On November 16, Pix completed one year of existence with more than 348 million registered keys and 1.6 billion transactions in this period, according to data from the Central Bank (BC).
“The numbers already show that 2021 was the year of Pix. Enrollment was massive, which proved to be a transactional product that was very well accepted by the population and which made it much easier to send money”, analyzes Thiago Saldanha, CTO at Sinqia.
“Pix brings an evolution of the digital payment method. As it is a day-to-day transactional product and the fact that we already have similar modalities, such as TED and DOC, bank slip and other ways of making money, Pix is easily adhered to”, he added.
Regarding absolute numbers, Pix already surpasses transactions by TED, DOC, bank slips, checks and other types even added together.
Created in November 2020, BC’s new instant payment tool surpassed transactions carried out by DOC in December 2020, with 144,000 transactions compared to 39,000.
A month later, in January 2021, Pix reached 201,000 financial transactions, surpassing those carried out by TED, which had almost half in the same period — 122 thousand. In March of this year, the new method surpassed 391,000 payments and left behind slips, which had 358,000 transactions that month.
In September 2021, Pix reached the mark of more than 1 million financial transactions, surpassing DOC, TED, bank slips and other similar payment methods.
“Pix is another option available to the population that lives with the traditional types. The difference is, with Pix, you don’t need to know where the other person has an account. You carry out the transfer from, for example, a phone in your contact list, using the Pix Key”, explains BC.
Evolution
Designed to simplify automated debit transactions, Pix gained new features throughout the year.
First, the most traditional option was to register a Pix key, send it to the person who is going to make a payment and receive the money instantly. This category still governs the tool, but it has incorporated branches.
The tool started to be used via QR Code and the option “copy and paste”, a function much used by restaurants and snack bars in delivery apps.
At the end of 2021, the Central Bank launched Pix Saque and Pix Troco. These new tools allow consumers to be able to withdraw money from any point of sale, such as a neighborhood store, a bakery or a supermarket. If you make a purchase by Pix, you can request change in cash as well.
In this modality, the user can withdraw up to R$ 500 during the day and R$ 100 at night (from 8 pm to 6 am). The service is free for up to eight withdrawals a month, and from the ninth transaction onwards, financial or payment institutions holding the user’s account may charge an extra amount.
Another new feature at the end of the year was the integration of Pix with Open Banking. This meeting takes place in Phase 3 of the Brazilian open financial system. From there, companies that provide services can apply to be a Payment Initiator (ITP).
This guarantees the possibility of making a payment via Pix without having to use the application of the bank where you have an account. Therefore, the “copy and paste” option would no longer be the only option for delivery apps, as they can ask BC to be payment initiators and offer customers the possibility of paying via Pix within the app itself.
The 3rd phase of Open Banking will work in stages. The first one started on November 29th, while the last one will start on September 30th, 2022.
News
Many news about Pix are expected for the next few years. In 2022, the Central Bank will implement updates to Pix Cobrança and launch automatic debit to Pix.
In the first, updates will allow integration through a standardized file, facilitating batch payments. This means that companies that work with this type of mass payment will benefit and will have their work streamlined.
In relation to automatic debit, the name itself already suggests the new functionality, which will allow the scheduling of an instant payment. According to BC, this new method appears as an alternative to “facilitate recurring payments”.
In addition to these means, the Central Bank confirmed to the CNN Brasil Business that studies other possibilities for Pix, still without a date set.
The monetary entity evaluates using the tool offline, so that one of the transaction’s users does not need to be connected to the internet. However, BC explains that for the product to be launched “it is necessary that the use of QR Codes is better assimilated by the population”.
Another tool that BC is studying is the Pix by approximation, seen with good eyes by specialists. “Pix by QR Code is good, but it loses to the proximity of the debit card, for example. When that happens, we will have the best and safest instant payment in the world”, says Rodrigoh Henriques, innovation leader at Fenasbac (National Federation of Central Bank Server Associations).
Another function that may be available soon is the possibility of payment in installments with Pix. BC emphasizes that this modality is still under internal study and, like the others, does not have a launch date.
Finally, the monetary entity said that it is considering offering the option for the user to carry out international transactions via Pix. “[O BC] is closely following interconnection experiences under development in other jurisdictions,” the bank told CNN Brasil Business.
Safety
While Pix caught the attention of Brazilians due to its ease of use and practicality for day-to-day payments, Thiago Saldanha, CEO of Sinqia, says that it also raised important points about security.
“We see some political groups taking a stand on the use of Pix, due to demands for security issues, such as kidnappings and robberies in which criminals seek to gain access to the user’s Pix key”, he says.
In order to prevent fraud and theft of this type, the Central Bank announced, in August 2021, changes in the tool, such as blocking transfer times, limiting amounts and even choosing recipients.
After the increase in lightning kidnappings, the BC announced the impediment of larger financial transactions during the note period. From 8:00 pm to 6:00 am, a limit of R$1,000 was established for transfers to the same bank.
Another change was announced on November 12th. The change occurred regarding rules that establish infractions and penalties for participants who violate Pix’s regulations.
As of the new rule, the offender starts to receive a notification to adopt or stop a certain practice. In addition, in cases of recurrence, the institution must present an action plan to the entity.
The regulation provides for fines ranging from R$50,000 to R$1 million. With the aim of disciplining users of the tool, the BC drew up a Penalty Manual.
Specialists interviewed by CNN Brasil Business say that the news may change if the Central Bank deems it more appropriate, but that users should not be afraid of Pix’s safety.
“Pix is safe, the world is not”, says Rodrigoh Henrique, leader of financial innovations at Fenasbac (National Federation of Central Bank Server Associations).
“We have to understand that security in the digital world is something to get used to,” he added.
Reference: CNN Brasil
I am Sophia william, author of World Stock Market. I have a degree in journalism from the University of Missouri and I have worked as a reporter for several news websites. I have a passion for writing and informing people about the latest news and events happening in the world. I strive to be accurate and unbiased in my reporting, and I hope to provide readers with valuable information that they can use to make informed decisions.
