Economy

PIX's testing phase begins on Tuesday with 5% of bank customers

At first, PIX will only be available for up to 5% of bank customers, who will already be able to make transactions and payments, but at reduced hours

PIX, Brazil's instantpayments system logo
PIX, Brazil's instant payments system logo, on a smartphone screen. Photo: Shutterstock.
  • PIX is ​​free for individuals as long as it is not used for commercial purposes;
  • PIX announced PIX Cobrança and PIX API.

The testing phase of PIX, Brazilian Central Bank‘s instant payment system, starts on Tuesday, November 3rd. At first, PIX will only be available for up to 5% of bank customers, who will already be able to make transactions and payments, but at reduced hours. The system will be fully available on November 16, as reported by O Estado de São Paulo.

Also, according to Mobile Time, the Brazilian Central Bank announced PIX Cobrança (PIX Charge), a new feature within the instant payments service. It creates a QR code for immediate payment or at a future date, and it is possible to configure other information, such as interest, fine, or discounts, such as a bill of exchange.

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

The authority also announced PIX API, a standardized API to facilitate the integration of different systems for receiving PIX, to give freedom to tenants to choose which accounts they want to use for receiving instant payments.

READ ALSO: Brazil’s instant payments system, PIX has everything to boost the world’s biggest financial inclusion process

PIX is ​​free for individuals as long as it is not used for commercial purposes. Because of that, the Brazilian Central Bank has established limits: individuals can receive up to 30 PIX payments per month. Besides that, the financial institution may apply a fee.

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