Pix payments in e-commerce are expected to account for over 50% of the sector by 2027. Meanwhile, credit cards, despite losing some ground, will remain relevant, representing 27% of payment methods by 2027. This is according to the study “Global Expansion Guide for High-Growth Markets”, produced by Nuvei, a Canadian fintech specializing in payment solutions, now in its 2nd edition, with a focus on Brazil and South Africa. The study is part of a series of reports analyzing e-commerce in eight high-growth markets identified by Nuvei—Brazil, South Africa, Mexico, Hong Kong, Chile, India, Colombia, and the United Arab Emirates.
In 2024, Pix accounted for 40% of e-commerce transactions, and from now on, it is expected to grow even more popular among Brazilian consumers. Since its launch in 2020, it has transformed how people in the country make transactions. Its success is due to its speed, convenience, and lack of fees for consumers, making it especially popular among unbanked populations or those with limited access to traditional financial services.
“The approval of proximity-based Pix transactions by the Central Bank on February 28th marks another milestone in Brazil’s payment innovation journey. With this new feature, consumers will be able to make purchases even faster and more intuitively, just by tapping their phones on payment terminals, similar to debit and credit cards,” comments Daniel Moretto, Senior Vice President of Nuvei Latin America. “Additionally, potential integrations of Pix with international systems could revolutionize cross-border transactions, increasing its global relevance and benefiting both consumers and businesses in international e-commerce,” says the executive.
Among the preferred payment methods for Brazilians, digital wallets are also gaining traction, especially among younger consumers and in major cities. In 2024, these solutions accounted for 7% of e-commerce payments, and although the forecast for 2027 is 6%, they remain a technology solution consumers are turning to. The use of bank slips (boletos) in e-commerce is declining, expected to drop from 8% in 2024 to 5% by 2027.
South Africa
South Africa presents a combination of traditional methods and innovative solutions, driven by technological advancements and greater financial inclusion. Credit and debit cards remain the leading payment methods in South African e-commerce, supported by established banking infrastructure in urban areas. Debit card usage in the country will remain stable in the coming years, accounting for 40%, while credit card usage will remain unchanged at 3% by 2027.
It’s worth noting that digital wallets are gaining momentum, especially among younger consumers and mobile commerce users. They offer fast and secure payments and are increasingly used for in-app purchases, utility bills, and small transactions.
