Cash Pix and Pix Change

Mariana Costa* – State of Minas

posted on 09/03/2021 7:48 PM

  (credit: Central Bank of Brazil/Disclosure)

(credit: Central Bank of Brazil/Disclosure)

The Central Bank announced this Thursday (2/9), two new modalities of Pix, an instant payment system launched at the end of last year. As of November 29, with Pix Saque and Pix Troco, customers of the system will be able to withdraw and receive change in cash at commercial establishments and other institutions.

In Pix Saque, the customer arrives at the cashier of an establishment and pays the amount referring to what he wants to withdraw in cash. In Pix Troca, the person buys a product and, when paying, makes a transfer with a higher value to receive the difference in cash.

Central Bank of Brazil/Reproduction
Central Bank of Brazil/Reproduction
(photo: Central Bank of Brazil/Reproduction)

The idea is that, with the new modalities, people will reduce the need to use ATMs. Currently, Pix only allows transfers of resources between those registered in the system.

Ask your questions about the new Pix modalities:

How does Pix Saque work?

When arriving at the checkout of a store or financial institution, the customer will make a Pix for the establishment, pointing the cell phone camera to a QR Code or through the application in which they have an account. The amount to be withdrawn will be transferred via Pix to the withdrawal agent, who will take the same amount in cash and deliver it to the customer.

How does Pix Trocar work?

The dynamic is similar to the previous modality. The difference is that the withdrawal of the amount can be associated with a purchase at the establishment. For example: the person pays R$150 via Pix for a product that costs R$100 and receives, in addition to the item, the difference of R$50 in cash. This would avoid a trip to the bank to withdraw R$50 at an ATM.

To avoid confusion, the statement or receipt will indicate the amount corresponding to the product or service purchased and the withdrawal.

Where can I make a Pix Cashout?

Commercial establishments, shared ATM networks and Pix participants themselves, through their own ATMs, will be able to offer the service.

When will the new modalities be available?

As of November 29, 2021. The Central Bank emphasized that the period until the date of commencement of services will be used for testing.

Will there be any fees charged for transactions?

Natural persons – individuals and individual micro-entrepreneurs (MEIs) – will not be charged for up to eight monthly transactions. Thus, each person will be entitled to eight free withdrawals per month, via Pix or conventionally, at an ATM.

After this eighth transaction, the bank may charge the customer a fee. However, this fee cannot be higher than the one charged by the bank for conventional withdrawals.

Legal entities (companies) can be charged from the first transaction of the month, at the bank’s discretion.

Compared to conventional Pix nothing changes, it’s still free.

Is there a limit on the amount of transactions?

In both modalities, transactions will be limited to R$500 during the day and R$100 from 8:00 pm to 6:00 am. However, merchants may set lower limits, based on the customer’s profile, location, operating hours and security criteria.

They can also set the time to offer the services and the notes they will make available for withdrawals and change.

It is worth remembering that, last week, the Central Bank announced new limits for nightly transactions with Pix in light of the wave of scams, fraud and even lightning kidnappings that are being registered in the country. Between 8:00 pm and 6:00 am, transactions are limited to R$1,000.

How will establishments be able to offer the modalities?

Interested establishments should look for the financial institution that serves them and ask to join the system. According to the Central Bank, only a contractual adjustment is necessary to offer both the Pix Saque and the Pix Troco.

The forecast is that the commerce will have some expense for the implementation, such as adapting the systems and training the attendants. To compensate, they will receive a fee of R$0.25 to R$0.95 per transaction, depending on the negotiation with the relationship financial institution, which will pay this amount.

Will establishments be required to offer the services?

No, the merchant can offer Pix as a means of payment and still not join Pix Saque or Pix Troca.

Is it possible to offer only one of the modalities?

Yes, it will only be possible to offer Pix Saque or Pix Troco. Thus, the merchant can, for example, make the service conditional on a purchase if he only offers the Pix Troca. In the case of Pix Saque, the consumer can go to the establishment just to withdraw in cash.

However, establishments that adopt these services must offer them to all customers who have an account with an institution participating in Pix.

What is the Central Bank’s objective with these modalities?

The objective is to increase the number of withdrawal points in Brazil and facilitate access to this service by the population, especially in small towns in the interior of the country, which often do not have a bank branch or an ATM.

In addition, the Central Bank believes that the offer of the service reduces the costs of merchants with money management, such as those related to security and deposits, in addition to enabling merchants to gain more visibility for their products and services (“showcase effect” ).

For the National Financial System (SFN), the improvements represent a constant incentive for digitization and cost reduction in operations, and also stimulate competition, by facilitating the offer of withdrawal services by fintechs and digital institutions, leveling competitive conditions.