The Central Bank registered until this Wednesday (14) the registration of 33,772,391 Pix identification keys, the new instant payment method created by the BC itself. The system allows immediate and free transfer of money, as an alternative to DOC and TED, which take longer and are paid for. Every customer who wants to use the system must create this key, which is their personal identification.
The institutions that lead the ranking with the most records of keys are Nubank (8.09 million), Mercado Pago (4.7 million) and PagSeguro (4.3 million).
See the ranking below:
Transactions in seconds
Pix will allow transfer of values in a few seconds and goes into operation on 16 November. But before that, another procedure is necessary: people and companies that want to make or receive payments have to create the Pix key, and this is now available.
It is the Pix key that will allow money sent to a person to reach the correct destination account smoothly and safely. People and companies will be able to create their Pix keys from October 5th, but many financial institutions are already carrying out the so-called pre-registration.
See below the main information about the Pix key and tips on how to take advantage of this new payment method.
What is the Pix key?
The Pix key represents the address of your Pix account, in the same way that a number identifies the person at the time of voting, in the voter’s title, or the email identifies the address of someone on the Internet to receive messages.
How to create a Pix key?
To create a Pix key, the person or company needs to use one of these four forms of identification: CPF / CNPJ, email, cell phone number or the random key.
The random key is a way to receive a Pix without having to enter personal data. It will be like a login, that is, a set of numbers, letters and symbols generated randomly that will identify the account of the destination of resources.
How does the Pix key work?
The Pix key links one of the basic information (email, cell phone or CPF) to the complete information that identifies the customer’s bank account, that is, the identification of the financial or payment institution, with the branch number, account number and Account Type.
How many Pix keys can a person have?
Each individual customer can have 5 keys for each account he or she holds. Corporate customers can have 20 keys for each account.
And who has more than one bank account?
As with other services, the person may have Pix at one or as many financial institutions as they wish. The person can use different keys to link the different transactional accounts. For example, use the cell phone number linked to institution A’s checking account, use the CPF linked to institution B’s savings account, use the email linked to institution C’s payment account.
It is important to note that it will not only be the banks that will offer Pix, but also fintechs will be able to offer the service, thus opening a range of opportunities for consumers.
“As Pix will be free for individuals and allows efficient integration between banks and digital wallets, the person can register the keys in several institutions to be able to enjoy the best benefits of each organization”, says Ricardo Guimarães, CEO of Bit Capital, which offers banking infrastructure for companies.
Can all keys be in the same account?
The customer can link all keys (CPF, mobile number and e-mail) to the same account. Thus, when the payer initiates the payment from any of this information, the funds will be made available in that same account.
But the same key cannot be linked to more than one account. That is, the person may have several keys for the same account, but not several accounts under the same key.
Where to create the Pix key?
The registration of Pix keys must be done in the access channels of the financial institution in which the person has an account. This can be done through the cell phone app, internet banking or branches. Each financial institution will advise clients on how to proceed.
After registering, to confirm the key, the institution will send a code by SMS to the cell phone number that the person registered, or to the email that was presented.
This code must be inserted in the access channel provided by the financial or payment institution, using a form of digital authentication, such as password request, biometrics or facial recognition, for example.
When to do it?
The Central Bank determined that the creation of Pix keys begins on October 5. But it authorized financial institutions to pre-register.
In the pre-registration, the customer enters the data, choosing how the Pix key will be. But for the key to take effect, the customer will have to validate the data after October 5th.
Is Pix key registration required?
According to the Central Bank, it is not necessary to register a key to make or receive a Pix. But, says the BC, the registration of the key is “highly recommended” to receive a Pix. Receiving transactions just by informing the account data can cause a delay in the transaction, reducing the payer’s benefit in making a Pix.
Do you have to register the Pix key on October 5th?
No. Any customer can create and register a Pix key at any time, starting on October 5th.
Is it possible to change or cancel the pre-registration?
If the person pre-registered but regretted it – for example, because he wants the Pix key associated with another bank’s bank account – just don’t confirm the data on October 5th. In this way, the pre-registration operation will be automatically canceled.
After registering, how to change the account associated with the Pix key?
If the account change occurs within the same institution, the person can change the data for receipt directly through the management of keys in the access channel of the institution itself.
But if the person wants the Pix key to start directing resources to an account at another financial institution, that person will have to ask for portability.
How to order portability?
In order to make the Pix key move the funds received to the account of another bank other than the account initially registered, the customer needs to request the portability of the key.
To do this, you have to contact the financial institution you are going to change to request the portability of your key.
Upon receiving the confirmation request from the home institution, the person must access the access channel of that institution and confirm portability.
If the person has already ended the relationship at the institution of origin and, therefore, no longer has access to the application to confirm portability, that institution will have the obligation to delete the key.
So, instead of performing portability, the person can simply re-register the key.
The Central Bank points out that the financial institution cannot deny a portability request to the customer.
How to update the key if the phone number changes?
The person will have to add a new key using the new cell phone number and delete the key for the old number.
What if the key is already in use by someone else?
If the person went to register the Pix key and discovered that the key already belongs to someone else, it will be necessary to initiate a claim procedure for the key in the payment service provider access channel – that is, request the change from the financial institution of which he is a client.
On the other hand, if the person receives from the bank notice that his key has been claimed by a third party, he will have a period of seven calendar days to validate and prove possession of the key itself. When you do so within the time limit, the claim process will end and the person will continue to use the key as normal.
Can Pix key changes be made at any time?
Registration, deletion, alteration, portability and claim of ownership of the Pix key must be available from 8 am to 8 pm, in Brasília time, every day of the year.
However, according to the Central Bank, at the discretion of each financial institution that participates in Pix, these features can be offered at other times, and may even be available 24 hours a day, every day of the year.
Beware of fraud
Both the Central Bank and Febraban (Brazilian Federation of Banks) warn that consumers should be alert to fraud attempts. Scammers can try to take advantage of people’s ignorance using, for example, fake links sent by email or WhatsApp.
“Be very careful with e-mails and unknown links”, says the director of banking products and services at Febraban, Leandro Vilain.
The executive points out that customers should only use the communication channels offered by financial institutions to carry out transactions.
If something new has to be presented by the financial institution to the client, this news will be communicated through a channel that this client already uses, such as the cell phone app, the internet banking or electronic terminal of the agency. If something different appears, the tip is to check with the financial institution before taking any initiative.
“The information on transactions via Pix will be in the same security environment that moves other transactions today, such as TED and DOC, that is, there is protection by bank secrecy. However, people need to keep an eye on. Be wary of entities that do not require passwords or other authentications in the act of registering the Pix key, or that do not meet the other security protocols, such as sending the key itself or confirmation by code via SMS or email “, says expert Lucas Montanini, CEO of LiveOn, a technological company which develops digital platforms for companies and financial institutions.
According to the Central Bank, in case of fraud, it will be up to the payment service provider – the bank in which the Pix key is registered – to analyze the case of any reimbursement, as is the case today in other types of bank fraud.