PIX Will Allow Instant Payments In Brazil Starting In November

To use PIX, the payer and the recipient must have an account at a bank, payment institution or fintech.

So not necessarily a current account, transactions can also be made using a payment or savings account. The day and time of the transaction will not matter, the operation has a relationship with the same bank or institution.

Settlement will be immediate, meaning the recipient will have the funds available in their account within a few seconds.

Better customer experience

More than speed, Pix will make transactions easier.

Which can be done through QR Code or by entering simple information such as cell phone number, email, CPF or CNPJ.
As for the QR Codes, the BC established two types: static and dynamic.

Static can be used in multiple transactions and will allow the definition of a fixed value for a product or the insertion of the value by the payer.

It can be used for a transfer between two people, for example.

Already the QR Code dynamic will be used exclusively for each transaction and will allow the insertion of additional information, which facilitates reconciliation and commercial automation.

It can be used to pay for a purchase in a supermarket or restaurant, among other possibilities.

With PIX it will be possible to send and receive amounts instantly through different means, including smartphone applications, at any time of the day or night.

In addition to the features that will be available in November, important developments are already on the radar, such as contactless payment.

The Central Bank has announced some measures with the aim of making this new payment method available to end customers as an alternative for the population to choose from. The existence of a unique brand is essential for users to identify PIX in a clear and unequivocal way. The visual identity will facilitate the understanding and adoption of the instrument.

This much simpler and faster way, since the launch of PIX, greatly improving the current experience.

Furthermore, measures that impose the obligation to offer this service to the largest market agents will ensure that PIX reaches a larger portion of the population.