Pix in Brazil is projected to conquer 40% of the online payment market by 2026, as revealed in a study by Ebanx.
Brazil's instant payment system, Pix, is set to account for more than 40% of online transactions in the country by 2026, according to research by fintech Ebanx released on Thursday. The widely used tool, launched by the Central Bank at the end of 2020, plans to expand its share of the online shopping market to 40.4% in 2026, up from 29.45% the previous year, according to data collected by Payments and Commerce Market Intelligence for the Ebanx study.
This would almost equal credit cards as the main online payment method used by customers in the country, in a market predicted to be worth 457 billion dollars by 2026.
"Pix has revolutionized the payment experience in Brazil," said Paula Bellizia, president of global payments at Ebanx, noting that 80% of shoppers who made transactions in the last three years with Ebanx merchants used the tool for their first purchase. Last year alone, this figure rose to 95%.
Throughout Latin America, digital wallets such as Mercado Pago or PayPal account for 9% of online purchases, as shown in the study. In Argentina and El Salvador, this percentage reaches almost a quarter of sales.
However, instant payments are not yet a reality for other countries in the region. Although some are testing tools similar to Brazil's Pix or India's UPI, others are still in the early stages of maturity, said Bellizia.
When we talk about Panama and Ecuador, we're referring to a greater penetration of credit cards," Bellizia added, while in markets like Mexico, the economy is still predominantly focused on cash and debit. Overall, 97% of online sellers in Brazil accept cards, compared to an average of 82% in emerging markets, according to Ebanx. In Mexico, the percentage is in line with the average. In Peru, Chile and Mexico, debit cards have added 25 million customers to the bases of companies using the company's systems since 2020.
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