Economy

Brazil's PIX will allow utility bill payments and cash withdrawals in stores

According to the director of the Brazilian National Electric Energy Agency (Aneel), the partnership may reduce fees

Photo: Brazil's Central Bank
  • PIX will reduce the operating cost for distributors;
  • It will also allow money withdraws in retail stores.

Brazilian electricity bills may be paid on PIX, the instant payment system backed by the Brazilian Central Bank that will debut on November. According to the director of the Brazilian National Electric Energy Agency (Aneel), the partnership may even reduce fees, according to O Globo.

Aneel’s director, André Pepitone, said that the use of PIX will reduce the operating cost for distributors, which currently need to hire banking institutions to enable customers to pay their bills.

READ ALSO: Brazilian instant payment PIX to start in November with QR Code and cash transfers

The Brazilian Central Bank also announced that PIX will allow money withdraws in physical shops starting in the first half of 2021, said the director of the Central Bank’s Financial System and Resolutions, João Manoel de Pinho Mello, this Thursday, according to O Globo.