On November 16th, 2020, Pix, the instant payments platform developed by the Central Bank of Brazil, was launched. This payment method allows transactions to occur in under 10 seconds, 24/7, and soon become a huge hit among Brazilians. And the numbers prove this: in 2022, Pix moved BRL 10,9 trillion, according to the Central Bank, and sums over 146 million users.
Read also: Pix in 2023: main developments on Brazil’s instant payment
The modality even surpassed cash, becoming the third preferred method of payment among Brazilians, ranking behind credit and debit cards, according to a McKinsey survey.
10 questions and answers about Pix
Despite its popularity, there are still many doubts about instant payments. Below, we have listed some of the main questions and answers about Pix. Check it out!
1 – What institutions are offering Pix?
All financial institutions and payment institutions can offer their clients and users Pix, including fintech companies. However, institutions with over 500,000 active accounts are obligated to offer Pix.
2 – What are the address keys – or Pix keys?
The address key is a way to identify the user’s account. There are four types of address keys that users can use:
• CPF/CNPJ
• Email address
• Cellphone number
• Random key – a set of random number, letters, and symbols
This key binds the basic information to the user’s complete account information, allowing users to send and receive money using only an address key.
Read more: The first-year anniversary of Brazil’s instant payment method, Pix
3 – How do users register an address key?
Users can register an address key directly with their financial institutions and payment institutions. To complete the registration, users must confirm the key’s ownership and link it to their accounts by inserting a code provided by the institution via SMS or email.
It is essential to highlight that while users are not obligated to register an address key, they highly recommend that they benefit from more agility when sending and receiving payments.
4 – How do users send payments with Pix?
Users can send money by using the receiver’s address key, scanning a QR Code or manually inserting the receiver’s account information.
5 – How do users receive payments with Pix?
There are two ways to receive payments with Pix: by informing the payee of your address key, or by generating a QR Code.
QR Codes can be both static and dynamic. With static QR Codes, the transaction amount doesn’t need to be included, which means payees must manually insert the payment amount; with dynamic QR Codes, however, the amount must be included.
6 – How much does Pix cost?
Pix is free of costs to individuals. For Legal Entities. However, the cost is much lower than the amount charged today for TED transactions.
Read more: Central Bank of Brazil announces Pix Cobrança and Pix API, the instant payment’s new functionalities
7 – Is it possible to request a refund or cancel a transaction carried out with Pix?
As the transactions with Pix will occur in real-time, they cannot be canceled. However, it is possible to request the recipient a refund.
It is also possible to change the amount to be paid or cancel the transaction before confirming the payment. In special cases, such as fraud, the Central Bank has developed a transaction called in Portuguese, Mecanismo Especial de Devolução (MED), or Special Return Mechanism in English.
8 – Is there a minimum or maximum amount to make a Pix?
There is no minimum limit for transactions with Pix, only at night time — the limit for digital payments between individuals, between 8 pm and 6 am, is BRL 1,000.
In general, there is also no maximum limit for transactions; however, participants can establish maximum limits in order to prevent risks. These limits may not be lower than those established for other payment methods, nor may they limit the use of Pix in regard to the characteristics and profile of the payer.
Read more: Research shows that 55.4% of Brazilians have made an online purchase with Pix
9 – After paying or receiving a Pix, does the user receive a receipt?
Yes. After completing a transaction, a receipt is generated for both the payer and the recipient. The receipt generated by the payer contains:
• ID / Transaction number
• Transaction amount
• Date and time
• Description of the transaction
• Recipient information
10 – Will Pix have more functionalities besides the typical money transfer?
Yes. The Central Bank is continuously developing new features for Pix. In 2024, the launch of Pix Automático is scheduled, which will facilitate recurring payments with Pix through prior authorization from the paying user. Learn more on the Central Bank of Brazil website.
Pix for foreigners: everything you need to know
That Pix has become a huge success in Brazil is undeniable. But is it possible to use Pix abroad?
Pix, as we know it, is a 100% Brazilian technology developed by the Central Bank of Brazil. Therefore, transactions can only be carried out between accounts within Brazil. A person residing outside of Brazil can make or receive a Pix payment, provided that both the sender and the recipient have accounts with a Brazilian financial institution that offers the Pix service, such as a bank or fintech.
However, certain establishments outside of Brazil may accept Pix payments through partners like PagBrasil. PagBrasil’s International Pix facilitates payments for Brazilian tourists in countries such as Argentina, Uruguay, Chile, Mexico, and the United States.
Read also: International Pix: PagBrasil launches mobile POS solution with real-time currency exchange
Is it possible to make a Pix payment to an account that is not in Brazil?
For now, it is not yet possible to make an instant payment to accounts outside of Brazil or receive an immediate transfer from abroad. However, the Bank for International Settlements (BIS) is developing the Nexus project, which aims to enable instant payments and transfers between people in more than 60 countries.
Introducing PagBrasil Pix
PagBrasil Pix offers the highest conversion rates for Pix payments in e-commerce. With PagBrasil’s technology, your online store gains access to features such as confirmation and webhook retry, as well as fallback with multiple banks, ensuring stability so you won’t miss any sales with Pix. Discover it now.
Comments
Is it possible for citizens and residents of other countries to participate in PIX? Can I, a US citizen residing in the US, use PIX to make transactions with those in Brazil?
Hi Kent,
Initially, Pix will only be available for residents in Brazil, since the payment method requires a Brazilian bank or e-wallet account.
However, online stores outside of Brazil that sell to the country will be able to offer Pix by hiring a service provider that processes payments with Pix, such as PagBrasil.
FWIW, I was hoping to make purchases FROM merchants in Brazil.
In case of a theft. Suppose Joe kidnaps Dane and demands PIX transfers up to the limit of her money in account. Is there any protection against this – A.K.A. (so called) instant kidnapping? Many Thanks.
is there a way to send money from other contries, such as USA, to an brazilian bank acc?
hi im Brazilian American I was wondering 8f know how to invest in PIX? Any help would welcomed. Thank you.
Quero o dinheiro em forma de pix ou transferência pal pay
Do you have to have a Brazilian address and live in Brazil
Can people in the United States use Pix to send money to Brazil? If so, how?
How can i send money to pux if im a foreigner. No answers
E possível
Transferir dinheiro dos Estados Unidos para o Brasil ?
Posso enviar dinheiro do Estados Unidos, para alguém que tenta o pix md no Brasil… como varia isto? Obrigado pela atenção.
How can I change the language setting from Brazilian to English
Hi, sorry in bothering you. But can you please let me know how can I send money from UK to Brazil ? my family and friends in Recife – Brazil, most of them have PIX and they asked me to find out about PIX in how possible for me to participate in PIX from England UK ? I would like to use PIX to send money or make transaction with those in Brazil ?. could you please let me know with all details via email please. thank you. hope to hearing from you soon. your kind regards Lucy .
Pagamento internacional
Can I creat a PIX key in Nigeria to receive money from Brazil?
I want to send money to freind in brazil he has pix account how do send to him? Do pay pal work with app?
meu amigo pode usar o pix na Holanda,(países baixos) para mandar dinheiro via PIX para alguém que more no Brasil ?
Can Pix send money to PayPal account
I made pix payment and can’t find they deposit in my account
Can I, as an individual, send money to my son in law’s rental company in Brazil? I live in the US. He just told me about Pix today but I’m not sure if it’s only business to business.
Thank you,
Toni Brezina
Dear Paula or Sirs:
Please tell me if a payer of money can erase or delete the receipt generated for the transaction so that a copy of the transaction is unable to be
obtained.
Thanks for your answer.
Larry
Good Day
Will , I be able to send USA dollars from my USA bank to a Brasilian Pix account?
I need to receive money from my daughter in Canada to my banking account in Brasil where I can use the pix tool. My daughter’s bank is a popular one and does not allow money transfer. Which is the best way to transfer money from Canada to Brazil? Thank you for your help.
Hello. We are online gaming operator company looking for a PSP in Brazil. May I ask will be PIX available for such industry?
Hello Nuriza,
Yes – with PagBrasil, digital businesses selling to Brazil can offer a wide set of local payment methods, including Pix.
Please reach out to us through the following link and one of our account managers will get in touch within 24 hours: https://www.pagbrasil.com/support/
I am trying to send money to Brazil, but as I go to register there are only two options, business or already a pix user.
Sou brasileira, mas moro na Turquia….. quero fazer pagamentos e receber pagamentos, como abro uma conta no Pix?
Can I send money using PIX from USA to Belo Horizonte Brasil
Can a foreigner can get PIX?
Boa Tarde
Gostaria de saber se consigo liquidar um boleto do IPTU, aqui de Portugal.
Obrigado
Cumprimentos
Luis Viegas
Como devo proceder para enviar um PIX dos EUA para o Brasil?
Hi there,
Thank you for your post. Can you elaborate on the need to have multiple aliases for one account for individuals (5) and companies up to 20?
Regards,
Fatou
I like this app
I like it
Hi! Please tell me if I m russian citizen can I join to PIX ?
I love this app
Can pix be used with my US bank? If so,, how do you do it?
1 how do i register pagbrasil ？in where and how
2 can i register online or download the app and register myself