Pix Evolution and Implementation
SUMMARY
PRESENTATION
IDEALIZATION
EVOLUTION
NUMBERS
FUTURE
Chart 3.4.2 - Participants by segment
Number of Institutions and % of total participants
Dec/22
# of participants
700
76.7%
560
610
280
11.3%
8.1%
0.1%
0.1%
0.1%
(a)
3.5%
28
90
64
4
APE
Government Securities
Credit fintechs Commercial,
dealers
Multiple,
Payment
Institutions
Exchange
banks and CEF
Credit unions
and
cooperative
banks
Source: BCB
Chart 3.4.3- Pix transactions' share
Nov/22 to Dec/22
16.6%
Payers
420
7.9%
36.4%
59.5%
140
Note: (a) Savings and Loan Association; (b) Caixa Econômica Federal (public-owned federal bank).
# of transactions
(internal layer)
The segment made by banks not only held the largest number of transactional
accounts but was also responsible for a greater number of transactions and
a greater financial value transacted through Pix, when considering transfers
made between November 2020 and December 2022. Credit cooperatives
and cooperative banks accounted for approximately 77% of the participants,
holding approximately 3.8% of transactions and approximately 8% of the total
financial volume. On the other hand, savings and loan associations (APES),
commercial banks, exchange banks, multiple banks and the Caixa Econômica
Federal (CEF) represented 8% of the participants, being responsible for
approximately 60% of the transactions and about 75% of the total financial
volume. Lastly, the segment of payment institutions represented 11.3% of
participants, with 36.4% of transactions and more than 16.6% of total financial
volume (charts 3.4.2 and 3.4.3).
17.9%
3.8%
Payees
39.6%
7.8%
55.9%
4.1%
73.8%
75.0%
APE (a) commercial, multiple, exchange banks and
the CEF (b)
Payment institutions
Credit unions and cooperative banks
Credit fintechs
1
Financial amount
(external layer)
The provision of Pix by different types of participants has been an important
factor in promoting greater competition in the ecosystem. The concentration
measure employed in the analysis was the Herfindahl-Hirschman Index (HHI) 29
of Pix transactions settled in the SPI, which revealed a low concentration
of transactions (Chart 3.4.4) and financial values (Chart 3.4.5) among Pix's.
participants, both at the paying end as well as at the receiving end, indicating a
low concentration in the ecosystem. This index improved over time, especially
when considering the transaction value concentration indices of both payers
and payees, as new participants have joined Pix and smaller participants have
gained market share.
Chart 3.4.4 - Evolution of the Pix Participants' HH Index
by Number of transactions
nov jan mar may jul sep nov jan mar may jul sep nov
2020 2021
2022
■ Payer HHI
Payee HHI
Source: BCB
--- Threshold (10%)
12.0%
9.6%
7.2%
4.8%
2.4%
26
0.0%
Note: (a) Savings and Loan Association; (b) Caixa Econômica Federal.
29 The HHI is a measure of concentration in a given market. For more information, please consult the Guide for the Analysis of Acts of Concentration,
published in the Communiqué 22,366, of April 27, 2012. HHI results between 0% and 10% indicate a low concentration, between 10% and 18%
indicate a moderate concentration and between 18% and 100% indicate a high concentration.View entire presentation