According to a survey by Worldpay, instant online transfers grew 49% between 2022 and 2023 in Brazil
Within 3 years, Pix is expected to overtake credit cards as the leading payment method among Brazilian consumers in e-commerce. The projection is included in a study published by Worldpayin 2024.
Credit card payments accounted for 40% of the amounts transacted by Brazilians in online purchases in 2023, while payments via Pix accounted for 30% of the total. The 1st and 2nd placed, however, tend to switch places.
Wordplay estimates that Pix will account for 50% of these transactions in 2027. The percentage occupied by credit cards, on the other hand, will decrease to 27%.
The payment method launched by the Central Bank in 2020 is already the most popular in Brazil in terms of number of transactions, according to the survey. “Merchants are attracted by the lower costs of payment acceptance and instant settlement that increase cash flow”the study states.
Like other examples around the world, Pix belongs to the A2A (account to account) transaction modality, which includes real-time payment systems. Wordplay estimates that online transactions of this modality grew 49% between 2022 and 2023 in Brazil.
“PIX” AROUND THE WORLD
Other examples of A2A around the world include India’s UPI, Poland’s Blik and the Netherlands’ iDeal. Real-time payments will account for 7% of global online shopping transactions in 2023.
Latin America was the region of the planet with the highest penetration of this method in e-commerce. Payments in this category accounted for 20% of the amounts transacted by Latin American consumers during the period. The leader in the region, however, was the credit card (35%), followed by digital wallets.
The region with the lowest A2A penetration last year was North America. The method accounted for 5% of online purchases in the region, behind digital wallets (37%), credit cards (33%) and debit cards (18%).
The study finds that real-time payment systems have been less successful in markets already saturated with cards, such as the UK and the US. On the other hand, they tend to thrive in markets with strong government and banking support.
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