According to ACI Worldwide, an omni-commerce payment solutions company, Brazil is the eighth country with the highest volume of real-time financial transactions.
The research revealed that the country recorded 1.3 billion real-time electronic payments in 2021 and expects to continue growing for at least the next three years (2025).
Today, one of Brazil's most popular instant payment method is PIX, as most people already know. Within a few months of its launch, PIX became a routine payment means for individuals and companies throughout the country.
How did it come about, and how did it suddenly become so indispensable? Moreover: how can this payment method be used by your company and streamline your payment processes?
Read on and learn how PIX has become so popular and learn about other payment trends for 2022!
What is PIX used for?
PIX intended to reduce the cost of payments and accelerate the digitisation of the process.
Consumers, who were already tired of restrictions and fees associated with payment methods such as payment slip and traditional bank transfer, switched to an alternative that is faster,free of charge and available just byusing a mobile phone!
All of which made the payment method an exciting way to save money.
Who owns Pix in Brazil?
PIX was created by the Central Bank of Brasil and officially launched nationwide on 16 November 2020.
The new method would be accessible through banks, fintech companies and e-commerce services for transfers and bill payments, much like it works today.
In 2021, the payment method gained new features. Upon its first anniversary, PIX allowed a refund of a transferred amount. Soon after, the PIX troco (change) and PIX saque (withdrawal) were added.
How successful PIX has been?
PIX has rapidly become popular due to its simplicity and the fact that it is free for individuals.
According to the Central Bank (BC) data, the payment method was already handling R$ 1.1 trillion within six months.
Interest in PIX features remains high in the current scenario. According to a Google Trends report, in October 2021, the search for "how to make a PIX?" peaked in popularity in Google searches, reaching 100 points.
It means that people are still interested in convenient solutions like PIX.
According to a survey by Visa, paying with facial or digital biometrics authorization is among the most preferred users. The study found that 89% of Brazilians believe that payments with biometric technology are more practical because they do not require passwords for approval.
When shopping with a credit card, invisible payments are likely to become even more common through tokenisation, which allows the card data entered on the first purchase to be stored. It is an easy way to ensure new acquisitions and, at the same time, protect the customer from financial scams without the need to re-enter information.
Also, using the information obtained by the survey, we will discuss digital wallets. According to the Brazilian Society of Retail and Consumption (Sociedade Brasileira de Varejo e Consumo - SBVC), over 60% of Brazilians using smartphones already have digital wallets. They believe this method can potentially account for 47% of e-commerce payments worldwide. Bain & Company, a research laboratory dedicated to innovation, also provides data for this study.
Are you aware of the payment function made available by WhatsApp? In 2021, some apps not initially intended for payments moved into offering money transfer services. Generally speaking, these companies create their digital wallet, and next, they offer in-app financial transfers and allow retailers to bill their customers directly through the messaging channe.
How can WePayOut help you?
If you want to ensure even more flexibility and security for your company's automatic payment routine, you can rely on WePayOut solutions.
WePayOut is a fintech company specialising in payment processes and a pioneer in offering bulk payment solutions using PIX.
We offer Pay-in (for receiving) and Payout (for making payments). These solutions are integrated into one tool and offered via API to optimise your management.
For more information on how our PIX solution can help your company's payment routine, download our free e-book on PIX payment via APl. Enjoy!