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.
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.
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).
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.