We can notice an increasing use of services financial digital technologies, such as banking applications, electronic payments and online transactions, which have reduced dependence on physical money.
In this sense, a Serasa survey shows that, especially among Baby Boomers, the frequency of visits The use of bank branches for financial transactions is in decline, indicating the adoption of digital alternatives.
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However, despite the digitalization trend, Central Bank data indicates that the use of cash is still in constant and stable growth, suggesting that many people still prefer cash transactions physicist.
The Central Bank predicts that as more people adopt digital methods of payment and transactions, the circulation of physical money may decrease in the future.
This may be driven by the convenience and efficiency of electronic methods, as well as changes in consumer preferences and behaviors.
The Central Bank, for example, follows the concept of supply and demand. Therefore, if fewer people use physical money, less of it will be manufactured.
On the other hand, we can also look back and see that technologies like checks and debit cards did not put an end to physical money.
Furthermore, a survey by Banco24Horas indicates that a significant portion of Brazilians prefer cash in cash, especially for everyday purchases, such as going to the bakery or buying a few items at the Marketplace.
At this point, it is important to highlight that, even after the Central Bank launched Pix, there was an increase in money in circulation in the country. This fact was presented by the BC itself.
Furthermore, in relation to the possible end of physical money, the first study in a series called “Serasa Comportamento” found that 80% of Baby Boomers have the banking app on their cell phone.
They conduct inquiries and transactions online. Furthermore, the research reveals that Pix, created almost three years ago, has already established itself as the most prevalent payment method among all age groups of consumers.
The study also shows that approximately 44% of Brazilians belonging to generations Y and Z (aged between 18 and 41) have abandoned the habit of making cash withdrawals.
Expert comments on study data
The significant transformation in the way banking transactions are carried out brings challenges, given the high rate of digital exclusion in Brazil.
However, for José Roberto Kracochansky, co-founder and CEO of Jazz Tech, developments in financial technology offer far-reaching benefits.
He emphasizes that, especially during the Covid-19 pandemic, digital payment methods played a crucial role in maintaining the economy by providing convenience, accessibility and security.
Furthermore, digitalization has contributed to financial inclusion, allowing social programs to function efficiently and comprehensively.
He also highlights that the use of digital media, already widely adopted in society, such as cell phones, can be an effective way of promoting inclusion, rather than social exclusion.
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