You probably use or, at least, have already heard about PIX, the Brazilian Instant Payment system. Created by the Central Bank of Brazil, this feature allows amounts to be transferred between accounts at any time of day, within a few seconds and without fees for individuals.

The tool arrived to make banking transitions more practical, faster and safer.

In this context, the banks and financial institutions that adopted PIX also started to offer, since May 14th, the billing functionality.

Similar to a bank slip (boleto), the resource enables instant payment to companies and service providers through a QR Code, which represents a digitalized version of the traditional barcode.

Want to know more about this promising news? So, follow along with us and learn all about PIX billing with the article that the CodeBlog team has prepared for you!

After all, what is PIX Billing?

In fact, since PIX was launched in the national territory, there was an expectation of a possible extension of the feature, in order to facilitate other types of financial transactions.

After a long wait, finally, PIX Billing went into action to simplify other types of operations.

In this way, the service operates as a kind of bank slip, where the barcode is replaced by the QR code.

Until then, PIX allowed the generation of QR codes only to make immediate payments, such as purchases in pharmacies and supermarkets, for example. However, with the introduction of PIX Billing, payments can be made on future dates, and transactions can have expiration dates and be scheduled.

How does PIX Billing work?

In practice, companies and service providers can issue PIX Billing both as an account invoice or as a form of charging in their establishments. Within the second option, the modality can be interesting for a business that sells on credit. After all, in these cases, instead of resorting to a credit card, the customer can receive a PIX Billing request and, then, make the payment within the deadline.

In addition to the description and delivery of the amount charged, the new PIX functionality also allows the inclusion of interest, late payment penalties, or discounts in cases of early payments.

An alternative to the bank slip

Due to its convenience, PIX Billing is a great alternative to replace the bank slip. After all, in the case of PIX, payments are instant, while slips can take up to three business days to clear.

Testing period

It is worth noting that not all features of PIX Billing are available. This is because this is a transitional stage, which involves a trial period for the new resources. Therefore, it is expected that, until July 30, 2021, participating banks and financial institutions will only be required to offer QR Code scanning to make payments on the same date. Companies that choose to adopt PIX Billing will only be instructed to offer payment with a future date and to schedule transactions starting July 1st.

According to the Central Bank, this adaptation period is designed to give companies enough time to adapt their systems to all aspects of PIX billing.

And you, did you like discovering this novelty?

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