“Pix has certainly not yet reached its full potential,” says BC president

The president of the Central Bank, Roberto Campos Neto, stated this Tuesday (16) that the Pix, despite the population’s high adherence to the instant payment system, it has not yet reached its full potential, and should gain new features in the short and medium term.

“Pix has certainly not reached its full potential yet,” Campos Neto said in a message recorded during the Pix (R)evolution event, which celebrated the tool’s 1st year anniversary. Among the potentials that can still be better used, he mentioned the use of QR Code for transactions, which according to him depends on better assimilation of technology by users.

Campos Neto also mentioned the availability of new features to the public. O Saque Pix and Pix Change, aimed at commercial establishments, should be launched on November 29, and according to Campos Neto they should “increase efficiency” in purchasing processes, especially in the e-commerce.

“Our expectations were high, because we were sure that Pix’s characteristics met many of the gaps in the payment instruments available until then,” said Campos Neto. For him, “the reality has exceeded expectations”, with a high adherence among Brazilians and an increase in use month after month.

Campos Neto also stated that Brazil is the country with the fastest adoption in the world of an instant payment method, considering the number of transactions per capita.

During the event, the Director of Financial System Organization and Resolution of the central bank, João Manoel Pinho de Mello, said that Brazil has around 30 transactions per capita, behind only two countries. “It’s hard to set a quantitative target, but if Pix had achieved adoption as fast as China’s it would have been a resounding success, and we’ve more than tripled it here so far.”

He also stated that in October 2021, Pix recorded 1.2 billion transactions, approaching the volume of debit card transactions. In one year, there were 7 billion transactions, with a record 50 million on November 5th. So far 104.4 million people have used Pix, corresponding to 62.4% of the adult population, and 7.9 million companies have already joined the system.

“Pix already surpasses traditional means, such as interbank transfers, TED, DOC, being second only to debit, credit and collection agreements”, said the president of the Central Bank. For him, Pix brought more convenience and security to the population, reducing costs and bringing opportunities for companies.

“It faces the context of business digitization, increases market efficiency and is an important vector for financial inclusion,” he said. He mentioned some news that Pix has already received, such as payment due, transaction scheduling and usability improvements.

The president also mentioned new protection mechanisms for users, such as the precautionary block and the return mechanism. The changes came after a spike in crimes involving the use of Pix to transact.

Campos Neto stated that new features are planned for the next few years, including the possibility of making payments without internet connectivity and, in the medium term, interconnection with other instant payment systems, including in other countries. “We continue to work hard to advance and evolve more and more,” he said.