The year of Pix: payment model processed 42 billion transactions and consolidated its leadership in Brazil with innovations and advances in security

The Instant Payment System (SPI) consolidated its absolute leadership in Brazil in 2024, redefining the way Brazilians conduct financial transactions. To give you an idea, according to data from the Central Bank of Brazil, 76.4% of the population adopted Pix as their primary payment method, surpassing debit cards (69.1%) and leaving physical cash in third place (68.9%). With impressive numbers, the payment method processed around 42 billion transactions for the year, handling more than R$17.2 trillion. 

This historic performance reflects not only the massive adoption by Brazilians but also Pix's ability to keep up with the country's main demands. Proof of this was the new record set on November 29th, when the payment method reached the milestone of 239.9 million transactions in just 24 hours, driven by the payment of the first installment of the 13th-month salary. 

In this context, 2024 was also marked by innovations in the instant payment ecosystem, notably facial recognition, which brought even more security and convenience to the system. In addition to facilitating swift payments, the technology revolutionized the new customer onboarding process, allowing users to verify their identities quickly and efficiently. By capturing a facial image, the system validates the information in seconds, eliminating the need for traditional and time-consuming methods, thereby increasing inclusion and trust in the use of Pix.

For Ariel Salles, Vice President of Technology at Avivatec, a benchmark company in technology solutions for businesses and the financial market, the implementation of facial biometrics is a milestone in the security of instant payments. “This method provides authentication that hinders fraud attempts, such as the use of stolen or forged passwords. Its application in instant payments ensures that only the legitimate user can authorize the transaction, making the process more secure and efficient. This is essential as the volume of digital transactions grows, as it strengthens consumer confidence and helps to maintain the integrity of financial systems,” he comments.

In addition to these innovations, other cybersecurity measures were essential to protect digital transactions. Multi-factor authentication (MFA) was widely adopted, reducing the risk of fraud by up to 99.9% and ensuring data protection during transmission and storage. Furthermore, continuous real-time transaction monitoring was also vital, enabling the rapid identification and neutralization of threats.

**Regulation and Contactless Pix**

Another important milestone for the instant payment system in Brazil was the regulation and approval of Contactless Pix, which is already in the testing phase and will be available for all users starting on February 5, 2025. 

With NFC (near field communication) technology, contactless Pix will allow for fast and secure transactions simply by bringing devices like smartphones or cards close, without the need for a password. Ideal for low-value payments, this new modality will bring more speed and convenience, further increasing the tool's adoption as the main payment method in the country.

“NFC technology allows devices to communicate quickly and efficiently when brought close together, without the need for physical contact. This makes the payment process much more agile, especially in everyday situations, such as shopping in stores or using public transportation. The absence of a password or PIN also makes transactions more convenient and faster, meeting the growing demand for simple and efficient solutions in the payments market,” he concludes.

With these security measures and new technologies, 2024 has established itself as a year of transformation for instant payments in Brazil. Pix continues to be the main payment tool, providing Brazilians with greater agility, security, and convenience in their daily lives.