Technology

Brazil's cenbank launches Pix Saque and Pix Troco for retail withdrawal

The debut of PIX Saque and PIX Troco, which will allow users to receive cash in establishments that offer the payment system, will be on November 29

Photo: REUTERS/Bruno Domingos
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  • PIX withdrawal will allow all customers of any PIX participant to make a cash withdrawal at one of the points that offer the service, such as commercial establishments and shared ATM networks;
  • With PIX Troco, cash withdrawals can be made while a purchase is being paid to the merchant.

Brazil’s Central Bank will roll out new features for its real-time payments system PIX: Pix Saque and Pix Troco will debut on November 29, with maximum transaction limits both during the day and at night.

READ ALSO: The majority of Brazilian consumers would stop buying from a shop if it did not offer PIX: Capterra

In a statement on Thursday, Brazilian Central Bank explained that the maximum transaction limit of the two products that are part of the Pix Evolutionary Agenda will be BRL 500 during the day and BRL 100 between 8 pm and 6 am, for security reasons.

There will, however, be freedom for the providers of the new Pix products to work with limits lower than these values if they consider it more appropriate, the monetary authority said.

READ ALSO: PIX is already the second most used payment method in Brazil: Survey

Pix Saque will allow all customers of any Pix participant to make a cash withdrawal at one of the points that offer the service, such as commercial establishments and shared ATM networks and participants of Pix. To do this, the customer must make a Pix to the withdrawal agent by reading a QR Code or the application of the service provider.

The dynamics are practically identical in Pix Troco (which means exchange), with the difference that the withdrawal of cash resources can be performed during the payment of purchase to the establishment. In this case, the Pix is made for the total amount (purchase + withdrawal).

(Translated by LABS)

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