Pix will undergo a series of changes in the coming months, and this has already been confirmed by the Central Bank, more precisely on August 27th. However, it is not only Pix that will undergo changes, other payment methods such as TED, debit cards and intrabank transfers should also undergo changes.
Payment via Pix
Pix is an instant payment option developed by the Central Bank. Before its release, Pix was a reason for fear by most bank customers, however, due to its ease and practicality, it quickly became popular among Brazilians for making bank payments.
So Pix has become one more option for those who used to use TED and DOC. The main reason why Pix has fallen in favor of the public is its practicality in transacting in less than 10 seconds, using only the mobile app, as well as its operation 24 hours a day, 7 days a week, even on national holidays .
Pix can be used in the following transactions:
- Between people (transactions P2P);
- Between people and commercial establishments (transactions P2B);
- Between establishments (transactions B2B);
- For payment of fees and taxes (transactions P2G and B2G).
In other words, with Pix the user can pay for their purchases in a supermarket in real time, in addition to making instant transfers to whoever they want.
New changes on the way
The Central Bank also announced two new products involving the payment modality, Pix Saque and Pix Troco, in which the two new products should be implemented on November 29th.
Furthermore, among the new changes that should be implemented in the coming weeks and months we will have:
- Maximum limit of R$ 1 thousand for financial transactions between individuals from 8:00 pm to 6:00 am;
- Users who want to make a transfer over R$ 1 thousand must place the order on the bank’s digital channel, where the minimum period will be 24 hours and the maximum period of 48 hours for granting the increase;
- Users may leave a lower ceiling for financial transactions that take place at night;
- For transactions over R$1,000 overnight, it will be necessary to register specific accounts;
- New minimum period of 24 hours to carry out the prior registration of accounts in digital channels;
- During the night, users can have transactions held for 30 minutes during the day and 1 hour at night for risk analysis.
Before going into the other changes, let’s fix some more technical terms that are extremely important, which will help you better understand how Pix works.
DICT – Transactional Accounts Directory — DICT is where Pix keys are stored. Through DICT, financial and payment institutions are able to find data about each account to proceed with the transfer.
PSPs – Payment Service Providers — PSPs are responsible for providing the instant payment service to individuals and legal entities.
SPI – Instant Payments System — The Central Bank defines the SPI as a centralized infrastructure for real-time gross settlement of instant payments. It sounds like a difficult concept at first, but you’ll understand it better in the next topic!
With a better understanding of the technical terms, let’s move on to the other changes that will occur with the PIX banking system.
Suspicious Account Control — The current mechanism that is optional and allows marking suspicious DICT accounts will be mandatory. Thus, accounts with evidence of use for fraud through Pix will be registered.
Fraud Prevention Consultations — DICT will be allowed to feed the fraud prevention system
orange rent bills — Requires Pix participants to take additional control over transactions involving accounts marked on the DICT, including refusing to process them, thereby discouraging the use of rental or orange accounts.
Greater control over fraud — Requires regulated institutions (such as banks) to exercise additional control over fraud, report to the audit committee and board of directors, or, in their absence, report to the executive committee and provide this information to the central bank.
Shared information — Require electronic payment companies to share information about transactions suspected of participating in criminal activities with law enforcement agencies.
Behavior and credit history — The behavioral and credit history will be mandatory so that companies can anticipate receivables from cards that have payments on the same day, thus reducing the occurrence of fraud.
Content by Jornal Contábil, with information from Central Bank, UOL Economy and Gerencianet