What is and how PIX payments and transfers work?

Much has been heard about the new type of PIX payments and transfers. With the promise to dispense with financial intermediaries, this new form of payment will bring more agility and savings to account holders at the most varied banking institutions.

The technology, which according to the Central Bank will be available from November 16, 2020, will allow its users to carry out commercial and financial transactions in real time. In addition, PIX payments and transfers will have reduced costs and can be made at any time of the day or night, including weekends and holidays.

Anxious? Then learn more about the benefits of the PIX payment and transfer platform and enjoy the benefits it will offer.

But after all, what is PIX?

In principle, PIX is a payment and transfer system created and regulated by BACEN, the Central Bank of Brazil. The platform was created to simplify the main banking operations in force, such as payment of bills, bills, invoices and transfers.

This will be possible because the system was created to work without interruption. So, even on Saturdays, Sundays and holidays you can pay for a service or product, as well as settle accounts with that friend or family member by making a bank transfer.

In addition, PIX payments and transfers do not require the use of a card, check or cash. In that case, all you need is a digital device to make the payment. Not to mention that the recipient has immediate access to resources, which significantly reduces the need for credit.

Who is the PIX payment and transfer method for?

If you are interested in the new PIX payment and transfer method, here’s some good news: it will be for everyone! That is, it will be for both individuals and companies. Still, it will be for both the small entrepreneur and the large company.

With PIX, you will be able to pay for services or products both in physical stores and online stores. In addition, you will be able to pay invoices and slips, in addition to government fees. And according to BACEN, in the future PIX will also be able to make payments such as Bolsa Família or income tax refund.

Advantages of PIX payments and transfers

Now that you know how PIX payments and transfers work, it’s time to know your benefits. Check it out below.

More economical

PIX payments and transfers will cost far less than traditional DOC and TED rates. However, contrary to what many already imagine, they will not be free. Although the fees charged have not yet been defined, each banking institution will stipulate its rate, based on its customer profile.

Accessible

Who doesn’t have a cell phone nowadays, right? With PIX you can make payments and transfers easily via QR Code, using your cell phone camera.

Easy to use

In addition to the previously mentioned advantages, the practicality factor deserves mention. Even because the service will be integrated into your bank’s app, to make the user’s life even easier. You will be able to access the service 24 hours a day, every day of the year. The operation takes effect in a few minutes.

That’s right! You no longer need to wait for business days to make transfers and payments. With PIX, every day is a working day.

Safer

In fact, PIX payments and transfers do not require the use of cards, checks, cash or machines. However, this does not mean that financial transactions through it are less secure.

On the contrary. PIX has 3 super practical and secure ways to make payments and transfers via cell phone:

  • By QR Code;
  • By addressing key;
  • Traditional way: informing the recipient’s data, such as agency, account and CPF, for example.

And speaking of address keys, it promises to be the highlight among the payment options of the PIX system. That’s because it works as a form of nickname, which will be your identity in the system. In fact, the PIX key can be your email, a cell phone number or CPF / CNPJ.

With your key registered in the system, you inform this key to who will pay you. From there, the system will return your data to the user. Then, he confirms the payment and the amount is available in a few minutes.

Everything is very fast and safe. Don’t worry, as all of these transactions are processed by the Central Bank and are under the security of the banking system.

How to start making PIX payments and transfers?

Getting started making PIX payments and transfers is very easy. However, to do this, you need to have an account with a bank. All banking institutions with more than 500 thousand active customers are required to offer the PIX system, so stay tuned when updating your bank’s application.

And if you don’t have a bank account yet, know that many banks offer an easy, simplified account. These basic accounts have a low maintenance value and the best thing is that they are opened by application on your mobile phone.

Just go to the website of the chosen bank and get informed. Traditional banks, such as Caixa and Banco do Brasil, for example, already offer this type of account.

PIX payments and transfers are made in real time and at an excellent cost-benefit
PIX payments and transfers are made in real time and at an excellent cost-benefit

How to access and use the PIX

Although the service will go into effect only on November 16, most banks are already pre-registering PIX. In that case, follow the steps below to make yours:

  • In your bank application, access your account and click on the PIX option;
  • Then, register the PIX keys. You can register your CPF, email, cell phone or just one of these data;
  • Then, wait for the validation code sent to your email or cell phone and type it in the respective field;
  • Finally, just agree to the terms of use and consent and confirm.

Ready, your pre-registration has been completed and soon you will be able to use the PIX payment and transfer system.

According to the Central Bank of Brazil, after the service is released, its use will also be very simple. In that case, just follow the steps below;

  • Access your bank’s app by cell phone;
  • Right after, click on the PIX instant payment option;
  • Then choose whether to pay or transfer;
  • Choose the form of identification of the recipient: if by key, QR Code or informed data;
  • Check the data of the recipient correctly;
  • Enter the amount of the transaction, password and confirm the payment.

Always stay tuned! PIX payments and transfers are instant!

Payment and PIX transfer operations are in real time. Therefore, check all the data of the recipient carefully and when placing the value do it carefully. After confirmation, which is done with the password, it is not possible to reverse or correct information.

So it is not possible to make chargebacks?

It depends. This is because it is an instant payment, that is, once it is made, it cannot be reversed anymore. So, in the case of transactions made for the wrong person or with the wrong amount, you will have to negotiate with the recipient the return of partial or total money.

That is, if you transferred it wrong you ask the bank to return it and must wait for the recipient to negotiate how much it will return. Therefore, it is the responsibility of the recipient (and not the bank) to return the amount, whether that recipient is an individual or a legal entity.

PIX for business

And if you have a company or are an individual microentrepreneur, PIX is also for you. However, in this first phase of implementing the system, the service will be available only to individuals. However, the promise is that by 2021 the service will also benefit companies, as well as governments.

From then on you will be able to offer PIX as a form of payment to your customers. And this, of course, both for purchases and services offered in your physical store, online and also for payment of slips. In addition, you can also make PIX payments and transfers to other companies.

PIX payments and transfers: more benefits, new opportunities

The fact is that the system was born with a great possibility of gradually replacing cash and debit cards, in addition to enhancing the country’s DOCs and TEDs system, generating competitiveness and opportunities. Below, you can see other advantages provided by PIX:

  • Financial inclusion;
  • Greater market acceptance;
  • More secure financial transactions;
  • Electronization of means of payment.

As you can see, PIX was created to improve the national banking system, providing more financial inclusion and more cost-effective services.

Other forms of payments facilitated

Undoubtedly, PIX came to revolutionize the way of making payments and transfers. But, did you know that there are other institutions that offer easy financial transactions to their clients? Check out some of them.

PicPay

For those who don’t know, PicPay is a fintech present in the financial market since 2012.

The platform, a pioneer in the use of QR Code, allows you to make payments and money transfers through a mobile app. In addition, it is still possible to make recharges from cell phones, transportation cards and withdraw the amount available in your account at the cashiers 24h.

No Pi account yetcPay? Then enjoy the exclusive promotional code of PegaDesconto and get a $ 10 in-app bonus to spend on your purchases!

PayPal

With PayPal, you can make purchases on websites through your credit, debit card or checking account in a practical and safe way. By acting as a bank intermediary, the platform protects your financial data, that is, they are not passed on to the seller.

That’s because in that case, your PayPal identification for third parties is your email address. After registering on the platform, which is very simple, just enter your email to receive values ​​through the service.

However, be aware, as these advantages are not cheap. Although purchases in Brazil are exempt from tariffs, sales and transfers vary between 3.60% and 4.79% of the transaction amount. Click here and find out the fees for selling and receiving payments through PayPal.

Paid Market

Meanwhile, Mercado Pago is the digital wallet of Mercado Livre. Through your application, you can pay bills and taxes, as well as recharge cell phones and transportation cards. In addition, you can buy at Mercado Livre and several other online stores with a QR Code.

In addition, similar to PIX payments and transfers, you can also transfer money to someone else and the amount is available instantly. And this is true for both bank branches and other digital banks.

The great advantage of the platform is that it allows the shopkeeper to receive payments physically through his machines. If you need one, take advantage of PegaDesconto promotional coupons and guarantee from R $ 60 to R $ 360 OFF when purchasing a Mercado Pago machine to boost your company’s sales.

Nubank

Classified as one of the 5 best digital banks in Brazil, Nubank is one of the most complete fintechs. Through it, you make payments and receive through transfers or slips with no tariff cost.

In addition, you still have a debit card for cash withdrawals 24 hours a day and depending on your account time and financial information, you may be entitled to a credit card with no annual fee.

And, if you want to keep your money “stuck” on Nubank, know that it has income above savings.

The fact is that the democratization of the internet and access to information have changed the way people buy and carry out their financial transactions. Banks, in turn, are increasingly aware of this new consumption profile and with each passing day they concentrate their efforts on creating more attractive products and services to the eyes of their customers.

And did you already know how PIX payments and transfers will work? What did you think of this new service? Tell us in the comments!

References: Brazilian central bank

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