Pix, the Central Bank’s (BC) instant payment service, is already the most used payment method by Brazilians. Four years after its launch, the modality surpassed cash transactions, according to research data Brazilians and their Relationship with Moneyreleased this Wednesday (4) by the BC.
The tool is used by 76.4% of the population, in addition to being the one used most frequently by 46% of respondents. In the last edition of the survey, in 2021, Pix had been operational a few months ago and, at the time, was already used by 46% of the population. In the frequency section, however, its percentage was only 17%.
In second place, in the current survey, the debit card appears, used by 69.1% of the population, being the most frequent payment method for 17.4% of respondents.
Cash (banknotes and coins) appears in third place in this year’s survey, used by 68.9% of the population, being the most frequent means for 22%. In the 2021 survey, cash was used by 83.6% of the population, being the most frequent for 42% of respondents.
Following the current research, credit cards appear, used by 51.6% of the population, the most frequent for 11.5%. On the other hand, credit cards are the most frequently used payment method in commercial establishments, 42% of the total, compared to 25.7% of Pix usage.
The survey interviewed 2,000 people between May 28th and July 1st, of which a thousand make up the specific audience of cashiers in commercial establishments, in all capitals and in samples of cities with more than 100,000 inhabitants. The confidence level is 95%, and the margin of error is 3.1%.
Hard cash
According to the BC, the objective of the research is the “continuous improvement of the management of Brazilian currency and publicity actions on the characteristics of Real banknotes and coins”. “Even with the PIX and all the technological evolution, cash is still very present in the lives of Brazilians”, highlights the municipality. The research also provides data on the conservation of banknotes, the use of coins and the recognition of security items.
According to the study, the use of banknotes and coins is more intense among those with lower income: 75% of people who earn up to two minimum wages and 69% of those who earn between two and five minimum wages. When income increases a little, the use of cash becomes less frequent: 59.4% of those who earn between five and ten minimum wages and 58.3% of people who earn more than ten wages use Real notes and coins .
The use of physical money is also slightly higher among the elderly. According to the survey, 72.7% of people aged 60 or over use the medium; this percentage drops to 68.6% among those aged between 16 and 24 years old.
