A recent report from Brazilian payments company Ebanx revealed on Monday that Pix, the country's rapid payment system, is predicted to overtake credit cards as the industry leader in the local online purchasing market as early as next year, contrary to initial expectations.

With its generally free and instantaneously settled transactions, Pix—which was introduced by the central bank of Brazil at the end of 2020—became one of the most popular tools for money transfers and purchases very rapidly. Based on information from research and intelligence firm PCMI, the study indicated that by the end of 2025, Pix is anticipated to own a 44% share of the online payment market in Brazil, while credit cards held a 41% share.

Before the end of 2026, Pix was expected to almost match credit cards in the local online market, according to an earlier version of the report that was published earlier this year. Juliana Etcheverry, director of country growth for Ebanx in Latin America, told reporters that Pix has spearheaded a financial inclusion strategy that has inspired more retailers to accept the quick payment option.

The central bank estimates that 71.5 million Brazilians had used Pix to access the financial system by the end of 2022. Etcheverry added that the growth of Pix in the digital market can also be attributed to the expansion of the retail and travel industries.

In the upcoming years, Brazil's central bank is anticipated to introduce further Pix features, such as the ability to pay in installments, which may increase its competitiveness against credit cards. Some former credit card users are already making the conversion to Pix, claims Etcheverry. The prediction for credit cards remained almost unchanged from the last survey; both anticipated a drop from their 49% market share in e-commerce in 2023.

Etcheverry does not, however, think Pix will ultimately eliminate cards. The card industry is likewise spending money on features and standards that will help them maintain their market share growth. The most number of transactions ever recorded by Pix in a single day, 227.4 million, were reported by the central bank on Monday. This occurred last Friday.