PIX: 77.65% of Brazilians have used this tool to transfer money or pay for services
One hundred days after it was launched, PIX is increasingly present in Brazilians’ everyday lives. This is revealed by 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, almost all interviewees (98.95%) had heard of PIX and, 77.65% of them had registered an access key. In October, when the first edition of the survey was conducted, 51% of people said they had registered an access key.
The survey also reveals that taxpayer number (CPF) is the most popular form of access key (mentioned by 77.67% of respondents), followed by cell phone number (56.2%), email address (51.99%) and random number (32.38%).
Regarding the three main reasons why respondents would use PIX, the most mentioned were ease of use and speed. It is worth mentioning that cost is not yet a significant motivator. The survey also reveals that PIX has so far mainly been used by Brazilians to make transfers to individuals (78.79%) and to pay for services (55.37%).
When it comes to satisfaction with PIX, the majority of interviewees are satisfied (76.03%), and with regard to the average amount sent via PIX, the tool is widely used for small and medium transactions, but there are fewer users (13.2%) sending over R$1,000.
According to the survey, most users agree that the PIX system has not presented any problems, that it is safe, it meets their needs and they would use it to make money transfers with other people. To a lesser extent, they also agree that they would use PIX to make purchases in physical and online retailers, although some people are less keen on this idea.
Professor Adrian Kemmer Cernev of FGVcemif, the survey’s coordinator, says that PIX is already known to a large part of the population and as it is increasingly adopted, he expects users to become more confident in it, contributing to the use of this payment instrument. However, there are some challenges.
“One important challenge at the moment is to make the PIX system relevant to all economic agents, and not just the institutions that offer it – traditional banks, fintechs and other financial institutions. For example, physical and online retailers need to integrate this form of digital payment into their everyday operations, in a systemic and sustainable way. It is also worth mentioning that new developments are expected in the Brazilian digital payments ecosystem, including the implementation of PIX for credit transactions, payment slips and public services,” Cernev says.
FGV’s Center for Microfinance and Financial Inclusion Studies (FGVcemif), in partnership with market research firm Toluna, carried out the survey between February 12 and 14, 2021, involving 1,049 respondents.
Socioeconomic classes AB accounted for 25% of interviewees, while CDE (especially C) accounted for 75%. The gender breakdown was 51% women and 49% men. People over the age of 18 were interviewed throughout the country. An online questionnaire featuring structured questions was used, including spaces for open-ended responses and comments.