The newest electronic payment method available in Brazil was created by the Central Bank as a way to offer yet another option, in addition to the traditional DOC, TED, and cards, for individuals and companies to make wire transfers or send and receive payments.

With the arrival of Pix, it is possible to perform these transactions in less than 10 seconds through a mobile app. In other words, technology has truly arrived to offer financial solutions in the palm of your hand.

Want to know more about this novelty? Follow along with us and discover the greatest features of Pix on CodeBlog.

What is the purpose of PIX?

Basically, the main goal of Pix is to innovate and simplify financial transactions. After all, most current payment systems still present some issues that Pix aims to solve once and for all!

For example, while the operating hours of banking systems are limited, transactions via Pix can be carried out at any time of the day.

In addition, DOC transfers have a waiting time, while those made via TED have another. With Pix, no one waits for hours, or even days, to receive money anymore, since all transactions are completed within 10 seconds.

Finally, unlike DOC and TED, Pix does not charge fees to individuals for transactions. According to Banco do Brasil, financial institutions will not be allowed to charge any fee on the service for individuals or individual entrepreneurs.

How to sign up for PIX?

First of all, to use this feature, you need to create your Pix key. To do this, contact customer service at your bank or financial institution. According to the Central Bank, more than 600 institutions are qualified to carry out the registration.

Then, to create your Pix key, just use one of the four available identification methods: CPF or CNPJ, email address, cell phone number, or a random key (also known as EVP - virtual payment address). The key registration must be performed on one of the access channels of the bank where you hold an account. However, you will need to confirm key ownership to link it to your Pix account and prove that the identification method (email or cell phone number) is, in fact, yours.

With the aim of avoiding potential scams or fraud, Banco do Brasil states that it does not perform any type of confirmation through phone calls or via links. Therefore, do not provide your personal data over the phone or click on links that promise to do so.

How does it work?

You have probably already seen the “Pix” function in your financial institution's app. Therefore, as soon as your key is ready for use, choose the “Pix” model when performing any transaction and enjoy all the practicality in a matter of seconds.

What technologies are offered?

In addition to operating on a network structure that allows it to function at any time or day, Pix also features integrated QR Code technology in two versions.

In the dynamic version, which is more suitable for merchant checkouts, the code changes with each transaction. On the other hand, the static option identifies a fixed receiver and may or may not display a predefined value.

According to the Central Bank, although this network costs less than others, it is more secure and, besides optimizing service quality, it also offers more competitiveness among financial institutions, which, in fact, benefits customers.

Is it necessary to download an app to start using Pix?

No! Pix does not request any type of app download or additional program. On the contrary, institutions that make the feature available must include it in the software they already offer. However, it may happen that a company alters or launches new products related to Pix and recommends the download to customers. But this is not a rule and, so far, has not occurred yet.

What is the difference in Pix for individuals and corporate entities?

Although individuals and corporate entities share the same benefits of the Pix system, the truth is that there is a different treatment for each case. Discover the main points below.

- While individuals and individual entrepreneurs are completely exempt from Pix fees, corporate entities will have to bear some costs (much lower than those applied in transactions like DOC and TED).

- Banks with more than 500,000 customers must offer Pix as an optional tool.

- It will be possible to make payments to suppliers or pay employee salaries through Pix.

In other words, the biggest difference is really the non-gratuitous nature for transactions between Corporate Entities, but even so, it is undeniable how facilitating and beneficial this technology is.

Biggest doubts about Pix

Check below the answers to the three most common questions about the new payment system.

Is there a value limit for transactions?

So far, the Central Bank of Brazil has not defined any limit for transfers, but the financial institutions themselves may stipulate a cap for free transactions.

Is Pix really secure?

All requested personal information is protected by bank secrecy. In addition, Pix uses the same security measures adopted by banks in TEDs and DOCs. That is, it is as secure as any other financial transaction.

Is it possible to withdraw cash using Pix?

So far, no. But everything indicates that model updates will be officially launched next year to make cash withdrawals available at registered commercial establishments.

Curiosity #DidYouKnow?

Contrary to what many people think, the word “Pix” does not indicate any type of acronym. The name was created as a reference to the term “pixel” precisely to represent digital innovation in the financial system. Pretty cool, isn't it?

Anyway, did you like learning and understanding a bit more about this revolutionary technology? Keep an eye out on CodeBlog, we will have many updates here soon.