Pix: innovation created and managed by the Central Bank
As defined by BC, the Central Bank of Brazil, Pix is the Brazilian instant payment. Thus, the means of payment created by the Central Bank (BC) in which funds are transferred between accounts in a few seconds, at any time or day. It’s practical, fast and secure. In this way, Pix can be made from a checking account, savings account or prepaid payment account.
BC points out that in addition to increasing the speed at which payments or transfers are made and received, Pix has the potential to:
- leverage market competitiveness and efficiency;
- lower cost, increase security and improve customer experience;
- encourage the electronicization of the retail payments market;
- promote financial inclusion; and
- fill a series of gaps in the basket of payment instruments currently available to the population.
The Central Bank highlights some characteristics of Pix, check what they are and the reasons why they were pointed out by the BC.
- Free of charge;
- Versatility and
BC highlights the agility of the tool, as transactions are completed in a few seconds and resources are available to the recipient in real time.
Pix works 24 hours a day, seven days a week, including holidays.
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BC defines the experience as a facilitator for the user, which in fact has been proven in satisfaction surveys.
The tool is free for paying individuals. In addition, the BC highlights the low cost for other cases.
The BC highlights the robustness of mechanisms and measures to guarantee the security of transactions, as this point is highly questioned. However, the BC highlights that this has been a concern of the Central Bank since the design of the project scope.
The broad participation structure allows payments between different institutions, which is also a positive highlight of the tool.
The multi-proposal instrument can be used for payments regardless of the type and amount of the transaction, between people, companies and government, so it is a tool defined as versatile.
Important information for reconciliation may be accompanied by the payment order, facilitating the automation of processes and reconciliation of payments, emphasizes the Central Bank of Brazil. Therefore, Pix is an innovation that facilitates the routine of individuals and companies.