Technology

Nubank will not charge for PIX transactions, Brazil's instant payment system

The neobank revealed the information during a live broadcast to explain to its corporate customers how PIX will work

Nubank card on a white background and coins. Nubank is a Brazilian company in the segment of financial services and digital bank. largest fintech in Latin America.
Photo: Rafa Correa/ Shutterstock
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  • Transactions within PIX have the premise of being much cheaper than usual: the system intends to charge only BRL 0.01 for every ten transactions, a cost not yet experienced in the Brazilian market;
  • Transactions between individuals will also be free of charge.

The Brazilian fintech Nubank said it will not charge its entrepreneurial customers any fees for transactions made through PIX, the Central Bank’s instant payment system due to debut on November 16th. The neobank revealed the information during a live broadcast to explain to its corporate customers how PIX will work.

Transactions within PIX have the premise of being much cheaper than usual: the system intends to charge only BRL 0.01 for every ten transactions, a cost not yet experienced in the Brazilian market. Transactions between individuals will also be free of charge.

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Nubank’s announcement means that the company will absorb the costs of the system. At the end of August, the first Brazilian decacorn announced its 11th investment round, of US$ 300 million. The dilution of PIX costs may also occur through may offer other services to its corporate customers.

Nubank’s corporate account was launched in the middle of last year, with a basic service package, which includes payment of taxes and slips, and transfers, but it is known that the fintech wants to expand this range of products and services.

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From October 5 those interested in using the PIX must register the so-called ‘PIX Key’, which will be a way of identifying who is the payer and the recipient within the system. This key can be a phone number or other types of identification. This was scheduled to happen first on November 3, but the Central Bank anticipated it.