Pix has emerged as Brazil’s foremost payment method, ushering in a new era in the country’s payment infrastructure. In just a few years since its inception, Pix in Brazil has secured a place in the heart of Brazilians, becoming an indispensable payment medium. Dive into this article to understand the ins and outs of Pix and its immense potential for online commerce.
Understanding Pix and its rise
Introduced by the Brazilian Central Bank in November 2020, Pix stands as an avant-garde alternative payment method (APM). With Pix, transfers between bank accounts occur in real-time, irrespective of the hour or day. Its efficiency, combined with its cost-free nature for the users, has made it the go-to payment solution for many Brazilians. However, some individuals and businesses are still on the fence, either unaware of its benefits or uncertain about its operations. Understanding Pix in Brazil will help ease these concerns.
Recent statistics from the Brazilian Central Bank delineate:
- Over 152.8 million individuals and a staggering 15.7 million enterprises utilized Pix in 2024.
- A whopping USD 17.2 trillion got transferred via Pix in the same year.
- Surpassing both credit and debit cards, Pix recorded an average growth rate of 44.8%. In comparison, credit cards secured a penetration rate of about 40%, painting a clear picture of Pix’s dominance in Brazil.
Leveraging Pix for your online store
Grasping Pix’s significance is just the starting point. The next step is facilitating Pix payments for your customers, and it’s simpler than you might think.
A customer merely has to use their banking application or digital wallet. The process involves scanning a QR Code generated at the payment gateway. Once they approve the payment, the funds get transferred to your account almost instantaneously.
Moreover, Pix in Brazil is versatile. Customers can process payments via both mobile and desktop platforms. The mobile mode offers an additional “Pix copy and paste” code. Users can easily copy this code, enter their bank app, and paste it in the designated area to proceed with the payment.
Brace your business for the Pix revolution
In today’s digital landscape, limiting payment options can be a critical oversight. With Brazil’s burgeoning e-commerce ecosystem, integrating Pix is not just an option but a necessity for success. For those keen to delve deeper into Pix, exploring its varied payment avenues, and initiating this payment method, the world of Pix in Brazil awaits.
