PIX – Photo: Marcello Casal Junior – Agencia Brasil
According to the research, in 2028 the total number of instant transfers in Brazil is expected to grow to 115.8 billion payments
In Brazil, the first instant payment was created in 2020. Pix revolutionized the way of transferring money in the country. The environment created by Central Bank (BC) It can move resources between accounts in a few seconds, at any time of the day, at no cost to individuals and with very low costs for companies.
According to the report Prime Time for Real-Time 2024, powered by ACI Worldwidea real-time payments software company, in partnership with GlobalData, a company specialized in global data, today, the resource is used by 77% of citizens in Brazil. There are 150 million active users and US$3.9 billion in circulation annually.
The country has become the second largest instant payments market in the world. This protagonism was driven by Pix. Last year alone, 37.4 billion real-time transfers were recorded. The volume is so large that it is equivalent to 14% of global transactions and 75% of transactions carried out in Latin America.
According to the research, in 2028 the total number of instant transfers in Brazil is expected to grow to 115.8 billion payments, an annual increase (CAGR) by 25.4% between 2023 and 2028. By then, real-time transfers are expected to account for half of all electronic transactions in the country.
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In just three years, Pix is already an absolute success in the country. According to the main executive of ACI Worldwide in Brazil, Vlademir Santos, some factors favor Pix: the absence of fees, the instant availability of funds and easy access via cell phone. Full integration into popular payment wallets and existing banking systems has made this payment method the champion of national preference.
“In just three years, Pix took real-time payments in Brazil from standstill to heights. Today, the world’s second largest instant transaction market owes much of its success to central bank regulation and an ecosystem rich in fintechs, which decentralizes financial services, increases competition and quickly democratizes real-time payments for the population,” says Santos.
However, even though it is a simple and practical method for payments, it can often be fragile, as access to financial systems is concentrated on cell phones. Fraud in instant transactions is facilitated by robberies and theft of portable electronics on the streets.
Therefore, the Central Bank of Brazil has been establishing some rules, such as Pix speed checking and Pix Precautionary Blocking, which sends an alert and freezes transactions for 72 hours to allow for investigation.
Globally, annual growth was 42.2% with 266.2 billion transactions. By 2028, the forecast is for 575.1 billion instant payments, which represents an accumulated growth of 16.7% per year for the period 2023 to 2028. Which means that, until then, real-time payments will account for 27.1% of all electronic transfers.
