Payments platform EBANX is predicting its Pix service will top credit cards for online purchases in Brazil by 2025.
According to a company statement, by 2025 Pix will account for 44% of all value transacted in online purchases in Brazil, Credit/Debit cards will are expected to have a 41% share.
EBANX reports that Pix now has more than 168 million users, accounting for 14% of all instant payments worldwide.
According to the company, Pix’s growth in the past year has been driven by retail and travel, the two largest digital verticals in Brazil.
EBANX points to a report by the Central Bank of Brazil that Pix included 71.5 million users in the financial system in just the first two years of operation.
Previously, these consumers were said to be excluded from digital commerce. EBANX internal data shows that 95% of people who made their first purchase at one of its partner’s online stores paid with Pix.
Pix has been serving as a gateway to digital commerce, explains Sebastian Fantini, Product Director at EBANX.
“It has positively impacted not only the financial and digital inclusion of Brazilians but also the businesses of merchants who offer this payment method to their customers. Pix is moving the needle on their financial results.”
EBANX was founded in Brazil in 2012.
