Pix: BC’s new payment method will allow withdrawals in commerce

The president of the Central Bank (BC), Roberto Campos Neto, announced this Monday (22) that the new instant payments model, pixwill allow cash withdrawal in commercial establishments.

The functionality is intended to reuse money in retail and expand capacity, announced the BC. According to the president of the monetary authority, more details about Pix will be released at the next meeting on the electronic payment method.

“The rules and the first details of this product will be presented at the next meeting of the PI Forum, in August”, stated Campos Neto, during the opening of the 9th plenary meeting of the Instant Payments Forum.

“In addition, it has the potential to further reduce logistical and operational costs with cash distribution. In addition to adding convenience to consumers, it can generate additional business for retailers, and allows Pix participants new possibilities”, highlighted the economist.

“I trust that the participating institutions will develop interesting and economically attractive business models and strategies, offering Pix to companies in a way that reflects the low cost and adds services that generate value for customers”, added Campos Neto.

BC announces new electronic payment method, Pix

The Central Bank of Brazil announced in February this year the launch of the new payment model. Currently, 980 financial institutions participate in the process of joining the system. Campos Neto highlighted that the objective of the Central Bank is to internationalize and digitize the payments market.

The monetary authority expects transfers, including between different banks, and payments to be made within ten seconds. Payments can be made at any time, including weekends. The technology is expected to start operating in November.

The president of the monetary authority said that financial institutions that had their request denied will be able to try again on December 1.

“We understand that society demands payment instruments that are cheap, safe, fast and transparent. In addition to Pix, we have Open Banking in parallel and we are thinking about simplifying and evolving the exchange system”, said the economist.

“We will publish the definitive regulation next month, providing full clarity regarding the rules of the arrangement for its launch”, stated Campos Neto.

BC authorized financial institutions to carry out informative and educational actions on the pix. However, advertising and marketing campaigns related to the specific offer of services should only be made available after the definitive disclosure of the brand usage manual, scheduled for July.

Source: Suno