PIX
Pix is a Brazilian bank-transfer payment method, created in 2020 by the Central Bank of Brazil. Described as revolutionary, it enables any citizen with a deposit, savings, or prepaid payment account to make payments and transfers in a few seconds, at any time, 365 days a year. 750 institutions with over 500,000 active customer accounts – must participate. Within 15 months the Central Bank of Brazil reported that over 12.4 billion transactions had been carried out and 9.1 million companies had signed up. By April 2022 Pix accounted for 11.5% of all e-commerce payments in Brazil (Neotrust).
Want to integrate PIX onto your platform?
Get in touchWhy PIX
More than 127 million Brazilians, and 10 million businesses, use the payments platform (Bloomberg).
By the end of 2022, Pix was processing almost three billion payments a month with e-commerce accounting for 22% of all transactions (Central Bank of Brazil).
Within 6 months of launch, 83% of Brazilians considered Pix to be better than DOC and TED (types of electronic transfer) and 67% want to use Pix for payments in retail (C6 Bank/Ipec).
How it works
At checkout, consumer selects Pix as their preferred payment method
Consumer opens their banking app and selects Pix. They can scan the QR code or copy the EMV code displayed by the merchant
Consumer reviews the transaction details and confirms the payment (may require SCA)
Payment is confirms by the bank, and the transaction status is sent to the merchant