Pix installments will replace the credit card?

Estimated reading time: 4 minutes

The installment payment on Pix, although not made official by the Central Bank, is already offered by some institutions such as Santander, Mercado Pago and PicPay, to their customers. The Central Bank is still studying the modality, which will be called Pix Garantido and is scheduled to be launched in 2023.

At the time of purchase, a portion of the payment will be made in cash and the other will be scheduled and deducted directly from the account on the scheduled dates.

It is essential to have the amount to be debited from the account when the installment is discounted. If there is no money in the account, the amount will be deducted in the same way, which will imply an overdraft and interest charge by the institution. Also, there is no possibility to cancel the operation.

Pix X Credit Card

After all, is the installment pix the best option when compared to the credit card? It depends. It is important to analyze the situation, since the credit card sometimes does not offer an interest rate on purchases in installments.

Installment Pix can be a great option for those who cannot afford a product or service all at once. It also has a limit, like the credit card, but it has not yet been regulated by the Central Bank, so financial institutions set interest rates.

However, Pix, as a direct competitor to the credit card, is likely to cause the fees applied to be reduced.

After the implementation of the tool by the BC, it will be possible to better observe the trend of Pix Garantido in relation to the use of credit cards.

Other Pix Tools

The BC intends to launch, later this year, other Pix tools, such as collection, automatic debit and remuneration of the PI account (Instant Payments). Check out the latest releases.

Pix Loot and Pix Exchange

The Central Bank announced, in November 2021, the arrival of two new features in the Pix system, Pix Troco and Pix Saque.

In both cases, the offer of the service is the option of the establishment itself. The hours for the functions are also at the discretion of the place.

The maximum limit for transactions varies by time of day. It’s R$500 for the day and R$100 for the night (from 8pm to 6am).

transaction record

In May of this year, Pix broke records by carrying out 73,198 million transactions in just one day, well above the previous record of 63,604 million in April, according to data from the Central Bank.

In the latest monthly data released, BRL 784 billion were traded in the month, another record for the electronic instant payment and transfer service.

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Image: Brenda Rocha – Blossom / Shutterstock.com