Announced earlier this year by the Banco Central, PIX – the new Brazilian instant payment method – has an official lauding date: November 3rd. As of this date, all financial institutions and fintechs with more than 500,000 active accounts are expected to offer this modality to their customers, with the aim of reducing the circulation of paper money and also facilitating banking operations.
PIX is a new way to make transfers and payments quickly, without the need for account holders to wait too long for these services to be completed these transactions will be completed within 10 seconds! A great facility in every way, as currently some electronic operations can take 1 day to be concluded.
In addition to being almost instantaneous, the system also works 24 hours a day, seven days a week. In a connected world where everything happens with a simple touch on a cell phone, this information of speed and time may seem redundant, but if we compare it with what happens today, this is a big revolution.
The other major advantage for the consumer is the peer-to-peer (P2P) transactions made by PIX are not taxed, that is, they are free of costs that banks charge for all transactions. As for legal accounts, the cost will be only R$ 0.01 for every 10 transactions. Today, each bank has a value for this changes a different fee depending on its internal policy this fee con cost up to R$ 20 each operation.
In practice, this service works through a pix key, “nicknames” that will identify and represent the address of your Pix account, where information such as CPF/CNPJ, e-mail, cell phone and that can be added to any bank account. The transactions can be done in different ways: informing the bank details to the recipient with full name, CPF, institution, agency and account number; informing a Pix key or reading static or dynamic QR Codes.
Pix also presents a great opportunity for the entire wine industry chain: companies and importers will have access to the data of all their customers without intermediaries. This makes it much easier to create specific promotions and actions for your audience. Another benefit is that with this tool, the retailer will have more control over default, as payments can be made at any time, without having to go to the store. With transactions taking place almost immediately, cash flow will also be optimized, reducing the need for credit with banks.
But why is the Central Bank concerned with making life easier for ordinary people and businessmen, in addition to taking from banks one of its most profitable sources: fees? In a moment of post-quarantine resumption that we are going through, this system contributes a lot for the economy to rotate faster by stimulating more consumption, which can impact even in the improvement of the numbers of the Gross Domestic Product (GDP). With the speed and ease of Pix, the customer receives the payment of the month instantly on his/her account by the employer and at the same time can already make the groceries, buy his/her favorite wine through the e-commerce of importers, make the payment of the school, transfer the payment of the housekeeper, among others. All with a simple touch on a cell phone.