FEBRABAN survey: 71% of Brazilians use Pix; approval rate reaches 99% among youths

RIO DE JANEIRO, BRAZIL – The Central Bank’s Pix, an instant transfer and payment system that recently completed a year, is currently used by 71% of Brazilians. The approval rate increased 9 points in 12 months and has reached 85%, according to a survey by the Brazilian Federation of Banks (FEBRABAN), released on Tuesday, December 28.

A year ago, approval stood at 76%.

The Pix’s approval rate among young people (18 to 24 years old) reaches 99%, a level similar to the next age group (25 to 44 years old) at 96%. Among people over 60, the approval rate drops to 65%, according to the FEBRABAN survey.

The greatest resistance to using the tool is found among low income and less schooled people, although adherence levels are still over 50%. Among people with up to elementary schooling, 53% use Pix, while the adherence rate to the Central Bank’s system is of 64% among people with incomes of up to 2 minimum wages.

For a third of respondents, there is a difference in the perception of security of the Pix service. According to 32%, the banks’ system is safer than others offered by fintechs. Another 32% emphasize that the system is equally safe in both types of institutions.

SCAMS

Among respondents, 22% said they had already been a victim of a scam or attempted fraud, a similar level to the September survey (21%). Among the oldest, over 60 years old, this rate rose to 30%.

Among people who were victims of attempted fraud, 69% stated that they had never fallen into a scam. The most common scam reported by respondents (48%) was the attempted cloning or changing a card.

The scam in which criminals make phone calls posing as the bank’s call center and ask for data over the phone increased from 18% in September to 28% now.

In third place, the most common fraud attempt is through WhatsApp, where someone impersonates an acquaintance and asks for money, with 24% of reports.

FEBRABAN asked respondents about their trust in companies, banks and fintechs. Trust in banks fell from 60% in September, in the survey’s previous edition, to 58%; for fintechs there was a slightly larger decline, from 59% to 56%. Confidence in private companies remained at 54%.

The FEBRABAN survey interviewed 3,000 people over the age of 18 in all Brazilian regions. The interviews were conducted between November 19 and 27 and are part of the fourth edition of Radar FEBRABAN, released every quarter.