Tech roundup: Brazilians prefer PIX to cash

PIX has boomed since its launch. Photo: Diego Thomazini/Shutterstock

Welcome to our Tech Roundup, where we bring you the biggest stories in technology and innovation in Brazil and Latin America. This week: PIX seems to be fulfilling its primary objective, replacing cash.

McKinsey: Brazilians prefer PIX to cash

Brazil’s PIX instant payment system is gradually replacing traditional methods, but the first and last barrier has always been cash. A McKinsey survey of more than 5,000 consumers shows that the goal may have been achieved.

State of play. According to the study, 14 percent of respondents said they use money transfers, including PIX, as their primary means of payment. Meanwhile, 10 percent answered cash.

The survey lumped PIX and traditional transfers together, but data from the Central Bank had already shown that the number of transactions made via PIX exceeded conventional transfers by 11 times in 2022, reaching more than 24 billion operations.
In the survey, 18...

Fabiane Ziolla Menezes

An award-winning journalist, Gustavo has extensive experience covering Brazilian politics and international affairs. He has been featured across Brazilian and French media outlets and founded The Brazilian Report in 2017. He holds a master’s degree in Political Science and Latin American studies from Panthéon-Sorbonne University in Paris.