Pix Evolution and Implementation
SUMMARY
PRESENTATION
IDEALIZATION
EVOLUTION
NUMBERS
FUTURE
Chart 3.4.5 - Evolution of Pix Participants' HH Index
by value of transactions
0.0%
nov
jan mar
may
jul
sep
nov
2020 2021
jan mar may jul
2022
sep nov
■ Payer HHI
Payee HHI
Threshold (10%)
Source: BCB
12.0%
9.6%
Chart 3.5.1 Number of transactions
Share by payment method
100%
17
80%
10
17- 60%
40%
32
30
33
36
8
10
9
7.2%
10
8
7
8
13
9
4
4.8%
2.4%
2020-Q1
26
23
23
20
20
2020-Q2
223
2020-Q3
20
26
27
2020-Q4
21
24
21
2021-Q1
7
24
755
2021-Q2
30
19
22
22
20
20
22
22
24
24
27
22
320
429
538
538
6
147
18
656
18
18
19
21
224
21
22
22
22
20
20
20
20
13
17
21
2021-Q3
2021-Q4
21
221
2022-Q1
19
199
19
20
20
23
27
23
2022-Q2
2022-Q3
■ Pix
Credit cards
■Pre-paid cards
■Debit cards
Other eletronic transfers (TED, DOC, etc) Withdrawals
Checks
■Billing instruments (e.g. bank slips)
Source: BCB and CIP
30
30
2022-Q4
33
188
0%
20%
receive payments through Pix 31 was 0.33% per transaction, relative to 1.13%
for debit cards and 2.34% for credit cards, which demonstrates that Pix, in
addition to being a means of payment that allows payees to receive funds
instantly, it is also a less costly alternative for receiving payments (Chart 3.5.3).
Chart 3.5.3 - Average cost for payees
Pix, credit cards and debit cards
0.35%
2.25%
2nd Quarter - 2022
1.10%
0.33%
2.34%
4th Quarter - 2022
1.13%
3.5 Pix in the retail payments market
Pix was created to fill several gaps in payment instruments available to the
Brazilian population. The Pix characteristics chosen when designing it and the
the adopted implementation strategy have contributed to its wide use., Right
after its launch in November 2020, the number of Pix transactions exceeded
those via DOC. In January 2021, Pix surpassed TED's usage, followed by Boleto
(a type of bank slip regulated by the BCB). Pix reached 3.9 billion transfers in
the last quarter of 2021 (Chart 3.1.1), representing the double the number
of eletronic transfers, checks and boletos transactions all combined. Finally
in the first quarter of 2022, with 4.3 billion transactions (Chart 3.1.1), Pix
became the most used electronic payment instrument in Brazil, surpassing
even credit and debit cards in terms of number of transactions (Chart 3.5.1).
Due to the expressiveness of low value transfers through Pix, as explored
in section 3.1, although representing 33% of total transactions in the retail
means of payment 30, Pix accounted for 13% of the total value transacted in
the last quarter of 2022. In contrast, TED (an electronic transfer operated by
the BCB), still remains as the instrument with the highest financial volume
transacted in the last quarter of 2022 (Chart 3.5.2).
Chart 3.5.2-Value of transactions
Share by payment method
21
22
21
222
LO
5
22
21
5
4
4
68
70
10
68
100%
21
21
20
20
20
20
19
19
18
19
18
3
3
3
3
3
2
2 80%
3
55
65
63
63
60%
62
62
40%
20%
2020-Q1
2020-Q2
2020-Q3
2020-Q4
2021-Q1
67
65
67
69
2021-Q2
2021-Q3
2021-Q4
49
64
65
55
6
8
9
9
10
12
13
0%
Credit cards
2022-Q1
Pre-paid cards
2022-Q2
2022-Q3
2022-Q4
■Pix
■Debit cards
Other eletronic transfers (TED, DOC, etc) Withdrawals
Checks
Source: BCB and CIP
Billing instruments (e.g. bank slips)
Source: BCB
Pix
Credit cards
■Debit cards
4. The Future of Pix
4.1 Evolving Agenda 2023
In addition to improving the Pix products already available, new functionalities
and new products will be added in the coming years, promoting the continuous
and permanent evolution of Pix to increasingly meet the payment needs of
individuals, merchants and government entities. The goal of the evolving
enhancement is to expand the use cases served by Pix and further leverage
its use. Pix was created to allow any transfer or payment in Brazil be made
through it.
The products and functionalities expected to be developed in 2023 are
detailed below.
30 The retail payment instruments considered in this report are: credit cards, debit cards, prepaid cards, collection agreement, boleto, direct debits (also
known as direct debit and automatic debit), electronic transfers (DOC, TED, TEC), checks, withdrawals, intrabank transfers (transfers which both
payer and payees are customers of the same institution) and Pix.
One of the main factors for choosing Pix by payees (merchants and commercial
establishments) is the low cost relative to other means of payment. Data from
the fourth quarter of 2022 indicate that the average cost for merchants to
31 The criterion used to calculate the cost of Pix corresponds to the ratio between revenues from the charge of Pix payments received by merchants,
informed by participants, and the total number of these transactions, registered in the BCB's internal systems and also declared by the participants.
27View entire presentation