The popularization of Pix is accelerating the digitalization of payments in Brazil. The use of physical cash has almost halved compared to the last three years. A survey by the Central Bank of Brazil (BC) showed that, em 2019, 76,6% of recorded payments were made with cash. But, em 2023, this percentage decreased to 40,5%, regardless of the value of transactions.
The information was disclosed in a recent publication by the financial institution on 24th edition of the research “Brazilians and payment habits”. Between the first and second survey, the use of banknotes has decreased 36 percentage points. Focusing on joining PIX, data were collected during 2023 between the months of October and November.
In addition to the chosen payment method, the BC survey also evaluated values, reason for choosing certain method and types of complementary goods or services. For that, BC carried out qualitative research with 1,5 thousand people and 600 commercial establishments. During the study period, were counted 11.023 financial transactions and 1.228 payment diaries were used to collect data for a week.
Brazilian preference
The data from 2024 have not yet been updated by the bank. That's why, the trend is that Pix has gained even more strength in recent months. According to this recent survey, the payment method is already a preference among Brazilians, even if the difference in relation to money is small.
Pix was mentioned as a preference among 64,9% of those interviewed, followed by money with 55,7%. This scenario is a little more fierce among traders. For them, the preference for Pix is 69,5%, but, the difference for money is quite low. The ballots still represent 64,4% of transactions in commerce.
Research highlights difficulties
BC bank highlighted Pix’s contribution to promoting greater efficiency and financial inclusion. Nonetheless, the study itself highlighted challenges and limitations for greater usability of this payment model. Despite the popularity, 17,3% of those interviewed said they had not used Pix in the last few months.
Individuals gave different reasons for not adhering to the digitalized model. The lack of knowledge about using Pix leads with 37,3%. Soon after, appear the speed and practicality of other payment methods with 33,5%. Finally, the lack of internet access was also cited by interviewees with 24,2%.
After disclosure, the bank committed to qualifying its payment services. “To overcome these barriers, new features, like Pix by approximation, are being implemented to facilitate and speed up payments in physical commerce”, stated the bank in its publication.
