Payment in physical cash has been increasingly overlooked by Brazilians, according to the survey The Global Payments Report, performed by Wordplay, cash represented 48% of payments in 2019. However, in 2023, the number fell to 22%, and the projection is that in 2027, it will be even lower: only 12%.
The study revealed that Brazil is more advanced than Japan and Germany in the digitization of payments. Among credit and debit cards, digital wallet, Pix and QR Code, there are several payment methods available that do not require the exchange of banknotes and coins.
Pix, the instant payment system of the Central Bank of Brazil (Bacen), was launched in 2020 and became popular quickly. According to the Brazilian Federation of Banks (Febraban), the medium was the most used in the country in 2023, corresponding, approximately, R$ 42 billion in transactions.
Faced with the new scenario, Febraban confirmed the extinction of the Credit Order Document (DOC) transfer system and the Special Credit Transfer (TEC).No bank processes these operations anymore.
Already a online ticket issuance it remains an alternative for consumers, who can choose between completing the transaction digitally or printing the document and making the payment by non-digital means Wordplay it found that the payment method accounted for 2.9% of payments for e-commerce in 2023.
When used well, credit card offers advantages
According to Bacen, 2023 ended with more than 212.305 million active credit cards in the country. The number represents the growth of 3.3% compared to the previous year.
According to Serasa, nine out of ten Brazilians use more than one credit card to make purchases. Many brands and institutions encourage use by offering prizes and advantages, such as the sum of points when making purchases on the credit card that can be exchanged for airline tickets, products, among other benefits.
However, Serasa warns that, despite the advantages, such as ease of installment purchases, the cashback and miles, interest on late payment is high, so it is necessary to set limits to stay away from debt
The survey of Wordplay he recorded that 35% of online shopping payments in Latin America are made with credit cards, followed by digital wallets (21%). However, many of these wallets are linked to a registered card and offer the possibility of using it to pay tickets and make transfers.
Digital payment is not a reality for everyone
In some countries, such as Sweden and the Netherlands, stores are allowed to refuse payment in physical cash. The reality is already being discussed in Brazil and, in 2023, at least four bills to end the circulation of cash were underway in the House of Representatives.
One of them is PL 4068/20, proposed by Mr Reginaldo Lopes (PT-MG), which aims to make the use of digital means for payments mandatory, abolishing the use of cash in all financial transactions in the country.
The digitization of the means of payment has advantages, such as practicality and the reduction of production costs. However, ensuring that the process happens without excluding a portion of society is still a challenge.
The ICT Household survey, released in 2023 by the Regional Center for Studies for the Development of the Information Society (Cetic.br), reports that there are about 36 million people offline in the country. The index of Brazilians without internet reaches 53.3% in rural areas. For these people, payment by physical means is a necessity.
A study by the Locomotiva Institute also showed that low-income Brazilians, from classes D and E, are the ones who use physical money the most.For 65% of people in this range, it is the main way to shop.
