Bloomberg Línea — Pix, the instant payment system launched in 2020 by the Brazilian central bank, marks two years in operation this week, and had notched up 26 billion transactions to September 30, totaling 12.9 trillion reais ($2.42 trillion), according to a survey by Brazilian banking federation (FEBRABAN), based on central bank figures.
The adoption of the payment system has been meteoric in the country. In its first month of operation, Pix had already surpassed credit order document (DOC) transfers. By January 2021, the 24/7 payment system had surpassed electronic transfer (TED) transactions, and in March of the same year surpassed the amount of payments made using with payment slips, or boletos, a collection bill regulated by the central bank and payable in cash at any associate bank branch, lottery house or supermarket.
In May 2021, Pix use surpassed that of all the above mentioned payment methods.
In January of this year, Pix surpassed payments with debit cards, and in February transactions with credit cards, making it the most-used payment method in Brazil.
“In the last 12 months, we have recorded a 94% increase in Pix transactions,” said Isaac Sidney, president of FEBRABAN, in a press release, adding that the transportation and logistics of banknotes costs up to 10 billion reais ($1.87 billion) a year, and Pix has reduced the need to use cash.
Leandro Vilain, Febraba’s director of innovation, products and banking services, says that Brazilians use Pix for smaller payments and everyday purchases.
According to FEBRABAN’s study, which is based on data from September, 43% of Pix users are in Brazil’s southeast region, followed by the northeast (26%), south (12%), north (10%), and the midwest (95), while 64% of users are between 20 and 39 years old.