PIX Will Allow Instant Payments In Brazil Starting In November

In order to use the PIX, the payer and the recipient must have an account at a bank, at a payment institution or at a 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, that is, the recipient will have the resources available in his account in a few seconds.

Best customer experience

More than speed, Pix will make transactions easier.

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

The static one 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 could 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 will be used to pay for a purchase in a supermarket or a restaurant, among other possibilities.

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

In addition to the functionalities that will be available in November, important developments are already on the radar, such as, for example, payment by approximation.

BC released some measures with the aim of offering this new means of payment to end customers, alternatives for the population to choose from. The existence of a single brand is essential for users to identify the PIX in a clear and unequivocal way . The visual identity will facilitate the understanding and adoption of the instrument.

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

In addition, measures that impose the obligation to offer this service to the largest market agents will make the PIX reach a larger portion of the population.