Brazil’s Pix Instant Payments Accelerate Financial Inclusion as an “Instant Economy” Rapidly Grows in Latin America, EBANX Beyond Borders Data Shows


Pix instant payments in Brazil ushered in a new “instant era” for e-commerce in the region since last year.

“Instant payments and digital wallets are the most dynamic ways to create broader financial inclusion and access more goods and services purchased online in Latin America,” said Paula Bellizia, President of Global Payments at EBANX .

According to a new analysis of Beyond Borders data released by EBANX, the leading payment platform in Latin America that connects global businesses with consumers in Latin America.

Methods such as Pix instant payments and digital wallets have paved the way for a major shift to digital commerce for Latin Americans with an almost 50% increase in e-commerce users over the past year. compared to pre-pandemic years (68% at the end of 2021 compared to 45% before the pandemic). This means that over 150 million people have purchased online for the first time in the past two years.

“Instant payments and digital wallets are the most dynamic means of creating broader financial inclusion and accessing more goods and services purchased online in Latin America, which is one of the fastest growing e-commerce markets. fastest growing in the world,” said Paula Bellizia, President of Global Payments at EBANX. “They connect more businesses to consumers, many of whom are first-time digital buyers who want more variety and instant gratification. And the rise of this new “instant economy” is a vital way for traders to unlock the huge potential of the LatAm market and grow their slice of an increasingly lucrative pie. »

The digital commerce market in Latin America is expected to grow 31% per year through 2025, an acceleration comparable to that of Asian markets alone.

The Open Banking Movement to Drive a New Online Shopping Experience

In addition to instant payments, regulators in Latin America and around the world are promoting initiatives to support the development of an open banking system to further encourage innovation, competition and efficiency in the financial sector – a movement which increases the accessibility of financial services to a greater number of people. entire sections of the population. In Latin America, Brazil is once again leading the way in open banking regulation, while countries such as Mexico and Colombia are preparing for its implementation by the end of 2022.

With open banking, users will be able to choose between products and services from multiple banks and fintechs, all in a single environment.

“Companies will need to invest even more in customer experience and satisfaction, which is exactly what regulators want. If you want to keep your customers, you have to provide good service,” said Wagner RuizChief Risk Officer and co-founder of EBANX.

Alternative payments increase access and simplify the buyer experience

As the e-commerce ecosystem in Latin America matures, new types of instant payments such as Pix usher in a new era of closer relationships with end consumers, who expect a friendlier shopping experience, greater flexibility payment and faster confirmation and delivery.

“Pix is ​​democratizing access to e-commerce and bringing more people to the table. People who didn’t have a credit card, for example, or small entrepreneurs who had no way to accept them, can now receive payments quickly through Pix,” said Erika DaguaniVice President of Products at EBANX.

The improvement of the online shopping experience with digital wallets is also indisputable. It is another of the fastest-adopted payment methods in Latin America today, having reached 11.5% of the region’s total digital market in 2021. “Digital wallets are easy to use, mobile-friendly, do not require the buyer to have a bank. account, and let them make immediate purchases with instant notification at the push of a button,” Daguani added.

A new era of instant payments has arrived, led by Pix

At EBANX, Pix has grown around 40% per month over the past year, helping to grow its customers’ user base and gaining consumer preference in nearly half of their online purchases. line.

According to Beyond Borders’ latest data analysis, the majority of Brazilian consumers using Pix are first-time digital buyers. The study found that 62% of EBANX customers who paid with Pix had not made any other online purchases from this website or app in the past year. Their purchases accounted for 40% of Pix’s total volume for merchants using EBANX, and a 20% increase in overall sales.

Today, 98% of Pix transactions are carried out by mobile phone, which represents approximately 70% of the volume of the new means of payment, according to data from the Central Bank of Brazil obtained by EBANX. The share of mobile phones is increasing every quarter, demonstrating the ease of use and adoption of the new mobile payment.

“It’s fascinating to see how consumers have massively migrated to Pix in less than a year. This shows a high level of confidence in a new digital payment method. For Latin America, it’s transformative,” Daguani said.

The cross-border opportunity in Latin America

In this rapidly changing market, there is a niche with an even more intense acceleration: cross-border e-commerce. International online purchases in Latin America will move around US$45 billion in 2022, according to data from Beyond Borders. This annual growth rate is expected to reach 35% by 2025, four percentage points above the 31% growth forecast for the overall e-commerce market in the region. The presence of international players in Latin America, coupled with the recovery and revival of the tourism sector, is expected to boost cross-border business.

In some Latin American countries, such as Colombia, Chile, and Mexico, international online sales are growing well above domestic e-commerce revenues, driving the market as a whole. In Mexico, Latin America’s second largest economy and the United States’ largest trading partner in the world, cross-border trade jumped 59% in 2021, compared to a 28% increase for local online sales.

“This is undoubtedly a great opportunity for global companies looking to expand into Latin America,” Bellizia said.

To download the new Beyond Borders study (in Portuguese), go to: https://business.ebanx.com/pt-br/resources/beyond-borders-2022

About EBANX

EBANX is the leading payment platform in Latin America, connecting over 35,000 global and regional businesses to customers in one of the fastest growing digital markets in the world. The company was founded in 2012 with a mission to enable Latin Americans to buy from international e-commerce merchants. Using powerful proprietary technology and infrastructure, combined with the most in-depth knowledge of Latin American markets, EBANX enables companies with local or international operations to connect to hundreds of payment methods in different countries. EBANX goes beyond payments, increasing sales and fueling seamless shopping experiences for businesses and consumers. For more information, visit https://business.ebanx.com/fr/

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North American Media Contacts

United States:

Chris Knight

Director of US Public Relations for EBANX

[email protected]

(415) 786-9226 ch. (on Whatsapp)

Vancouver:

Thiago Romariz

Responsible for public relations, content and business intelligence

[email protected]

(604) 619-4225 (on WhatsApp)

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