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Pix Will Likely Replace Credit Cards In Brazil

Matera releases Q3 “Pix by the Numbers” report highlighting the continued shift away from credit cards

Pix has not yet reached its full potential

ATLANTA–(BUSINESS WIRE)–#DigitalPaymentsMatera, maker of world-class instant payments, QR code and digital ledger technology, today released its Q3 report on the adoption of Brazil’s highly successful Pix instant payments scheme. The latest Pix by the Numbers report covers data through Q3 2023, and shows Pix volume continuing to surge. The report also offers key insights for U.S. financial institutions (FIs) on the innovative ways to leverage instant payment rails as they focus on driving adoption of RTP and FedNow instant payment rails in the U.S.

The Latest Data

Matera reviewed data from the Central Bank of Brazil and noted several pivotal points in the shift to instant payments. These include:

  • Pix Strong Growth Continues: Pix transactions in September 2023 totaled 3.9 billion vs. 2.3 billion in September 2022. This is a 70% growth rate YOY.
  • Person to Business Payments Is The Fastest Growing Use Case: 34% of all Pix transactions in September 2023 were consumers paying businesses – either transacting with merchants in-store or online or to pay billers. In September 2022, P2B transactions were only 22% of total.
  • Innovation is Driving Pix Growth: Pix Credit, and Cross Border Pix payments are just two examples of how the Brazilian market is finding new ways to leverage Pix.

What It Means for the U.S.

Instant payments adoption requires focus on user experience. While the Central Bank of Brazil required large institutions to offer Pix, consumers and businesses could still choose from many different payment methods. Pix has become the dominant tender type because it’s easy to use, cheap, versatile to handle any use case, available 24X7 and safe.

Merchants can change consumer payment behavior. Discounts and loyalty offered by merchants and billers helped convert consumers to pay with Pix. Merchants and billers tired of paying high prices to get paid for their goods and services willingly offer 10% off or more.

New revenue opportunities are emerging as the Pix rail is leveraged for innovation. Pix Credit is just one example where financial institutions can earn comparable revenues of a credit product and still settle payments instantly. It’s a win-win product; consumers can pay over time which helps sustain conversion rates for merchants, and merchants get paid instantly.

Credit card networks, processors and issuers in Brazil are all re-positioning their business to figure out ways to stay relevant as Pix continues to surge. While it’s tough to predict when instant payments adoption will accelerate in the U.S., it’s clear there will be a land-grab of opportunities for players willing to commit.

“No one thought Pix would take off as it did in Brazil,” said Carlos Netto, CEO of Matera. “Financial institutions who weren’t ready to support their commercial customers with a Pix instant payment solution lost key, profitable business as a result. U.S. Financial Institutions have a strategic imperative to educate their commercial customers on the opportunities with instant payments, and test new use cases. In the process they will surely find new revenue streams not possible with traditional payment methods.”

Matera’s guidance is based on its proven experience with Pix. The company’s Pix instant payment software processes over 3 billion instant payment transactions a year, 20% initiated by QR code. They are the largest third party provider of Pix instant payments with over 10% share.

To read the latest Pix by the Numbers report in its entirety, please click here. For more information on Matera, visit

About Matera

With over 30 years of experience, Matera has proven technology, deep fintech expertise, is a trusted partner and is known as a pioneer. Matera’s Core banking, QR Code and Instant Payments solutions are used by 2 out of the top 3 global banks, 3 of the top 10 U.S. banks and 1/3rd of all banks in Brazil. Over 350 million Pix instant payments are processed per month using Matera’s solution and 70 million of those are initiated by QR codes. Matera is also known for collaborating to launch innovative fintech applications that generate new revenue streams for their clients. With operations in both Brazil and the U.S., Matera has nearly 1,000 employees worldwide.


For Editorial Contact:

Leigh Disher

GMK Communications for Matera


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