Pix Targets Features Similar To Credit Cards – But At Lower Costs

There’s no doubt Pix is one of Brazil’s most popular payment methods. However, while the Central Bank of Brazil’s instant payment method is a favorite for low-ticket purchases, credit card installment payments still take the lead for high-ticket purchases, as this feature allows customers to divide the amount into monthly payments (typically up to 12 payments). 

But now, the president of the Central Bank of Brazil, Roberto Campos Neto, has recently announced Pix will eventually allow similar features to credit cards — and at lower costs. 

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“If we can block reverse payments on the platform, we can mimic the function of credit cards in Pix, so we will no longer need traditional credit cards. And I think this is a big advantage for people,” said Campos Neto about the costs associated with cards during a virtual event at Princeton University, as reported by UOL.

What Is Pix?

Pix is Brazil’s local payment method, launched by the Central Bank of Brazil in November 2020. It allows instant digital transactions with amounts as low as R$0,01, twenty-four hours a day, seven days a week. 

With Pix, a user from Bank A can pay whatever amount they need to a user from Bank B at any time of the day, and the amount is instantly made available regardless of the payment institution.

The instant payment method has introduced 71.5M+ users in the financial system, according to data from the Central Bank of Brazil. “In a short period, Pix revolutionized the way Brazilians make payments and carry out financial transactions”, says the Central Bank in an official note.

Pix Will Account For 40% Of Online Payments In Brazil By 2026 

According to a study conducted by Confi.Neotrust, the instant payment method accounted for 26.2% of orders and generated a record R$ 32.2 billion in 2023. 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.

CommerceGate’s Customizable Pix Payment Platform

Leverage the power of real-time transactions in Brazil with a native, user-friendly Pix solution and ensure top security, scalability, and transparency. 

CommerceGate’s highly customizable Pix Payment Platform eases your entry into Brazil. With a fully authorized service provider at your side, you can be sure of:

• Customized business solutions.
• Proprietary Pix flows covering Dynamic and Static QR codes.
• Advanced Pix fraud prevention with a unique QR code created for each individual user’s tax ID.
• Top-tier security.
• Efficient trade execution.
• High authorization rates.
• Expedited fund settlement.
• Superior customer service.

By partnering with CommerceGate, you can confidently expand your business in Brazil, leveraging our insights and advanced payment technologies to unlock the full potential of this dynamic and rapidly growing market.