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In the ever-evolving landscape of digital payments, Brazil has set a precedent with PIX, its innovative payment system. Launched by the Central Bank of Brazil in November 2020, it has quickly become the most popular payment method in the country, transforming the way Brazilians handle financial transactions.
Unlike traditional payment methods that can take days to process, PIX transactions are completed in real-time, 24/7. This system allows users to transfer money, pay bills, and make purchases instantly, with transactions typically processed in less than 10 seconds.
To operate on this platform, users must register a PIX key, which can be linked to their bank account. These keys can be an email address, phone number, CPF/CNPJ number, or a randomly generated key by the system. Once registered, users can conduct transactions by entering the recipient's PIX key, the amount to transfer, and confirming the transaction through their banking app.
PIX offers several advantages over traditional payment methods:
PIX has had a significant impact on the Brazilian economy by promoting financial inclusion, enabling the participation of unbanked and underbanked individuals in the digital economy.
It has also been a catalyst for improving efficiency thanks to the instant nature of PIX payments, which have optimized business operations, reducing the time and associated cost of financial transactions.
Additionally, it has spurred innovation in the Fintech sector. Its open infrastructure has allowed numerous startups to develop new services and applications around the PIX ecosystem, creating a conducive environment for the growth and diversification of digital financial solutions in Brazil.
The Central Bank of Brazil is working on implementing the figure of the payment initiator, which will allow for a more integrated payment experience. Some experts estimate that by 2024, 20% of PIX payments will be made through this modality.
Payment initiators, also known as "Third Party Providers" (TPP) or "Payment Service Providers" (PSP), are entities that facilitate the connection between consumers, merchants, and financial institutions to carry out electronic transactions.
Given the rapid adoption of new technologies, it is likely that soon it will be possible to pay directly from popular apps like WhatsApp, buy books without leaving the bookstore's website, or order food and pay easily with PIX, similar to how payments are made with apps like Rappi today.
PIX has revolutionized the way payments are made, offering unmatched speed, convenience, and security. As Brazil continues to innovate and expand its capabilities, its influence on the global digital payments landscape is bound to keep growing.
With over BRL 2.0 billion of TPV processed annually, Bemobi stands out as an expert in providing digital payment services for essential recurring services in industries such as Telecommunications, Utility companies, Education, Internet Providers, Health and Finance.
PIX, along with other payment methods, is an integral part of the omnichannel payment solution. If you want more information, we invite you to complete the following form, and we will contact you shortly.