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FIS report: PIX to increase bank transfers recurrence in Brazil

Friday 18 March 2022 15:28 CET | News

US-based fintech services company Fidelity National Information Services (FIS) has released ‘The Global Payments Report’ in which states that the use of PIX in ecommerce will double by 2025, in Brazil.

As opposed to the international trend of increasing use of bank transfers for online purchases, PIX is becoming more popular in Brazil, as bank transfers only accounted for little under 11% of ecommerce payments in 2021.

The instant payment system PIX was created at the end of 2020 and has amassed over 113 million users, especially in underbanked countries like Brazil. The alternative payment method is not only used for transfers between people but also for buying goods as services, as the report suggests. 

According to FIS, PIX will count for at least 9% of the total volume of ecommerce transactions in the LATAM country, by 2024, as opposed to bank transfers, which will decrease to 6.2% by 2025 in Brazil, as well as its neighbouring countries, Colombia and Peru.

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Keywords: PIX, FIS, bank transfer, local payment method, ecommerce, online payments
Categories: Payments & Commerce
Companies:
Countries: Brazil
This article is part of category

Payments & Commerce