Pix is the payment arrangement of the Central Bank of Brazil, announced in February this year. The new payment method promises instant, 24/7 transfers at extremely low costs.
In addition to transferring money between Pix accounts, it will be possible to pay consumer bills, bills, taxes, and fees. A major impact is expected throughout the Brazilian financial system, by optimizing transactions between individuals, companies, and government (P2P, P2B, B2B, B2P, P2G, B2G, G2P, G2B).
The platform on which Pix is built features:
The participating financial institutions and payment institutions, providing payment services through bank accounts and payment accounts; the Instant Payment System (SPI) responsible for the settlement of payments, under the management of the Central Bank; and the Directory of Transactional Account Identifiers (DICT) responsible for the identification of accounts and storage of Pix keys, also under the management of the Central Bank.
Pix users will be able to make transfers using keys registered with their bank account (i.e. phone number, e-mail address, CPF, QR Code), instead of having to provide all their bank details.
Although Pix is scheduled to start its operation in November, financial institutions have already started pre-registering their customers, through their respective applications.
Without a doubt, Pix is an important ally for the increase of banking in Brazil and a milestone in the digitalization of the Brazilian economy, as has been done by Brazil’s important commercial partners such as China, India, and Mexico.
It has been speculated that the Pix would represent the end of TED, DOC and boleto bancário, but this is difficult to state categorically at this point. Be that as it may, this new means of payment brings with it countless opportunities for new business in Brazil.
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