Pix has quickly become a major player in Brazilian e-commerce by providing a cost-effective and efficient payment solution. Its widespread acceptance and high conversion rates have not only increased its popularity but also positioned it as a key player alongside traditional payment methods such as credit cards.
With over 155M+ users, Pix has become one of the most popular payment methods in Brazilian e-commerce in 2023. According to a study¹ conducted by Confi.Neotrust, the instant payment method accounted for 26.2% of orders and generated a record R$ 32.2 billion.
This growing popularity is expected to continue. By 2026, it is estimated that Pix should account for 40% of online payments, tied with credit cards. Pix was the only payment method that gained significant relevance in 2023, increasing percentage points from 22.3% in January to 33.8% in December.
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Source: Gmattos
Pix Hits Record-Breaking Heights
In January 2023, the total value of Pix transactions in e-commerce reached R$ 2.1 billion. This amount increased to R$ 4.3 billion in November, during the Black Friday month, and ended the year at R$ 3.1 billion. This indicates a 45.8% increase from the beginning to the end of the year.
What Is Driving Pix’s Popularity In E-commerce?
There are a number of reasons Brazilians love Pix, including. For one, its seamless UX enables users to complete the payment by simply scanning a QR code or copying and pasting the Pix code into their banking apps. This, in addition to the instant payment confirmation, encourages usage and reduces cart abandonment.
Another element driving Pix’s popularity is the benefits merchants are offering to customers paying with Pix, like discounts and free shipping. A study² carried out by Gmattos points out that Pix is accepted by 100% of Brazilian retail e-commerce stores; by September 2023, 33% offered benefits for customers paying with Pix, such as discounts ranging from 5 to 10%.
The reasons for the increased acceptance include lower costs compared to other payment methods and higher conversion rates at checkout — reaching up to 90% with Pix, while the conversion rates for boleto (50%) and debit (30%) are significantly lower.
Key Takeaways
Pix has quickly become a major player in Brazilian e-commerce by providing a cost-effective and efficient payment solution.
Its widespread acceptance and high conversion rates have not only increased its popularity but also positioned it as a key player alongside traditional payment methods such as credit cards.
As Pix continues to grow, it is set to reshape the e-commerce landscape, potentially capturing 40% of online payments by 2026.
Targeting The Brazilian Market? Meet CommerceGate, Your Payment Advisor In Brazil
CommerceGate is at the forefront of advancing payment processing in LATAM, providing solutions adapted to the local market with trust and security at the core. Leverage the power of real-time transactions in Brazil with a native, user-friendly Pix solution and ensure top security, scalability, and transparency.
Count with:
- Tailored solutions matching your business needs
- Proprietary PIX flows covering Dynamic and Static QR codes for repeat payments, increasing your Customer Lifetime Value (CLTV) up to +7%
- Advanced PIX Fraud prevention (AML PIX Solution) with a unique QR code created for each individual user’s tax ID, increasing Operational Efficiency up to +13%
- Top-tier security & high authorization rates
- Average transaction time of only 3.7 seconds
- Fully transparent pricing tiers with no hidden fees
- No FX & no IOF (Brazilian tax on financial operations), charged only when converted from R$
- Transparent FX and overseas settlements
- Superior Customer Service
Book a free 30-minute consultation with our expert, Bruna Gomes, and get started today!
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(1) https://confi.com.vc/neotrust/blog/transacoes-via-pix-movimentaram-r-32-bilhoes-no-e-commerce-brasileiro-em-2023
(2) https://www.cnnbrasil.com.br/economia/financas/quase-metade-das-lojas-oferece-beneficios-no-pix-diz-estudo
