| Pix | |
| Pix | |
| Logo Size: | 150px |
| Developer: | Central Bank of Brazil |
| Language: | Brazilian Portuguese |
| Genre: | E-commerce payment system |
| License: | Apache License |
Pix is an instant payment platform created and managed by the monetary authority of Brazil, the Central Bank of Brazil (BCB),[1] which enables the quick execution of payments and transfers.[2] Pix was announced in the summer of 2019,[3] and was fully operational on November 16, 2020.[1] The "Pix" brand name and logo were created in-house by the Central Bank of Brazil in 2020.
The electronic payment project began at the end of 2016, when the Brazil's Central Bank published a report on the project.
Central bank launched Pix in part to spur competition in the country's banking industry.[4] Bloomberg referred to the app as "ubiquitous" in Brazil in October 2021, a year after Pix's release.[5] As of November 2021, it has been reported that the system has already made more than 6 billion transactions totaling to an amount of R$3.75 trillion or about US$682 billion. In 2023, Pix was the main payment system in Brazil, totalling 42 billion transacions.[6]
As of February 2024, Italy is considering a biliteral agreement with Brazil to implement the mechanism.[7]
The Brazilian instant payment ecosystem (Pix) was created with the aim of reducing cash transactions and offering an alternative to existing payment instruments, such as bank slip or boleto and ATM, as well as being faster and more affordable. The main advantages of Pix are its full-time availability, the speed of transactions using the system, low-cost functionality, convenience, versatility, open environment, and safety.[1]
Pix is a structured ecosystem that allows carrying out financial payments and transfers instantly. The BCB is responsible for the management and operation of Pix's operational frameworks: the instant payment System (SPI),[1] which is the only infrastructure for instant payments settlement; as well as the "Transaction Accounts Identifier Directory" (DICT), the database linking Pix keys/aliases and the users' transactional account information.[1]
Pix allows instant payment between individuals and among individuals, companies, and government (P2P, P2B, B2B, P2G, and B2G). To perform an instant transfer or payment, the payer will need the receiver's Pix alias or key (the "nickname" used to identify the payee's/receiver's transactional account). For individuals, the keys/aliases can be personal data - such as their CPF number, e-mail address, cell phone number, random keys (a randomly generated UUID), and a QR code (static or dynamic). Companies can use their CNPJ number. Importantly, individuals can create up to five keys for each account they own, while companies can create up to twenty keys; each Pix alias must be associated with only one transactional account; and to pay with Pix it is not necessary to register a Pix alias/key, using the same information that is required to transfer money through other systems of the (TED and DOC).[8]