As of this Monday (16th), all customers of 734 banks and fintechs can make a Pix: This means making instant transfers even between different financial institutions and without the need for an agency or account – just use a key like CPF, email or cell phone number. The Central Bank’s payment platform will receive more resources soon, such as withdrawals from stores, the evolution of the boleto and even international money sending.
Between the 3rd and 15th of November, the Pix testing phase took place: everyone could already receive money, but only a few customers were free to send. During this period, more than 1.9 million transactions were carried out between different institutions in an amount above R $ 780 million.
Pix is mandatory for 35 financial institutions with more than 500 thousand accounts: this includes Itaú, Bradesco, Santander, Caixa (Caixa Tem), Banco do Brasil, Nubank, Mercado Pago, Inter, C6 Bank, PagSeguro and others.
In addition, we will have the participation of PicPay, RecargaPay, Ame Digital and more – the complete list is on this link. In total, 734 banks and fintechs will offer Pix to the entire customer base starting today.
The BC explains that another 19 companies did not perform all tests during the restricted operation period; therefore, they must undergo a new approval from December 1, 2020 to offer the service in the future.
Why use Pix?
There are four main advantages. First, it allows you to perform transfers within 10 seconds, basically instantaneous, even between one bank and another – something much more practical than a DOC or TED. According it works 24 hours a day, 7 days a week, including holidays, so there’s no need to wait until the next business day for money to fall into your (or someone else’s) account.
Third, we have the Pix keys. It is possible to associate your specific bank account with personal data, including social security number, e-mail address and / or cell phone number. That way, it is not necessary to pass through an agency and account to receive money – but this remains possible.
Lastly, Pix is free and unlimited for individuals in most cases. The BC makes some more specific exceptions: for example, it is allowed (but not mandatory) to charge a fee if the transaction is in person, directly at the branch; or if the customer receives more than 30 times a month in the same account, indicating commercial use.
Just the beginning
This is only the first phase; the BC plans to add several other features to this payment platform:
- starting today, it will be possible to use the Pix Collection as an alternative to the boleto: the company generates a QR Code due on a specific date, and is able to incorporate data on interest, fines and discounts;
- thanks to a partnership with Aneel (National Electric Energy Agency), it will be possible pay the electricity bill at any time and day of the week through Pix;
- in 2021, Pix will be integrated into the approach payment via NFC and MST, used on compatible cell phones and cards;
- also next year, we will have the Pix serve: you can arrive at an establishment, ask to withdraw a specific amount and it will be withdrawn from the cashier, as if it were a purchase;
- the BC promises that by 2023 it will be possible to use Pix to overseas transfers: this takes a little longer because it depends on a review of the foreign exchange laws, something that needs to go through Congress.