Banks and financial institutions keep talking about Pix, a new instant payment system, a faster alternative than DOC and TED, and free for consumers. As Pix, people and businesses will be able to transfer money, make and receive payments in less than 10 seconds, using only mobile apps.
Pix transactions only begin on November 16, but since October 5, people can already register to use the new system – this is called the Pix key registration. Financial institutions are looking for customers and asking them to register, but it is not mandatory. Find out more about it and understand how Pix works.
Is it mandatory to register to use Pix?
No, registration is optional. According to the Central Bank, it is not necessary to register a key to make or receive a Pix. But, says the BC, registering 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.
Who created Pix?
Pix was created by the Central Bank, but who will offer Pix to people and companies will be financial institutions: banks, means of payment and fintechs. When making a payment or money transfer, in addition to TED and DOC, there will be the option to make a Pix.
What are the advantages of Pix?
According to the Central Bank, the main advantages of Pix are:
- The service will be available 24 hours a day, every day, including weekends
- Transactions will complete in less than 10 seconds
- THE Pix will be free for individuals, including my (individual microentrepreneurs)
What is the Pix key?
The Pix key is like the address of your Pix account, in the same way that a number identifies the person at the time of voting, in the title of voter, 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.
Where to create the Pix key?
The registration of Pix keys must be done at the bank or financial institution where the person has an account, through their access channels – such as a cell phone app, internet banking or branches.
Each financial institution must advise customers on how to proceed.
How many Pix keys can a person have?
Each consumer can have 5 keys for each account he or she holds. Corporate customers can have 20 keys for each account.
How to make transactions with Pix?
When it comes to making a transaction – such as paying or sending money – Pix will appear in the cell phone application as one of the options to complete the transaction, alongside TED or DOC, for example. Just choose the Pix and the operation will be done by this system.
Companies will also be able to offer Pix as a payment method to their customers through a QR Code. When closing the deal, just choose Pix in your application and capture the QR Code image with your cell phone camera.
Will Pix transactions be charged?
No, the service will be free for individuals, including MEIs (individual microentrepreneurs), with some exceptions.
Individuals and MEIs may be charged for using Pix in two situations, according to the BC:
- When they receive funds via Pix to pay for product sales or for services rendered;
- If using face-to-face or telephone channels to perform a Pix, when electronic means are available. That is, when closing the transaction at the merchant itself, without using the cell phone application at a time when the system is available.