Economy

Brazilian Central Bank announces new PIX features

Among the novelties is the integration with the contact list of the users' cell phones and the prohibition on limiting the number of PIX per user

LABS

21.Mar.2021 18:54 BRT

Brazilian Central Bank announced new features for PIX, its instant payment system. Among the new features is the integration with the contact list of users’ cell phones. This allows users to select who to send a PIX to in their contact list.

However, as informed by the Central Bank, the implementation of the new feature is the responsibility of each financial institution participating in the system.

Brazilian Central Bank also announced that financial institutions will not be able to limit the number of PIX per user, whether sending or receiving. According to the Central Bank, this ban is important to guarantee competition between different payment methods.

Another novelty is that users will be able to request changes to their information such as full name, business name, and title of the establishment without the need to delete and re-register the key.

PIX debuted four months ago with excellent receptivity – in three months, 77.65% of Brazilians have already registered a key (a kind of a PIX user registration) to use it. From the launch of PIX in November 2020 until the end of February 2021, more than 450 million P2P transactions have been carried out.