O pix is an electronic and instant means of payments and bank transfers that was created by Brazilian central bank. Banking transactions can be carried out by cell phone at any time and day, from checking, savings or payment accounts.
Released October 5, 2020 and in operation since November 16 of the same year, Pix allows free and instant transfers from one account to another, unlike TED and DOC, that have time restrictions and it may take more than a day for the money to reach the person who will receive it.
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Pix facilitates bank transfers and payments
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How to register for Pix?
Anyone who has a bank account, payment platform or fintech (tech startups offering financial services) can use Pix.
Sign up for Pix it’s fast and free. Registration is done within the application or Internet Banking of your account. By determination of the Central Bank, financial institutions have to make the Pix access icon visible, so it’s easy to identify where to access.
To use the service, it is necessary to register at least one “Pix Key”, that is, a form of customer identification. The key will be directly linked to your personal and banking data, which eliminates the need to enter information such as account, branch and CPF to make bank transactions.
You can choose the following keys for Pix:
There is still the QR Code, which can be used to make purchases or payments, but you need to have a Pix Key registered to use it. The QR Code can be static (generated for a single transaction) or dynamic (generated for multiple transactions).
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Can I have Pix in more than one bank?
Yes. It is possible to register Pix in more than one bank/platform/fintech. However, the keys will have to be different from those used in the other accounts.
How to make a Pix?
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Access the account application and click on “Pix”.
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Inform the Pix Key who will receive the money (CPF/CNPJ, email, phone or random key). All data necessary for the transfer will be generated automatically, it is not necessary to fill in the information for the transaction.
Shop with Pix
Do you want to make a payment for a product or purchase by QR Code? The person who will receive the money will have to provide a dynamic or static QR Code. With the code in hand, just point the cell phone camera at it and the transaction information will be loaded for confirmation.
What is the role of Pix?
Pix can be used for payment between people; between people and establishments; between establishments (such as paying suppliers); and for payments of fees and taxes.
According to the Central Bank, Pix aims to:
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increase the speed of payments and financial transfers;
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increase market competitiveness and efficiency;
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lower cost, increase security and improve customer experience;
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encourage electronic payment in retail;
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promote financial inclusion.
Pix is free for individuals, which makes banking transactions more accessible to the average consumer, as traditional bank means have fees to be used.
Shopkeepers, businessmen and other users registered as legal entities may have to pay a small fixed fee per transaction. According to the Central Bank, financial institutions decide the charge amount (or whether there will be exemption), but the amount must be much lower than that charged without the Pix.
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Is Pix safe?
Pix has security procedures that require proof of identity whenever someone other than the holder tries to use the key. A criminal cannot register the victim’s CPF in his account, since each account only allows one registered CPF.
In the case of cell phones, registration is only possible if the device is in the possession of the owner. The system requires a double identification: bank password and code sent by SMS. If it is an email, the user will receive a message within the application of their financial institution where they have Pix registration.
If a criminal tries to use the random key, the user will receive a message informing the attempt to use it, simply not confirming the key registration.
Is there a minimum or maximum amount to make a Pix?
Pix payments can be made from R$ 0.01, while the maximum amount can be set by financial institutions to prevent fraud and money laundering. However, the Central Bank does not stipulate a maximum limit for Pix transactions.
Banks with more than 500,000 customers were forced to join Pix, but many smaller institutions and platforms also adopted the new means of payment to facilitate banking transactions and reduce costs.
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