Report: Pix surpasses credit and debit card transactions in Brazil

Pix is an instant payment platform created by the monetary authority of Brazil

Image credit: Canva

Matera, a Brazilian fintech company, has released its mid-year report on the adoption of Pix.

Pix is an instant payment platform created and managed by the monetary authority of Brazil, the Central Bank of Brazil (BCB), which enables the quick execution of payments and transfers. The service was launched in November 2020.

The report covers data through Q2 2023 and highlights the following key points:

• Pix transactions surpass credit and debit cards: In Q1 2023, there were 8.1 billion Pix transactions, exceeding the combined total of 4.2 billion credit card transactions and 3.8 billion debit card transactions. This marks the first time Pix transactions have outnumbered credit and debit card transactions combined.

• Decline in credit and debit card transactions: Since the launch of Pix, the share of credit card transactions has decreased from 20% to 18% of total transactions, and the share of debit card transactions has decreased from 20% to 16%. At the same time, Pix's share of total transactions has increased from 23% to 35%.

• QR codes drive Pix adoption: QR codes play a critical role in the growth of Pix, with nearly 30% of Pix transactions initiated through QR codes. Billers and merchants present QR codes to consumers, allowing them to easily scan and make payments via their mobile phones.

Image credit: Matera