Pix becomes most used instant payment system in Brazil
After two years of operation, Pix - instant money transfer - has become the most used means of payment by Brazilians, reported the Brazilian bank federation Febraban.
From November 16, 2020, when it started operating in the country, to last September 30, 26 billion operations reaching BRL 12.9 trillion were performed in the national financial system.
A survey carried out by Febraban shows that, in the first month of operation, Pix surpassed transactions made with DOC (credit document). In January, it surpassed TED (available electronic transfer) transactions. In March of the same year, it surpassed the number of transactions made with banking billets. And in the following month of May Pix surpassed the sum of all of them.
As for bank cards, Pix surpassed debit transactions in January this year and, in February, it surpassed credit card transactions, when it became the most used means of payment in Brazil.
According to Febraban head Isaac Sidney, the transactions made with Pix continue to rise and show the great popular acceptance of the new payment method, which has brought convenience and ease to customers in their everyday financial transactions. "In the last 12 months, we registered a 94 percent increase in transactions with the tool," Sidney added.
Brazilians have been using Pix also as means of payment of lower value, such as in transactions with freelancers, and also for everyday purchases, which normally would be made with banknotes, as predicted when Brazil Central Bank launched this instant payment system, the executive director of Innovation, Products and Banking Services at Febraban Leandro Vilain explained.
