Cash payments have been increasingly abandoned by Brazilians. According to the researchThe Global Payments Report, carried out byWordplayCash accounted for 48% of payments in 2019. Meanwhile, in 2023, the number dropped to 22%, and the projection is that by 2027, it will be even lower: only 12%.
The study revealed that Brazil is more advanced than Japan and Germany in payment digitization. Between credit and debit cards, digital wallets, Pix, and QR Code, there are severalpayment methodsavailable that do not require exchanging bills and coins.
Pix, the instant payment system of the Central Bank of Brazil (Bacen), was launched in 2020 and quickly became popular. According to the Brazilian Federation of Banks (Febraban), cash was the most used method in the country in 2023, accounting for approximately R$ 42 billion in transactions.
In the new scenario, Febraban confirmed the abolition of the Credit Order Document (DOC) transfer system and the Special Credit Transfer (TEC). No bank processes these operations anymore.
Me andonline ticket issuanceIt remains an alternative for consumers, who can choose between completing the transaction digitally or printing the document and making the payment through non-digital means. A Wordplayfound that the payment method was responsible for 2.9% of payments for e-commerce in 2023.
When used correctly, credit cards offer advantages
According to Bacen, the year 2023 ended with more than 212.305 million active credit cards in the country. The number represents a 3.3% increase compared to the previous year.
According to Serasa, nine out of ten Brazilians use more than one credit card to make purchases. Many flags and institutions encourage use through the offer of prizes and advantages, such as earning points when making purchases with a credit card that can be exchanged for airline tickets, products, among other benefits.
However, Serasa warns that, despite the advantages, such as ease of paying for purchases in installments,cashbackand miles, interest for late payment is high and, therefore, it is necessary to set limits to stay away from debts
The lifting of theWordplay It was recorded that 35% of online purchase payments in Latin America are made with credit cards, followed by digital wallets (21%). Meanwhile, many of these wallets are linked to a registered card and offer the possibility of using it to pay bills 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 cash payments. The reality is already being discussed in Brazil and, in 2023, at least four bills to end cash circulation were underway in the Chamber of Deputies.
One of them is Bill 4068/20, proposed by Deputy 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 payment methods presents advantages, such as convenience and reduced production costs. However, ensuring that the process occurs without excluding a portion of society is still a challenge.
The TIC Domicílios survey, released in 2023 by the Regional Center for Studies for the Development of the Information Society (Cetic.br), reports that there are around 36 million peopleofflinein the country. The percentage 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 cash the most. For 65% of people in this age group, it is the main way to shop.
