PIX is the new instant payment system created by the Central Bank , which will take effect in mid-November. In addition to operating 24 hours a day, every day of the week , the payment method will be administered directly by the Central Bank itself.
Another positive aspect is that the PIX system is not exclusive or preferred by banks, so that everyone can receive and send money, intermediated directly by the Central Bank. In addition, the cost per transaction is, so far, less than a penny , so at least in theory, it should change the dynamics of payment methods in Brazil.
Although this makes sense, many doubts arise when we think of the figure of the Central Bank intermediating transactions . The role of banks as the sole intermediaries of transactions in the Financial System, and even of payment slips and debit cards, must be rethought.
What is the Central Bank's PIX?
PIX is a transfer service brokered by the Central Bank, allowing instant and practically free shipments, every hour and day of the week. In this way, the new payment method improves the customer experience, reduces transaction costs , while increasing the efficiency of the market as a whole.
In this sense, tenants and service providers now have a way to charge their customers directly, without the need for an intermediary, for example, a bank slip. At the same time, people and companies are able to transfer amounts free of charge between different banks and institutions .
The Central Bank's PIX works with a centralized and closed database structure, that is, controlled solely and exclusively by the Central Bank . However, the system is more inclusive than the traditional Financial System, as it is not necessary to be a bank to broker transactions.
How important is PIX?
Although it is transparent to customers, there is a fee built into bank transfers and business transactions. This charge occurs each time you perform a TED, pay a boleto, or make a payment on your debit card. These amounts are embedded in the fees that banks charge, or are covered by the seller.
Anyway, society currently bears this high cost. Even in the case of banks that do not charge fees for transfers in the TED mode, there is an inefficiency in limiting the times and days when the system is available.
Similarly, finance startups (FinTechs) are required to seek a partner who is a member of the National Financial System, as they cannot offer current accounts to their users. The Central Bank's new PIX system eliminates this problem, so it is more inclusive for both users and intermediaries .
How does the Central Bank's PIX work?
First, both the sending and receiving sides of the transaction need to have a PIX registration . However, it is possible to register at any payment institution registered with the Central Bank's PIX, which includes banks, but also finance startups (FinTechs) .
Thus, it is not necessary to have a current account in a traditional or digital bank to be a PIX user . In fact, your identification on the PIX can be done through CPF, e-mail, or telephone . Using the application of your bank or payment institution registered with the Central Bank's PIX, you can send money via the QR Code, or by entering the recipient's PIX key.
If you prefer, it is possible to transfer through the PIX using data from the old model, TED and DOC. In this way, you must inform bank, branch, bank account, CPF and name of the recipient. In this sense, transfers are made by the application itself on the cell phone of the payment institution in which the user already has a registration.
What are the benefits of the Central Bank's PIX?
Firstly, the almost instantaneous agility of transactions, in a system available 24 hours a day, every day of the week. Then, one must take into account the ease of use through the QR Code, a kind of bar code that any cell phone or smartphone can read in an automated way.
Thus, there is no need for a bank checking account, or even a credit card. The user can use the Central Bank's PIX system in an application of any payment institution , including FinTechs. In addition, transactions between individuals are entirely free.
Another advantage of PIX is the possibility of offering a code (key) to receive transfers. Thus, it is not necessary to provide a name or CPF, although this is not the only way to identify yourself in the system. Therefore, it is also possible to receive via PIX using e-mail, telephone , or even conventional bank details.
For tenants and service providers, there is an instant and practically free way to receive values. At the same time, individuals and companies gain greater access to the financial system, as a bank checking account is not mandatory for use of the Central Bank's PIX payment method.
Less information for transfers
If you have tried to perform a TED or DOC for an account with another financial institution, you have probably encountered the large amount of data needed. Full name, CPF or CNPJ, bank code, branch, account with digit, and also identify if it is a checking or savings account. In addition to leaving personal and sensitive information exposed, this practically precludes transactions of lesser value. Any error in any of these numbers will make the transaction unfeasible. However, in the Central Bank's PIX system, it is possible to make transfers using only one code (key).
In this way, it is possible to use the QR Code reader of the financial institution's own application that is registered with the PIX . If you wish, the CPF, e-mail, or telephone can also be used as an identifier for your PIX account.
Transaction speed
Transactions and transfers in the Central Bank's PIX are practically instantaneous. The money is available in the account in about three seconds, while clearing a boleto or check takes up to two business days.
In this way, shopkeepers and service sellers can count on an extremely safe, efficient and inexpensive method and receive values. At the same time, individuals gain a method as fast as sending money as cash.
Central Bank PIX Security
First, financial information and personal data are protected by the same bank secrecy laws . In this way, the Central Bank requires that the data of transactions that pass between participating institutions be encrypted.
Due to its centralized structure, managed and maintained by the Central Bank, the risk of leakage of sensitive data is less. Communication between PIX participants is through an encrypted message exchange system through the National Financial System's own network .
Calm! The use of encryption systems for data protection does not make the Real (R $) circulating through the PIX a cryptographic .
The PIX payment method was born prepared to meet the needs of the General Data Protection Law, LGPD, in force, awaiting presidential sanction.
Integration with other services
First, it is necessary to understand that the PIX is a means of payment, as well as the TED . Any traditional, digital, payment institution, or technology startup bank may apply for registration with the Central Bank to broker transactions on the network.
In this way, the Central Bank's PIX is already born as the most democratic digital system of financial transactions . As it is only a means of payment, it is up to these financial service providers to offer and integrate PIX. Large banks are required to participate, however, the vast majority of digital banks and large FinTechs have already shown interest.
PIX transactions
The great advantage of PIX is also its biggest defect. As all transactions in this payment method go through the Central Bank, access to this entity's information is much greater. In contrast, banks and members of the National Financial System are only required to inform CPF or CNPJ in transactions above R $ 2 thousand.
However, as it is a more inclusive and democratic payment system, it serves both for microtransactions, day-to-day payments between people, companies, service providers, and even large transactions between companies or government entities.
In this sense, the Central Bank now has more direct control of transactions carried out through the PIX, facilitating monitoring. In the current system, where payment intermediaries who are not connected to the National Financial System, are not required to report such movements. This includes payment Fintechs, for example, who before the PIX depended exclusively on banks to broker transactions.
QR Code on PIX
The Central Bank's own website provides a clear definition of how this QR Code can be used in PIX transactions. The identification code (key) is transformed into this system similar to the barcode. In this way, any PIX user can read this QR Code through the application of their payment intermediary. You can then view the amount charged and authorize or decline the transfer.
This QR Code has two modalities. The first is the static model, which can be used in multiple transactions . The recipient can choose a fixed amount for each transaction, or allow the payer to enter the amount. Next, we have the dynamic model, which is unique for each individual transaction, for single use . In this case, it is possible to insert other information, such as the invoice number, the consumer identification, or similar.
NFC technology on the PIX
In addition to the identification (key) code and QR Code, PIX users can offer information exchange by approximation, known as near-field communication (NFC). Some smartphones have such a system, and work by proximity.
However, this is not a feature of the PIX, but of the application offered by the payment intermediary integrated into the Central Bank's network. In any case, it is another option for payment requests made by storeowners, salespeople, service providers, and among individuals themselves.
Impact of PIX on Bitcoin
The truth is that PIX and Bitcoin are not competitors, since PIX is just a payment intermediation system, while Bitcoin is a digital currency . The PIX carries out transfers and movements of Reais (R $), so it can be considered as an ally of Bitcoin. In this way, it is possible to make transfers 24 hours a day to exchanges such as the Bitcoin Market, where crypto are traded.
Bitcoin's main feature is decentralization, that is, the absence of a central entity, or a way of censoring transactions. In this sense, the user who seeks freedom from Bitcoin has no gain from implementing PIX in the National Financial System.
In short, Bitcoin and cryptocurrency users can only gain from the growth of the PIX, as access to transfers from the Brazilian currency becomes more democratized. In this sense, both the entry and exit of Reais for exchanges are facilitated. For these reasons, the Bitcoin Market welcomes the advance in digital payment technology by the Brazilian Central Bank.
Everything is fine. Thank you so muc.