Learn more about how Pix is growing fast and steadily in the country and how you can offer this payment method to your Brazilian customers.
Pix, Brazil's instant payment system, has taken the country by storm since its launch in November 2020. With its easy-to-use interface and near-instant transaction times, Pix has revolutionized how Brazilians make payments. And it's not just individual consumers benefiting from the new system; Brazilian retailers are also reaping the rewards of Pix's success.
One of the key advantages of Pix for Brazilian retailers, both in e-commerce and physical stores, is its low transaction fees. Traditional payment methods in Brazil, such as credit and debit cards, can incur significant fees that affect retailers' profits. With Pix, however, the fees are much lower, making it a much more cost-effective way to process payments.
In addition, Pix offers instant settlement, meaning retailers can receive payment for their goods and services in seconds — a massive improvement over traditional payment methods, which can take several days to clear.
Another benefit of Pix for e-commerce and physical stores is its ease of use. The system is integrated into many popular banking apps in Brazil, meaning customers can make payments with just a few taps on their phones. This convenience factor has helped to drive the system's adoption among consumers, making it more attractive to local and cross-border merchants.
Since December 2020, transactions made with Pix grew from 144 thousand to 2,5 million in October 2022, according to the Central Bank of Brazil. In addition, studies by CNDL (National Confederation of Store Managers) and SPC Brasil (Credit Protection Service) showed that more than 70% of Brazilian consumers use Pix to purchase goods and services.
In an interview for Exame Magazine, a prominent Brazilian vehicle, Lauro Gonzales, coordinator of FGV's Center for Microfinance and Financial Inclusion Studies, says that Pix is more than a financial solution but an inclusion tool. Pix has provided financial access to millions in Brazil, especially for the lower and middle-income populations. A big deal is that Pix has driven inclusion for both customers and small and medium business owners.
In fact, Pix was designed with SMBs in mind, as they are often the most affected by high transaction fees and slow settlement times. Overall, it's clear that Pix has been a huge success for Brazilian retailers. Its low transaction fees, instant settlement times, and ease of use have made it an attractive option for businesses of all sizes. And with more and more consumers using the system to make payments, we'll see even greater adoption of Pix in the coming years. Check out dLocal Go's fees for Pix in Brazil.
A study recently released by Gmattos, a Brazilian financial consultancy company, has shown that 78% of Brazilian e-commerces accept Pix, which can reach 92% in the following years.
Shopify, for instance, a big e-commerce company that operates in Brazil, offers, in partnership with dLocal Go, a transparent checkout in which the customers can pay with Pix without leaving the platform.
There is no doubt that Pix has reached big numbers in Brazil, but the Central Bank has big plans for this payment solution and keeps pushing innovation through new features.
In an interview for Folha de São Paulo, Carlos Brandt, the deputy head of the Competition and Financial Market Structure department of the Central Bank of Brazil, announced some changes.
The main changes are about the transaction's limits, new investment in security features to prevent fraud, and the launch of Pix Troco – in English, Pix exchange – facilitating the use of Pix on physical stores too.
In addition, the Central Bank is also studying new features such as Automated Pix – in Portuguese, Pix Automático – as a solution for installments that can benefit streaming and other digital product signatures.
How can you offer Pix to your Brazilian customers?
By now, you must know that offering Pix in Brazil is now a must-have to conquer your customers. dLocal Go can be your payment partner and help you to succeed with the best payment methods for your company. Check out our solutions and contact us to learn more about it.