Pix is an

instant payment Instant payment (sometimes referred to as real-time payment or faster payment) is a method of exchanging money and processing payments, allowing for almost immediate transfer of money between bank accounts, instead of the more typical one to thr ...

platform created and managed by the monetary authority of

Brazil Brazil ( pt, Brasil; ), officially the Federative Republic of Brazil (Portuguese: ), is the largest country in both South America and Latin America. At and with over 217 million people, Brazil is the world's fifth-largest country by area ...

, the

Central Bank of Brazil The Central Bank of Brazil ( pt, Banco Central do Brasil) is Brazil's central bank. It was established on Thursday, 31 December 1964, a New Year's Eve. The bank is not linked to any ministry, currently being autonomous. Like other central banks, ...

(BCB), which enables the quick execution of payments and transfers. Pix was announced in the summer of 2019, and was fully operational on November 16, 2020. The "Pix" brand name and logo were created in-house by the

in 2020.

History and usage

Brazil's central bank launched Pix in part to spur competition in the country's banking industry.

Bloomberg Bloomberg may refer to: People * Daniel J. Bloomberg (1905–1984), audio engineer * Georgina Bloomberg (born 1983), professional equestrian * Michael Bloomberg (born 1942), American businessman and founder of Bloomberg L.P.; politician and ...

referred to the app as "ubiquitous" in Brazil in October 2021, a year after Pix's release. As of November 2021, it has been reported that the system has already made more than 6 billion transactions totaling to an amount of 3.75 trillion BRL or about 682 billion USD.

Features

The Brazilian instant payment ecosystem (Pix) was created with the aim of reducing cash transactions and offering an alternative to existing payment instruments, such as bank slip or

boleto ''Boleto bancário'', simply referred to as ''boleto'' (English: bank ticket) is a payment method in Brazil regulated by (FEBRABAN). A boleto can be paid at ATMs, branch facilities and internet banking of any bank, post office, lottery agent ...

and

ATM ATM or atm often refers to: * Atmosphere (unit) or atm, a unit of atmospheric pressure * Automated teller machine, a cash dispenser or cash machine ATM or atm may also refer to: Computing * ATM (computer), a ZX Spectrum clone developed in Mo ...

, as well as being faster and more affordable. The main advantages of Pix are its full-time availability, the speed of transactions using the system, low-cost functionality, convenience, versatility, open environment, and safety.

Ecosystem

Pix is a structured ecosystem that allows carrying out financial payments and transfers instantly. The BCB is responsible for the management and operation of the Pix's operational frameworks: the instant payment System (SPI), which is the only infrastructure for instant payments settlement; as well as the "Transaction Accounts Identifier Directory" (DICT), the database linking Pix keys/aliases and the users' transactional account information.

Pix aliases and keys

Pix allows instant payment between individuals and between individuals, companies, and government (P2P, P2B, B2B, P2G, and B2G). To perform an instant transfer or payment, the payer will need the receiver's Pix alias or key (the "nickname" used to identify the payee's/receiver's transactional account). For individuals, the keys/aliases can be personal data - such as their CPF number, e-mail address, cell phone number, random keys (a randomly generated UUID), and a QR code (static or dynamic). Companies can use their CNPJ number. Importantly, individuals can create up to five keys for each account they own, while companies can create up to twenty keys; each Pix alias must be associated with only one transactional account; and to pay with Pix it is not necessary to register a Pix alias/key, using the same information that is required to transfer money through other systems of the (TED and DOC).

References

{{Mobile payments Payment systems Government of Brazil Banking technology