Business

Brazil's PIX new features Saque and Troco are avaliable today

With the new features, it will be possible to withdraw cash from establishments such as bakeries and groceries without the need of an ATM

PIX Saque and Troco new features
Photo: Marcello Casal Jr/Agência Brasil
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Brazilian Central Bank (BC) released this Monday (29) two new features for its instant payments system PIX: Saque and Troco. The new features allow users to withdrawal cash from places like grocery stores, bakeries and department stores — without the need for ATMs.

The two features arrive shortly after the Brazilian instant payment system completes one year in operation. According to a recent BC report, PIX has more than 112.6 million users since it was launched.

READ ALSO: PIX is already the second most used payment method in Brazil: Survey

PIX Saque allows users to withdraw from merchants participating in the system. The user performs a transfer to the location and has access to cash.

With PIX Troco, the user withdrawals cash during the payment of a purchase. In other words, the customer buys a product, transfers a value higher than the purchase, and withdraws change in cash.

The two new features of PIX had been announced in September.

Limits for PIX’s new features

In order for users to take advantage of PIX Saque and PIX Troco, commercial establishments, and financial institutions must authorize the formats. The limit for cashout and change transactions will be BRL 500 during the day and BRL 100 from 8:00 pm to 6:00 am. The measure is a way to avoid fraud and scams that take advantage of agility in transactions via PIX.

According to the Central Bank, merchants will be able to offer lower limits for these transactions, according to their disposition. Consumers will be able to carry out up to eight monthly transactions in these formats without charging a fee to natural persons (individuals and micro-entrepreneurs).

READ ALSO: AliExpress Brazil allows payments via PIX and opens the marketplace for Brazilian sellers

As of the ninth transaction, the fee will be established by the institution and must be informed to the user before confirmation, explains the Central Bank.

Withdrawal agents shall not charge for the service of PIX Saque or PIX Troco. On the other hand, businesses that provide the service may receive fees between BRL 0.25 and BRL 0.95 per transaction.

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