PIX – The digital payment solution for your e-commerce

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With more than 55 million users in Brazil, according to data from the Central Bank , and more than 146 million registered keys, the question that remains is: Do you already know how to use PIX in favor of your e-commerce?

In early 2020, the Central Bank of Brazil announced the official launch of the PIX brand for instant payments throughout the national territory .

In addition to being a digital tool available 365 days a year, free of charge and providing instant payment, PIX opens doors to new customers . This is because millions of Brazilians have already registered their keys to make payments and purchases using the new tool.

Simple to use for both the buyer and the store, whether physical whatsapp mobile number database free download or virtual, all you need is an account; with a fintech , a bank or another financial payment institution . The account does not need to be a checking account. In other words, transactions can be made through a savings or payment account. Pix provides greater security for both the store owner and the consumer. It is an agile tool, with multiple uses and that has pleased users.

Below is some information about PIX and its impact on e-commerce. Read on and see how you can take advantage of this new tool to increase your online sales .

How can PIX be used?
Before we talk about how to use it, let's summarize what PIX is. A new digital payment tool, or rather, a bank transaction , used in more than 50 countries; with instant receipt.

In other words, just as we do TED and DOC , now we have PIX . With the great advantage of having no fee, the transaction is instant and works 24 hours a day, 7 days a week. Who uses it and how?

Person-to-Person Transactions
Payment from an individual to a legal entity (i.e., to pay for a purchase in a commercial establishment – ​​physical store and/or online)
Between legal entities. In other words, a commercial establishment can pay its supplier (from legal entity to legal entity or) via PIX. In other words, a B2B transaction
Legal and/or natural person and government agency. IPTU payment, for example, can be paid via PIX.
Legal Entity to Individual – for example salary payments
Government to individuals – in the case of payment of social benefits
Between others
Continue and we will go into more detail on how, especially for use in e-commerce and virtual stores; adaptable to businesses with physical space.

Impacts on e-commerce and virtual stores
Imagine that a user is on your website and is attracted to a certain product. On impulse, they start the purchase process and when they finish, the payment options appear: PIX, Credit Card, Debit Card and Boleto . When choosing PIX, after all the usual confirmations in less than 1 minute, the amount is credited to your account.

With the aim of providing a tool that is as easy and intuitive as cash payments, PIX benefits both buyers and sellers . In this context, there are at least three different ways to make such a tool available:

By identification keys or nicknames (cell phone number, CPF, CNPJ, etc.)
QR Code
NFC – Near-Field Communication technology
Instant payments have been designed with the aim of improving the user experience and the implementation of PIX meets this; as a democratic and accessible alternative for carrying out banking transactions.

To compete with TED, DOC, boleto, check and cards, PIX Cobrança should come into effect from May . In other words, the payment method via PIX brings another option, with the advantage of a due date; as in the boleto format .

The expectation is that, with the reduction of intermediaries in the payment chain, costs will decrease and acceptance by e-commerce and retailers will increase even more . In addition, immediate liquidity optimizes cash flow and tends to reduce the need for credit.

PIX Impacts
For those who think that the impact on banks is a “negative balance”, they are mistaken. This is because despite PIX having no fee and reducing the number of DOC and TED transactions, which are transactions with fees, the new digital payment tool has attracted new account holders.

There are more than 50 countries worldwide that use instant payments like PIX. Among them are: United States, Australia, United Kingdom, China, among other world economic powers.

In Brazil , since 2013, the application of payment tools and methods with better and greater access has been encouraged; with lower or no fees . In 2018, the Central Bank (BC) took the lead in articulating the applicability of instant payments; which are nothing more than money transfers via digital means in real time and with a 24-hour, 7-day service.

Attention! According to the rule established by the BC, all institutions with more than 500 thousand active customer accounts will be required to participate in PIX; for the others, with less demand, participation is optional.

With digital transformation, anyone who doesn't adapt will certainly lose sales.

Commercial Establishments and E-commerce
According to data from ABECs – Brazilian Association of Credit Card and Services Companies , payment transactions in 2019 had a volume divided into:

60% upfront or in installments on credit card
37% in debit
3% divided into prepaid, bills and others
Within the online universe:
Credit card purchases exceed 20%
When shopping online, 80% of users use a credit card
Whether done via mobile phone (63%) or laptop (33%), what most inhibits a good experience for the user and consumer are the costs of transactions via boleto and the delay in completing the purchase, since it is only released after proof of payment of the boleto. Bad for the store and for the consumer. In other words, PIX is here to improve the usability of transactions with agility and security.

Although debit card transactions are on the rise, they are still insignificant when compared to other methods. And, even compared to PIX, the new tool is more advantageous because it has no cost for either party.