The Central Bank has just launched PIX, the brand for Instant Payment in Brazil.
It is a new way to make payments and transfers, between people, businesses and government instantly, 24 hours a day, seven days a week.
The Central Bank's idea is to make it easier to carry out transactions, which can be done through a QR Code or by using simple user information, such as CPF, CNPJ, mobile phone number or e-mail.
According to the Central Bank, the PIX will work as follows: financial institutions, payment institutions or fintechs must provide in their mobile applications an option related to the system. Simply choose the way you want to perform the operation and scan the QR Code or insert one of the "keys" that the transaction will be performed. The amount will be instantly credited to the account of the recipient of the transaction. The PIX will also be available in other service channels, such as ATM or internet banking.
The PIX will be available to the entire population from November 2020.