Brazilians need more information to be able to use PIX, survey reveals
Brazilians have heard of PIX but they need more information to be able to use it. This is one of the findings of a survey carried out by FGV’s Center for Microfinance and Financial Inclusion Studies (FGVcemif) in partnership with market research firm Toluna. According to the survey, most interviewees (92.8%) had heard of PIX but many of those who had not heard of it (47.33%) said they needed more information to use it and 28% said they will not use this payment method for now.
The survey also reveals that people in socioeconomic classes C, D and E said they had less knowledge and trust in the PIX system than those in classes A and B, and they use electronic payment methods less often. This shows the long road ahead in pursuit of high-quality financial inclusion. In other words, new products and services aimed at low-income people are still necessary. Most of the interviewees in classes A and B (60.42%) have already registered their details to gain access to PIX. In classes C, D and E, 49.5% of people are ready to use this payment method.
Regarding the type of details registered, most participants (76.35%) opted for their taxpayer number (CPF). The second most popular detail was cell phone number (56.15%).
The survey also reveals that the three main reasons people have registered their PIX access details are “ease of access,” “speed” and “lack of another option.” “Cost” was not a significant reason.
Asked which payment app they had heard of, PayPal and Mercado Pago dominated mentions by interviewees. Banking apps such as Nubank, Pagseguro and PicPay were the next most popular choices.
Finally, respondents said they used debit cards more than any other electronic payment instrument, followed by credit cards and checking accounts. These percentages were boosted by people in classes A and B, who said they used more electronic payment instruments than respondents in classes C, D and E.
FGV’s Center for Microfinance and Financial Inclusion Studies (FGVcemif), in partnership with market research firm Toluna, conducted the survey between October 28 and November 1, 2020. It involved 1,482 respondents.
The survey was designed to represent the Brazilian population, especially its breakdown in terms of socioeconomic classes (15% A/B and 85% C/D/E), gender (51% women and 49% men) and residences of people older than 18 across the country. An electronic questionnaire with structured questions was used, including a space for respondents’ open-ended comments.