O Pix complete four years on 11/16, it was consolidated as a success throughout Brazil, and its fame went beyond its borders. Exuberant numbers prove the widespread adoption of the instant payment system created by Banco Central (BC). More than the massive adoption by the population in the four corners of the country, there is a growing movement in the use of Pix by companies. The tendency is for this to gain even more strength next year with the new modalities that are under development.
From November 2020 to September this year, the volume transacted through the platform is R$52.6 trillion in 121.5 billion operations. In 2024 alone, Pix is expected to generate R$27.3 trillionan increase of almost 60% compared to last year, according to projections by the Brazilian Federation of Banks (Febraban). In total, there are around 170 million registered users and 805 million Pix keys.
“We see month after month the amount [de transações liquidadas] grow sustainably to this day. Approximately 90% of the adult population in Brazil uses Pix. Furthermore, more than 70% of all companies in the country use the system as a method of receipt and payment. And the government in all its spheres also adopted Pix intensively”, said Carlos Eduardo Brandt, head of Pix Management and Operations at BC, at a Silverguard startup event on 11/12.
“Convergence of interests”
The great acceptance of the Brazilian end consumer generated a convergence of interests never seen before in a payments platform, assesses Gastão Mattos, one of the biggest experts in the sector and CEO of the GMattos consultancy. According to him, consumers, acquirers, banks and stores have their own reasons that, at the end of the day, help Pix to be the most popular payment method in volume at the moment.
And this popularity is also evident in operations involving companies. Two years ago, transactions from individuals to companies (P2Bits acronym in English) represented less than a quarter (24%) of the total quantity. Now, they reach 40%. If we also consider the opposite path, that is, from companies to people (B2P), this proportion reaches almost 50%. However, there is still a long way that Pix needs to go to advance in transactions between CNPJs (B2B) – today they are just 3%, although they generate the highest figures in the system.
New solutions
The perspective is that Pix's penetration among companies will continue to increase over the next year, with new products on the horizon. THE Automatic Pixfocusing on recurring charges, promises a simpler experience than what exists today with direct debit. The modality, expected to be launched in June 2025, should be adopted by businesses of all sizes and sectors.
Before him, the Approximate Pixin February 2025. As a result of the intersection with Open Finance, the new product will allow Brazilians to pay by touching their cell phone or other devices with NFC technology. The expectation is that this will further boost contactless payments, which are here to stay – today they already account for 65% of face-to-face card transactions, according to Abecs, an association that represents electronic payment companies.
In addition to the duo that is “on target”, the evolutionary agenda of the instant payment system foresees other products, at different stages of development, that promise to make Pix “omnipotent” and “ubiquitous” in the Brazilian financial system (and who knows , global) in the near future.
Security 'by design'
All new products in the Pix arrangement are already being created considering the security as one of the main pillars of development. This is what Carlos Brandt called “safety by design” at a recent event. According to him, the regulator's security agenda is permanent, in conjunction with the initiatives of the institutions participating in the system. The most recent measure, which came into force on 11/1, is the one that requires the registration of new devices to use Pix, in the case of transactions above R$200.
Furthermore, the BC is working on improving the Special Return Mechanism (MED), which facilitates the return of money in the event of fraud with Pix. The initiative has been called MED 2.0 by the regulator. “We are developing a functionality that will allow tracking, blocking and return of values. We will announce it soon”, said Roberto Campos Neto, current president of the BC, at a Google event on 11/4.
Within the scope of inspection and supervision, the BC also published new rules that toughen the requirements to be part of the Pix arrangement. From January 2025, only institutions authorized by the monetary authority to operate in Brazil can participate.
Follow a series of reports about Pix and its evolutionary agenda throughout November.
