Pix, Brazil’s new favorite payment method
With Pix, you don’t need to know which bank the other person has an account with. You carry out the transfer from, for example, a phone number in your contact list using the Pix key. Pix works 24/7 between banks, from bank to fintech, from fintech to payment institutions, among others.
What is Pix?
Pix is a payment method developed by the Central Bank of Brazil that enables transactions to occur in less than 10 seconds, 24 hours a day, 7 days a week – including weekends and holidays.
By selecting Pix at the checkout page, users can either scan a QR Code using their smartphones or copy and paste a Pix code into their banking or digital wallet apps. After that, all they need to do is check the receiver’s information and confirm the action.
The difference between Pix and other Payment Methods
Pix was created to be a comprehensive payment method. Any payment or transfer that today is made using different means (TED, card, bank slip, etc.) can be made with Pix, simply using a mobile phone.
Traditional wire transfers in Brazil are between accounts of the same institution (simple transfer) or between accounts of different institutions (TED and DOC). It can take more than 24 hours to arrive at the receiver’s account, and it only works during business hours.
The difference is that with Pix, you don’t need to know which bank the other person has an account with. You carry out the transfer from, for example, a phone number in your contact list using the Pix key. Pix works 24/7 between banks, from bank to fintech, from fintech to payment institutions, among others.
As a real-time payment method, both the payer and receiver will get a notification within seconds after the transfer is completed.
Fast: Transactions are completed in a few seconds, and resources are available to the payee in real-time.
Available: 24/7, including holidays.
User-friendly: Easy to use – all it takes is a smartphone, internet connection, a bank account, and a Pix key.
Affordable: Free for a natural person and very cost-effective for a legal person.
Safe: Robust mechanisms and measures to ensure the security of transactions.
Versatile: Multipurpose tool, which can be used for payments regardless of transaction type and value, between individuals, companies, and government.
What’s next for Pix