O central bank approved this Wednesday (12th) the regulation of the PIX, new instant payment system that will allow you to transfer money without any time restrictions and any day of the week. The first entries will be accepted from October, while the full operation of the new tool is scheduled for November 16.
PIX is a new method of transferring resources that eliminates some limitations of the systems currently used by banks. TED (Available Electronic Transfer), for example, works only between 6:30 am and 4:59 pm, only on working days, and the money is available in the recipient’s account “on the same day” (in most cases, the process already happens in question minutes).
The PIX will operate 24 hours a day, 7 days a week, every day of the year, including holidays, while the availability of resources will occur “in real time”, according to the Central Bank. The costs will be lower for financial institutions (R $ 0.01 for every ten transactions) and the transfer between individuals will be free.
PIX works with QR Code and is instant
Payment via PIX can be carried out in different ways, the most common of which will be through the QR Code, as is already the case with digital wallet applications. You can use a static code, which is reused in different transactions, or a dynamic code, which is generated only once and discarded after purchase.
You will be able to transfer money to a friend, pay for a service or purchase a product with PIX. The idea is that the technology works in online stores, as an alternative to a credit card or bank slip; is available on consumer bills, such as water or electricity; and is used by the government to pay taxes and fees.
The Central Bank says that the PIX is more practical and faster than current resource transfer systems and has greater potential for financial inclusion, due to the lower costs of initiating and accepting the system.
New companies will be able to enter the payments market more easily, since there has been a reduction in the minimum capital required and, in joining the PIX, the company automatically joins the Brazilian Payment System (SPB). “This movement further reduces barriers to entry, encouraging participation and competition,” says Bacen.
Financial institutions will be able to register users’ PIX Keys (cell phone number, CPF, CNPJ or e-mail) from October 5th. The start of full operation is officially scheduled for November 16, when the PIX can be used through the application of the participating companies.