Created by the Central Bank of London, Pix is the new instant payment method that will be launched in November 2020 to make transfers and payments more practical.
The novelty is very important for entrepreneurs and individuals. Its ease of making payments and transfers in real time can change the way people choose their payment methods and use their money.
If you want to understand what Pix is, how it works in practice, what are its advantages and how to use it, check out the content of our article.
What is Pix?
Pix is the name of the new payment method created by the Central Bank. Through the system it will be possible to make payments and transfers quickly, without the limitation of having to make it during business days and take days for the amount to be transferred.
Payments and transfers made with Pix can take place any day or time and your operations will be completed in just seconds. That is, it will be possible to make your transactions outside business hours and during weekends.
The payment method is a way to simplify and speed up transfers, payments, tax collection and various other types of transactions.
It is very important to note that Pix will be completely free for individuals. This means that your payments, purchases and transfers can be made in real time without charging extra fees.
How does the payment method work?
To use Pix it will not be necessary to install any additional applications. The payment method will be offered through the services that banks and financial institutions already offer. This means that it will be an alternative to DOC and TED when choosing how to make your transfer.
Pix differs from traditional transfer options in some aspects, one of the main ones being that it will not be necessary to use the account number or branch to carry out transactions. The method will replace this information with the Pix Key.
Through the keys it will be possible to create your own QR Code to receive your payments and transfers through Pix.
It is now possible to register in the system to generate your key, however, the system will only start to operate in a limited way on the 3rd of November, but will be released in general on the 16th of November.
What are Pix Keys?
In place of account numbers and bank branches, the only information required to make a transaction using the method will be the Pix Key, the form of identification registered in the payment system that works in a similar way to the username on a social network.
It is possible to register Pix Keys with four types of information: * CPF * Telephone number * E-mail * Random numeric key
Individuals can register up to 5 keys for accounts in which they are holders, while legal entities will have a limit of 20 keys per account.
Registering more than one phone number or email by Pix Key is possible, but it is not possible to register the same key in more than one account. In order to change the key to a new account, portability is required.
However, the registration of a key is not mandatory to use the transfer method, it is still possible to use your bank and personal details to carry out transactions. However, registration offers more convenience and protects your information.
That is why the random numeric key is one of the registration methods, it is a way to receive money without the need to inform your data to strangers.
What is the difference between Pix, DOC, TED and other payment methods?
The Central Bank created Pix to be a new payment option in the market, increasing people’s alternatives and decision-making power over the most practical way of making transfers.
Check how the new payment system differs from the options already established.
Pix vs. TED
TED works only on weekdays and at a specific time, from 6 am to 5:30 pm, and in some banks it may be subject to fees. Pix is always available, 24 hours a day, every day of the week, in addition to being completely free.
To make a TED transaction it is necessary to have the data of the person who will receive the money: agency, account, CPF and full name. Meanwhile, Pix can use only one key for the transaction to be carried out, however, personal data can also be used in the method.
Pix x DOC
The same differences between TED and Pix are also applied in this situation. As much as DOC transfers take just one day to complete, payment and receipt with Pix is always instant.
Pix x Debit Card
To make payments using the debit card, the owner of an establishment or service provider must have a machine, so that the operation can be processed through the card. The recipient will also need to wait 2 days to receive the transaction amount in their account.
Pix also uses the balance in an account to which it is linked, however, it does not require a card or a machine for the transaction to be carried out.
Pix x Credit Card
The credit card differs from Pix in that it is linked to an available credit limit, while Pix is not linked to any type of credit line.
Pix x Boleto
Billet payments are made by reading or using the numbers on your barcode. So, for the payment made using the method to be processed it can take up to 3 business days.
Therefore, people or companies that receive via boleto will have access to the money received within 3 working days after making the payment.
Making a payment via Pix is even simpler, you just need to read a QR Code generated by a person or business via your cell phone.
Those who generate the QR Code to receive payments can count on the amount in their account in just a few seconds, any day and at any time.
Understand how to use Pix
It is possible to use Pix to receive or make transfers. Check how to use the system in each situation.
How to make a Pix
All payment transactions of any amount can be made through Pix, according to the Central Bank. The system can be used for payments in stores, for services, accounts and even transfers to other individuals.
As already explained, Pix can be done very easily and quickly using the keys, however, they are not necessary to use the payment method.
To make your Pix it is possible to read a QR Code through your cell phone, use the Pix Key from who will receive it or manually enter bank details, as in traditional methods.
How to receive a Pix
Pix is a great opportunity for businesses to offer one more payment method to their customers. Individuals can also take advantage of the system to receive transfers.
There are two ways to receive through Pix: generate a QR Code and share it with people who need to pay you or make your Pix Key registered in your account available.
The QR Code can be created only once and used in several payments or a new code can be generated for each transaction. The codes can be created through the applications of the financial institution where your Pix Key is registered.
Once registered, in just a few seconds the money will be sent to the recipient’s account.
Is it safe to use Pix?
The same security measures, involving authentication and data encryption, that are used in TED and DOC transactions are applied at Pix.
The Central Bank, creator of the system, also ensures that the personal information of people who use the transaction method will be protected through bank secrecy, protected by Complementary Law No. 105 and, as soon as it comes into force, by LGPD (General Law of Data Protection).
The role of the financial institutions that offer the system is to bear responsibility for problems related to fraud and errors by their customers with Pix.
Did you understand what Pix is and how it works?
Now that you know how Pix works and what its advantages are, it’s time to guarantee the registration of your key to take advantage of the ease that the new transfer method provides.
If your interest in Pix is to offer one more payment method in your business, consider offering support via online chat to help customers with questions about this new system. With Websites Are Us your team can approach multiple visitors to your website with proactive invitations and chat with multiple customers in real time simultaneously.