Pix is revolutionizing consumer buying behavior and your company needs to be prepared.
More and more sellers hear the following question from Brazilian customers: Do you accept Pix? Moreover, the phrase “We accept Pix” is often used in advertisements to attract customers. And it has a reason: this instant payment method has won over Brazilian consumers for its agility and practicality.
Officially launched in November 2020 by the Central Bank of Brazil, Pix is a payment transaction option that takes up to 10 seconds to process. To make the transfer, all the user has to do is register a security key, which can be their phone number, CNPJ, CPF, among other options.
It is practical. It is fast. It is free for clients. This is causing boletos, TED, and DOC type transfers, for example, to be left aside, since they might take days to process and also charge fees to be completed. The delay in clearing and the bureaucracy involved in these payment models increase the time it takes to deliver a product, a negative factor for the consumer experience, which is even more demanding these days.
Pix has considerably accelerated the financial system in Brazil, reflecting in the buying habits, and will considerably affect the commerce as a whole — so much that, since its inception, there are already 96 million individuals and 6.495 million registered legal entities, besides having moved R$ 1.4 trillion through 2 billion transactions until May 2021. An important point to note is that P2B transfers (made from individuals to companies) already represent 13% of all Pix transactions.
So can merchants benefit by adopting Pix as a payment method? The answer is yes — and they should. Pix Business offers several advantages that will put your online business ahead. Check out 5 reasons to get started now:
1. Integrated management for total control
Since Pix is a model with fewer intermediaries and the central platform is provided by the Central Bank of Brazil, the cost of acceptance for companies is lower than other electronic means. This, added to the easily integrated Pix API, is a combo of advantages that ensure maximum management.
The API facilitates and automates the interaction between the financial and payment institutions that offer Pix and users who receive payments, including features such as creation and management of collections; verification of settlement; reconciliation and support for refund processes.
2. Sell 24 hours a day, 7 days a week
Clicked, received. Pix works full time, making it easy and quick to sell, since it will not be necessary to wait for compensation due to time zone issues. The values are available at the moment the consumer makes the purchase. This is an advantage for your business and for your client, who will have a fast and efficient experience.
3. Increase your buying public
Pix is simple and inclusive. Besides being free for individuals and having considerably reduced rates for companies compared to other payment methods, it is a modality that will enable you to increase the buying public of your business. A Google study revealed that a significant portion of Brazil does not have access to credit cards; however, this does not mean that these people do not have purchasing power. Therefore, as it is not mandatory to have cards to use Pix, you secure this market share.
4. Meet the expectations of Brazilian customers
According to Brazil’s Central Bank, Pix had an adoption growth rate among the fastest around the world. This shows that this market is expecting merchants to offer this payment option and might even give up on the purchase if they don’t. With 885 billion transactions made by July 2021, not offering this method is losing business opportunities.
5. Go along with the evolution of Brazil’s financial system
The Central Bank of Brazil is working on new features for Pix in the very near future. This highlights how this payment method is transforming the way Brazilians consume.
Thinking about the country’s reality and in accordance with people’s needs, some of the new features are Pix by approximation (making the operation even faster); refund mechanism (providing an additional form of protection for users in cases of fraud, as well as optimizing the process of returning resources transferred improperly or erroneously); installment option (increasing the purchase flexibility); among others.
These incoming features certainly benefit consumers and merchants towards an even more practical, secure and agile system, fostering sales and improving the shopping experience.
Expand your operations in Brazil with BoaCompra
To expand or start your operations in Brazil, it is extremely important to deeply understand the market characteristics, behavioral profile, and, in addition, be aware of emerging transformations in order to anticipate and deliver even more personalized services.
Pix already is a reality that’s changing the market and promises a future with even more potential. Offering this payment method, among other local ones and accepting local currency, will increase your sales and can attract a large amount of public to your business.
To ensure the success of your business in this journey, count on a partner like BoaCompra, that has know-how and experience with the Brazilian competitive environment and knows how to guide you in the right ways. Click below and talk to our specialists right now: