THE Pix was created by the Central Bank, with the promise of facilitating payments and transfers between individuals and companies. The proposal was presented in February 2020 and could be used in November of the same year. We have separated a list of 20 questions and answers about the new payment system that can end TED, DOC and bank slips.
1. What is Pix?
We explained in more detail in another article about Pix. Basically, the payment system will allow transfers at any time or day (even during the New Year’s Eve) to individuals, companies or government entities. It’s like sending a text message, only money.
To do this, you will need to know only one of the recipient’s keys, scan the QR Code or use the NFC for contactless payments.
2. When can I use Pix?
Keys can be registered from October 5, 2020. The payment method will only work from November 16. It is a window of just over a month for everything to be right before the start of operations.
3. How much does Pix cost?
For individuals there is no cost to use Pix – however, banking institutions may charge for the service. For companies (legal entities) there is a fee for transactions.
4. Is Pix an app?
No, Pix is a system that will be integrated with other payment applications or banks.
5. What are the keys?
Keys work as nicknames (you can compare them as a username on a social network) to facilitate the transfer or payment through Pix. Instead of memorizing and entering bank code, branch, account number and CPF / CNPJ, the payer only needs to inform a key of who will receive the order.
This key can be:
- Phone number;
- Random sequence generated by the Central Bank.
Note that a key already linked to a bank account cannot be used at another financial institution. Keys are also not mandatory, payments can be made by entering the recipient’s account details, however the Central Bank says it may take longer than using the keys.
6. Can I change my key to another bank?
Yes. There will be a possibility to port the key. Changing keys will only work from 8am to 8pm, on any day. Unlike payments, which can be made at any time.
7. If I change my email or cell phone number?
You will need to register these addresses as new keys and delete the previous ones in the key manager of the financial institution you use.
8. If someone is already using an email from me as a key?
It is possible to claim the key in the application of the institution you wish to register, as long as the ownership of that address is proven. The same goes for other types of keys (phone and CPF).
9. Do you have a key limit?
For individuals, up to five keys can be registered in an account. Legal entities can have up to 20 keys per account.
10. If I don’t want to enter my email or phone number?
For that, there is the random sequence as a key possibility for Pix. It will be a set of numbers, letters and symbols that will identify the receiving account. You can have more privacy by not giving out personal data, on the other hand, it is more susceptible to errors when paying.
11. How are payments made?
Banks and fintechs need to implement Pix in the application itself, to enable payment or transfer. Companies with more than 500 thousand customers are required to adopt this system.
In the application, it is enough to inform one of the contact keys, inform the amount and complete the transfer.
It will also be possible to pay by QR Code (pointing the phone’s camera to read the code) or by NFC, for devices that have the technology. But, of course, the implementation of companies will depend.
12. Can I pay anything?
As long as the recipient accepts Pix, yes.
13. Do I need to have a bank account to pay and receive?
No. Pix will also work with fintechs like PicPay or Mercado Pago, the so-called digital wallets. That way, anyone who has a bank account can send it to someone on PicPay or vice versa.
14. What if I send a Pix to the wrong person?
The payer must check the data (value and recipient) before confirming the transaction. Once the transaction is completed, it cannot be reversed or canceled. The solution is to negotiate with the recipient and ask for the return.
15. Can I cancel a Pix?
After confirmation, there is no way to cancel or request a refund of the amount. Unless the recipient accepts to return the amounts.
16. Is it the end of TED and DOC?
No, but with Pix, TED and DOC they become even more obsolete. Both for the delay and limitations in the operation and in the usability, in having to insert several information of the recipient.
17. What is the difference between Pix and TED or DOC?
- There is no time restriction for making a Pix;
- Money is transferred on the spot, in the case of TED and DOC it can take a business day;
- Pix does not require a bank account, it can be done via digital wallets;
- An address (key) is sufficient to transfer to Pix, without having to inform the bank, branch, account number and document of the recipient.
18. Do you have withdrawals?
From 2021 it will be possible to withdraw even in commercial establishments, such as a clothing store. The attendant generates a QR Code, the user makes the payment and withdraws the cash.
19. Is Pix safe?
Yes. The information is protected by bank secrecy, as well as transfers via TED and DOC, and by the General Data Protection Law (LGPD). Transactions will also be encrypted.
20. Why should I use Pix?
Pix will facilitate payment for those who receive or pay, as it is an instant, practical, free (expected) and mandatory payment method in all financial institutions with more than 500 thousand customers.
With information: Central Bank.