O pix is an electronic and instantaneous means of payments and bank transfers that was created by Brazilian central bank. Banking transactions can be made 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, which have time restrictions and can take more than a day for the money to reach the person who will receive it.
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How to register with Pix?
Anyone who has a bank account, payment platform or fintech (technology 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. As determined by the Central Bank, financial institutions must make the Pix access icon visible, so it is easy to identify where to access it.
To use the service, it is necessary to register at least one “Key Pix”, that is, a form of customer identification. The key will be directly linked to your personal and bank details, 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:
CPF or CNPJ;
email;
cell phone
random key (randomly generated combination of letters and numbers).
There is still the QR Code, which can be used to make purchases or payments, but you must 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 the ones used in the other accounts.
How to make a Pix?
Access the account application and click on “Pix”.
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.
Buy with Pix
Do you want to make a payment for a product or purchase by QR Code? The person receiving the money will have to provide a dynamic or static QR Code. With the code in hand, just point your cell phone camera at it and the transaction information will be uploaded for confirmation.
What does Pix do?
Pix can be used for payment between people; between people and establishments; between establishments (such as paying suppliers); and for payment of fees and taxes.
According to the Central Bank, Pix aims to:
increase the speed of payments and financial transfers;
increase market competitiveness and efficiency;
lower cost, increase security, and improve the customer experience;
encourage electronic payment in retail;
promote financial inclusion.
Pix is free for individuals, which makes banking transactions more accessible to the common consumer, as traditional means of banks have fees to be used.
Shopkeepers, entrepreneurs and other users registered as a legal entity may have to pay a small fixed fee per transaction. According to the Central Bank, financial institutions decide the amount to be charged (or if there will be exemption), but the amount must be much lower than that charged without Pix.
Read too: What is inflation?
Is Pix Safe?
Pix has security procedures that require proof of identity whenever anyone other than the owner attempts to use the key. A criminal cannot register the CPF of the victim in his account, as 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 double identification: bank password and code sent by SMS. If it is 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 attempted use, simply not confirming the registration of the key.
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 defined by financial institutions to avoid 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 institutions and Smaller platforms have also adopted the new payment method to facilitate banking transactions and lower costs.
Image credit
[1] Divine Epiphany / Shutterstock.com
Would you like to reference this text in a school or academic work? Look:
CAMPOS, Lorraine Vilela. "What is Pix?"; Brazil School. Available in: https://brasilescola.uol.com.br/economia/o-que-e-pix.htm. Accessed on July 27, 2021.
