Economy

Handling of salary accounts via PIX is the Central Bank's bet for 2021

With that goal, PIX should win millions of users. Cash withdrawals, automatic debits and installments via PIX are features that should please Brazilians too

Photo: Screenshot/Central Bank
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  • In just two months of full operation, the PIX has already exceeded expectations. Central Bank is now working to add value to the system;
  • In the second half of the year, two new products are expected to win the Brazilian’s adherence: the “PIX Garantido” and “PIX Debit Automatic”.

The Central Bank (BC) announced on Thursday (28) the new features that PIX, the Brazilian instant payments system, will offer later this year. Among them, the highlight is the handling of salary accounts via PIX, the cash withdrawal by PIX and PIX by approximation.

In the second half of the year, two new products are expected to add value to the PIX system and engage brazilian users: the “PIX Garantido”, which will make it possible to pay transactions in installments, and the “PIX Debit Automatic”, designed to facilitate recurring payments.

READ ALSO: Brazil’s instant payments system, PIX already accounts for 78% of bank transfers in the country

Launched last November, today PIX allows transfers and payments between people (P2P), between people and commercial establishments (P2B), between businesses (B2B) and for transfers to public institutions (P2G and B2G). But, PIX requires a checking account, savings account or prepaid payment account. When integrating PIX to salary accounts, the service should reach more Brazilians.

The Central Bank’s Financial System Organization director, João Manoel Pinho de Mello, stated that in just two months of full operation, the PIX has already exceeded expectations and that the Central Bank is now working to add value to the system and make PIX more available as an alternative to other forms of payment and cash.

READ ALSO: Brazilian e-commerce will never be the same after PIX

According to data from the Central Bank, Brazilians made 87.1 million transfers through the PIX between January 1st and 17th. As a result, PIX already accounts for 78% of all bank transfers made in Brazil thanks to the low cost of the operation for banks and the ease for users.

In presenting the news for 2021 to the press, the Central Bank did not detail the timetable for implementing the new features.

See the news announced for PIX Brazil for 2021:

  • Integration of the apps of institutions that offer PIX to the users’ contact list, facilitating the identification of who has a PIX key;
  • Return mechanism so that banks or fintechs can return amounts on suspicion of fraud or operational failure, guaranteeing additional protection to users since, currently, the return of amounts depends on the user who received the money improperly;
  • PIX cash withdrawal, with expansion of service stations;
  • PIX by approximation, making the operation easier and more convenient;
  • PIX Garantido, for the installments of transactions in PIX;
  • PIX Automatic Debit, for making recurring payments on PIX.
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