Pix reduces the use of notes as a payment method

The practicality of using Pix as a payment method has become popular with Brazilians. According to results of a survey by the Central Bank of Brazil (BC), which collected data between October and November 2023, with quantitative research, from 2019 to 2023 there was a drop of 36 percentage points in the use of money to make payments by Brazilians.

In 2019, 76.6% of registered payments were made with cash. In 2023, the percentage fell to 40.5%. BC data shows that Pix was used in 24.9% of payments. As a result, Pix became the most used payment method by the population, after cash.

The data was collected through quantitative surveys with 1,500 individuals and 600 commercial establishments, as well as 1,228 payment diaries, in which respondents recorded all payments and transfers made over a period of one week. 11,023 transactions were recorded, detailing the payment method used, the reason for choice, the value of the transaction and the type of good or service purchased.

Preferred payment methods

More than half of people, 64.9%, cited Pix as their preferred payment method. 55.7% mentioned money as the two most preferred means.

In relation to businesses, Pix was also the most mentioned payment method, being registered by 69.5% of people. Money was indicated by 64.4% of establishments.

Receipt and use

People also reported that they received their main source of income into account in 2023, which was recorded by 64.1% of workers. – a significant increase compared to the 40.2% recorded in 2019. According to the BC, this method of receiving funds into an account favors the use of electronic payments, which increases the efficiency of retail payments.

Despite the impressive data, 17.3% of respondents did not use Pix in the last 12 months. The main reason for 37.3% of these people is the lack of knowledge about using the payment method.