to launch new Pix features in the coming years, including the option for installment payments, which could make it an even greater threat to credit cards.
The Central Bank reported that Pix recorded 227.4 million transactions last Friday (6), the highest number ever recorded by the system in a single day.
Source: Reuters