TED or DOC’s days are numbered. Meet the new instant payments (PIX)system

Source: Exame.com

The Central Bank (BC) brought forward to October 5 the registration of addressing keys to receive a PIX, instant payments and transfers system.

The goal of PIX is that the most diverse payments become as easy, simple, intuitive and fast as making a payment with cash.

PIX will increase competition in the market, says Nubank’s David Velez:

In addition to making it faster and more practical to make payments and transfers, it will make payment processing cheaper for all participants, allowing new entrants to arrive in the sector. According to him, this increase in competition benefits the consumer who gains more options when carrying out transactions.

David Vélez

What is PIX?

PIX is a payment method that sends and receives money in a matter of seconds, 24 hours a day, on every day of the year.

In other words, that transfer made at the weekend can now be completed outside the bank’s business hours, faster, cheaper and safer.

This is possible because on the platform the transfers will take place directly from the paying user’s account to the account of the user who receives the amount, without the need for intermediaries.

The speed also happens due to a simplification in the necessary information, which makes them more convenient. Currently an electronic money transfer requires the user to pass various information to who will receive the amount.

Who is on the list to participate in PIX?

There is already a list of almost a thousand financial institutions that have applied to join the service in the Central Bank (BC). It is banks, fintechs and cooperatives that are preparing and testing their systems to offer it. Make sure the institution you have an account with intends to offer PIX from launch.

Among the institutions on the list are the Ame application, from Lojas Americanas; Posto Ipiranga, Renner, BMG, Bradesco, BTG, C6, Sicredi, Crefisa, Digio, BB, Inter, Modal, Original, Pan, Santander, XP, Cielo, Creditas, Itaú, Magalu, Mapfre, Meliuz. MercadoPago, Neon, Nubank, OLX, PagSeguro, Paypal, PicPay, RecargaPay and Stone.

What are the differences between PIX and other payment methods?

See below for Pix’s differences from TED and DOC:

See below the differences between PIX and boleto:

See now the differences between PIX and debit card:

Understand the differences between payment method and credit card:

What do I need to do to join the platform?

The consumer who wants to pay and receive with PIX in November must have a checking account, savings deposit account or prepaid payment account with a financial institution that has been approved on the platform. Only account holders can move accounts. For example, if the parent wants the child to be able to move the account through PIX, he must register him as the holder of that account and give him a key for addressing. There is no figure of the dependent, as in the case of Cards. If the institution you have an account with has not participated in PIX since its launch, it will have a new opportunity to participate starting in December.

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