Brazil’s PIX made up 39 percent of all electronic payments in 2023

The record number of nearly 42 billion transactions handled last year by PIX, Brazil’s instant payment system, was already known, but newly consolidated data from the Central Bank also shows that the system accounted for 39 percent of all electronic payments in 2023 — very close to the 41 percent made with cards. As we have reported, PIX is poised to challenge the card industry in the coming years as it gains new features.

According to the Central Bank, the usage of all electronic payment methods grew last year: 108.7 billion transactions, up 31 percent from the previous year. The financial volume handled by these operations increased by 9 percent to BRL 99.7 trillion — the data from the monetary authority excludes transactions carried out in cash.

Card transactions also increased in all modalities: credit (12 percent), debit (5 percent), and prepaid (36 percent).

At the same time, cash withdrawals decreased by around 27 percent. In financial volume, the drop was smaller (5 percent). Compared with 2019, the year before the digital boom caused by the Covid pandemic and the launch of PIX, the drop in cash withdrawals was 36 percent, with the financial volume also falling by 27 percent.

Another relevant fact from the Central Bank report is that mobile phones have become the most used payment device, accounting for 82 percent of transactions. However, this does not mean online transactions have dominated the market, as 42 percent of cell phone transactions are done in person.

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