Pix, the instant payment system developed by the Central Bank of Brazil, has become the most widely used payment method in the country. Just four years after its launch, it has surpassed cash transactions, according to data from the survey Brazilians and Their Relationship with Money, published by the Central Bank on Wednesday (Dec. 4).
Pix is currently used by 76.4 percent of the population and is the most frequently employed payment method among 46 percent of those surveyed. In the previous survey conducted in 2021, Pix had been operational for only a few months but had already been adopted by 46 percent of the population. However, at that time, its usage frequency was just 17 percent.
In the current survey, debit card ranks second, used by 69.1 percent of the population and serving as the most frequent payment method for 17.4 percent of respondents.
Cash (banknotes and coins) ranked third in this year's survey, utilized by 68.9 percent of the population and serving as the most frequent payment method for 22 percent. In the 2021 survey, cash was used by 83.6 percent of the population and was the most frequently used method for 42 percent of respondents.
Following the current survey, credit cards are employed by 51.6 percent of the population and are the most frequent payment method for 11.5 percent. However, in commercial establishments, credit cards remain the most commonly used payment method, accounting for 42 percent of transactions, compared to 25.7 percent for Pix.
The survey gathered responses from 2,000 people between May 28 and July 1, including 1,000 specifically selected from cashiers in commercial establishments. Participants were drawn from all state capitals and a sample of cities with populations exceeding 100,000. The survey has a 95 percent confidence level and a margin of error of 3.1 percent.
Cash
According to the Central Bank, the survey aims to “continuously enhance the management of Brazil's currency circulation and improve efforts to promote the features of Real banknotes and coins.” The bank emphasizes that “despite Pix and other technological advancements, cash remains a significant part of Brazilians' daily lives.” The survey also provides data on banknote preservation, coin usage, and the recognition of security features.
The study reveals that the use of banknotes and coins is more prevalent among individuals with lower incomes, with 75 percent of those earning up to two minimum wages and 69 percent of those earning between two and five minimum wages relying on cash.
The use of physical money is slightly more common among older individuals. The survey shows that 72.7 percent of people aged 60 and above use cash, compared to 68.6 percent among those aged 16 to 24.
