❇️ The Payments Practice at AMI has evolved into Payments and Commerce Market Intelligence (PCMI), a consultancy specializing in global payments. For the latest 2024 e-commerce data on Latin America, please visit their website here: Data Portrait of Latin America.
Electronic commerce in Brazil has been noted as one of the most mature markets in Latin America. According to Americas Market Intelligence (AMI), between 2020 and 2021 e-commerce in Brazil experienced a remarkable 38% growth to reach 153 billion dollars. Our studies project that e-commerce turnover in Brazil will continue increasing at an annual compound rate of 22% between 2021 and 2025.
After analyzing the behavior of online payments, AMI’s team has found Brazil to be a true representative of one of our 6 megatrends in payments 2022: the domain of instant transfers via mobile devices, using the ACH system. In Brazil specifically, the volume of P2B payments via Pix—the Central Bank’s real-time ACH transaction—has grown significantly. In 2021, P2B payments through Pix accounted for 10% of the total transaction volume, according to AMI analysis with data from the Central Bank. In this context, Pix appears to be “cannibalizing” the voucher-based system called boleto bancario, and other types of bank transfers for online purchasing.
“Our analysis shows that 70% of all online stores in Brazil now accept Pix as a payment method,” says Marina Gil, a Brazilian affiliate of AMI’s payments division. “Market players believe Pix could account for between 30% and 40% of e-commerce payments in the coming years. For some businesses in Brazil, Pix is already the second most widely used payment mechanism.”
As if that weren’t enough, the market share of credit cards in e-commerce payments in Brazil has started to decline, after more than five years of constant growth. The volume of credit-card purchases has returned to pre-pandemic levels in 2019. AMI analyses show that credit cards captured 57% of the volume of e-commerce payments in 2021, compared to 64% in 2020. Pix, on the other hand, captured 15% of the volume of e-commerce payments during 2021.
For more insights into Brazil’s current e-commerce payments landscape, we have created the following infographic summary. This infographic on payments in Brazil includes an outline of the demographic profile of the online buyer, and preferences in e-commerce.
Moving beyond these data
Contact us if you are interested in a more in-depth market study on e-commerce payments in Brazil, or other topics relating to payments there and elsewhere in Latin America. Our personalized studies can help your company with strategic decision making, and to identify new opportunities in the market.