Matera, a leading provider of world-class instant payments, QR code, and digital ledger technology, has unveiled its quarterly report on the adoption of Brazil’s highly successful Pix instant payments scheme. The latest Pix by the Numbers report, encompassing data through Q1 2024, underscores a remarkable surge in Pix transactions, surpassing the combined figures of credit and debit transactions by 30%.
Carlos Netto, CEO of Matera, emphasized the pivotal role of user-centric strategies in driving Pix adoption, stating, “The Central Bank of Brazil was laser focused on user experience when launching Pix. They provided a template for banks on how to offer Pix in their mobile apps, they mandated a QR code standard, and set up a centralized directory to make Pix easy to use. It’s one thing to build faster payment rails, but proving use cases along with the rails was a real game changer in fueling adoption.”
Key insights from Matera’s analysis of Central Bank of Brazil data include:
- 41% of Pix transactions initiated by QR Code: Over 2 billion Pix transactions per month commence with a QR code scan from mobile devices.
- Business-to-business Pix payments outpacing P2P: B2B transactions witnessed a remarkable 57% increase in value in March 2024 compared to the same period in 2023, indicating sustained growth facilitated by recent infrastructure enhancements.
- Continued surge in Pix transactions: Pix transactions maintain a steady upward trajectory, surpassing the combined volume of credit and debit transactions by 30%.
The impact of Pix adoption extends beyond consumer transactions, influencing billers and merchants to embrace Pix for in-store and online purchases. Businesses benefit from significantly reduced processing costs compared to credit card transactions, incentivizing consumer adoption through discounts and loyalty rewards.
The standardization of QR codes by the Central Bank of Brazil has catalyzed a network effect, enabling seamless payments across various bank and merchant apps. This interoperability empowers consumers to utilize competitor apps for transactions, exemplified by the ability to pay for Shell Gas using alternate mobile platforms.
As U.S. banks introduce real-time payment solutions such as RTP and FedNow, merchants stand to gain from lower acceptance costs and enhanced customer experiences. QR codes emerge as a pivotal component in bridging the “last mile” between consumers and billers, facilitating instant payments without divulging sensitive financial details.
To access the latest Pix by the Numbers report, click here. For further information on Matera, please visit www.matera.com.
About Matera: Matera’s cutting-edge Core banking and Pix instant payments solutions are trusted by major global banks, including two of the top three and three of the top 10 U.S. banks, along with a significant share of Brazil’s banking sector. With over 400 million Pix instant payments processed monthly through Matera’s platform, including 40% initiated via QR codes, Matera continues to drive innovation and revenue growth for its clients worldwide, supported by a workforce of nearly 1,000 employees across Brazil and the U.S.
