Recently, PicPay launched insurance to protect the Pix held with other banks connected via Open Finance. The monthly insurance fees that offer coverage to Pix start at R $ 2,90. Despite the low value, experts recommend points of attention when hiring.
Pix was the most used payment method in 2022, adding up to 24.1 billion transactions over the past year. While the numbers reinforce the relevance of Pix for the functioning of the national economy, on the other hand, criminals have taken advantage of the growth in the use of digital solutions by the population to apply scams.
In the midst of this scenario, Alceu Neto, Ágilli product manager, explains that the objective of financial institutions with this type of insurance is to provide the customer with additional security in case of unforeseen events with mobile devices.
But Marilyn Hahn, CRO at Bankly, points out that, despite being an extra layer of security, the insurance coverage for Pix is specific and does not cover scams or cases of social engineering, which are very recurrent.
"So, before hiring the solution, it is worth paying attention to the insurance coverage offered and whether it meets your needs," recommends Hahn.
Pix insurance: precautions before hiring
Luiz Felipe Attié, a lawyer specializing in means of payment and fintechs at Barcellos Tucunduva Advogados, recommends that, when hiring, it is important to check which situations are covered by the insurance, the conditions for the claim and the total amount of coverage.
Hahn also warns. According to Bankly's CRO, it is also necessary to pay attention to the insurance grace period, deductible, reimbursement period, among other factors.
"Like any other type of insurance, Pix insurance has several conditions of coverage. So, it is important to be aware of all of them before taking out the policy."
MARILYN HAHN, CRO OF BANKLY.
Neto says that Pix insurance is recommended for all people who use banking applications on cell phones or internet banking on computers. According to him, the customer who is going to take out protection insurance should take into account his account movement profile, as well as the limits granted by the bank.
Low cost
According to a survey carried out by InvestNews with eight institutions that offer insurance for Pix, the monthly fee starts at R $ 2,90, with variations in coverage, grace period, term and reimbursement period.
Neto, Ágilli's product manager, explains that the cost of insurance is determined by the amount of coverage contracted and can vary greatly from bank to bank. ValeCard's product manager points out that, to arrive at the final price, insurers have a team of actuaries specialized in pricing.
Among the main contracting variables that can impact the cost of insurance are, according to Attié:
- Value assured;
- Covered situations;
- Conditions to be met in order to claim cover in the event of a claim.
- The low cost, according to the lawyer specialized in means of payment and fintechs, would be linked to situations involving transactions with lower values, in addition to the fact that Pix is already used with secure authentication tools, which lowers the risk of possible incidents.
Marilyn Hahn, CRO at Bankly, says it is too early to say why insurance is affordable, as Pix insurance is new. Hahn points out, however, that the low cost for the insured may mean that the claim rate is also low, especially since it is something specific.
Pix insurance: importance for banks
In Attiê's assessment, the offer of insurance is yet another initiative by institutions and their conglomerates to improve the user experience and ensure more and more security to the extraordinary situations experienced by those who use Pix often outside the banking environment, in situations of coercion and crime.
Hahn explains that this is a new product option for account holders that is also a way for institutions to monetize Pix, since it currently has no cost for individuals.
Banco do Brasil (BBAS3), Bradesco (BBDC4), Itaú Unibanco (ITUB4), C6 Bank, Nubank (NUBR33), Santander Brasil (SANB11) are among the institutions that already offer this service to their customers, according to a survey by InvestNews. Check it out:
| Institution | Coverage | Value of cover | Shortage | Duration | Repayment period | Monthly fee | |
| Bradesco | Protection in case of improper transactions by third parties, in situations such as loss, simple theft, qualified theft or theft of the mobile device and/or mobile device and/or coercion suffered by the insured. |
From R$ 1 thousand to R$ 40 thousand | It does not | 5 years | 30 days | From 9,90 to R$ 15,90 | |
| PicPay | Transfers, transactions via PicPay Card, card from other institutions in the app, Pix and "cyber". |
Up to R$ 5 thousand | It does not | Annual | Up to 5 days after approval |
From R$ 5,60 | |
| Santander | Compulsion or transfer from your Santander current account, respecting a grace period. |
Up to R$ 50 thousand | 30 days | 10 days on average | From R$ 6.50 to R$ 32.04 | ||
| Bank of Brazil | Material and financial losses arising from theft of personal property and criminal banking transactions by offering protection against theft after ATM withdrawals and transactions carried out under physical duress, such as withdrawals physical duress, such as withdrawals, purchases, transfers and Pix. |
There is no fixed value value |
It does not | Defined in contract |
Up to 30 days | Not informed | |
| C6 Bank | Losses arising from transactions via Pix and withdrawals made under threat, duress or kidnapping |
From R$ 250 to R$ 20 thousand per coverage, with a total ceiling of R$ 60,000 for the sum of the coverage |
It does not | Annual | Up to 30 days | From R$ 4 to R$ 7, depending on the plan | |
| Nubank | Through Nubank Cellular Insurance: simple and qualified theft or and qualified theft or theft, accidental damage, and coverage complete coverage, which includes simple and qualified theft, theft and accidental damage |
Value of transaction, with limit of R$ 5 thousand |
30 days | 12 months | 2 working days after approval of the request |
Varies according to handset model and coverage chosen |
|
| Itaú | Undue transactions via Pix, DOC, TED and TEF carried out through the bank's website and application in situations of kidnapping of the insured |
Between R$ 10 thousand and R$ 50 thousand, depending on the segment of the client. |
Not informed | Not informed | Not informed | From R$ 2,90 | |
| Inter Bank | Transactions under duress or violence and improper transactions with a stolen phone or stolen |
From R$ 2 thousand or up to R$ 5 thousand, depending on the type of of insurance |
48h after start of validity |
Up to 12 months | Up to 30 days | Two modalities, of R$ 3,50 and R$ 8
|
How to proceed to ensure coverage?
If something unforeseen occurs and the person has protection insurance for Pix, Neto recommends that one of the actions to be taken is to register a police report and report the claim to the insurer.
As a next step, according to ValeCard's product manager, the insurer will be asked to send documents, such as a police report, current account statement and proof of the improper transactions that were made.
From there, the documents are assessed in order to proceed with the other procedures required by insurance.
Pix: increasingly popular
Launched in November 2020, Pix has become increasingly popular. According to the latest data from the Central Bank, for two days in a row, the daily volume of transactions made by Pix broke a record. On July 6, 129.4 million transactions were recorded. A day later, the number of transactions jumped to 134.8 million. The previous record, set on June 7, was 124.7 million transactions.
According to the Central Bank, in June 2023, there were more than 150 million registered users, more than 427 million accounts, with more than 3 billion transactions, moving more than R $ 3 trillion.
Source: InvestNews
