What is Pix, how it works and 5 benefits of using it today

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Carlos Laforet Coll
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What is Pix, how it works and 5 benefits of using it today

by Team AllYourVideogames | Nov 27, 2022 | Entrepreneurship |


You already know what is pix? Surely you must have heard or read these three letters on social media lately! Pix has been moving the media and has come to revolutionize the payments market.



If you have a business, you need to be aware of the main news and, especially, adhere to them, otherwise you can be swallowed by the competition.

Therefore, in this article we will tell you what Pix is, how it works, whether or not it charges a fee, how to register and what are the advantages for you and your business.

WHAT IS PIX AND HOW DOES IT WORK?

Pix is ​​a new form of instant payment, created by the Central Bank of our country (BC) and which came into force on November 16, 2022.

It serves to transfer values ​​between checking, savings and prepaid accounts and also allows you to make instant payments at any day or time.

According to the Central Bank, the transaction is safe, practical and fast, taking a maximum of 10 seconds. Contrary to what happens with other types of banking transactions that can take up to days.

If you own a business, retail, store, restaurant or any other commercial establishment, you will be able to receive payments in real time with Pix.


In addition, you can also pay bills, such as water, electricity and even taxes.


Check the list of all financial institutions that are registered on Pix.

WHAT IS PIX: WHAT IS THE RATE?

In addition to working outside business hours, on weekends and holidays, another difference between Pix and other forms of payment we already know is the fee.


For individuals, no Pix fee will be charged. With only two exceptions:

- Upon receiving a Pix: Used to finalize purchases in exchange for commercial activities. Example: sellers who are individuals and who received a Pix for a product or service sale;

- When making a pix: used when the person uses a face-to-face service channel or by phone call, even if electronic channels are available.

Companies, that is, legal entities, can be charged when making or receiving payments and in transfers via Pix, including transactions between companies.

The Central Bank stipulated that it be a fixed fee per transaction and that the amount is at the discretion of each banking institution.

Although the fee is borne by the banks, the BC said that the amount must be lower than what is charged for transfers via TED or DOC, for example.

In fact, some banks have already announced that they will exempt their customers from fees. So, it is worth researching the best option for your business.

WHAT IS PIX: WHAT ARE THE KEYS?

Surely you must have received several notifications, emails, SMS and maybe even calls from banks asking you to register your Pix key. But what exactly is a Pix key?


The key was a “nickname” created by the Central Bank to name each of the data that will be used to identify your account. It is nothing more than your Pix account address.


Instead of having to write down those famous data: bank, branch, account number, full name and CPF of the person to whom you will transfer money, you will only need a Pix key.


There are currently four types of Pix keys that you can use, namely:

  • CPF/CNPJ;
  • Cell phone number;
  • E-mail;
  • Random key.

The random key is a way to receive a Pix without having to provide personal data. It is a unique 32-character code with letters and symbols, randomly generated by BC and linked to a single account.

But rest assured, you won't need to memorize all those random Pix key characters. It can be copied and sent by message.

Learn More: Predictable Revenue: How to implement the revolutionary outbound sales methodology that can triple your company's results

It will be possible to register several random keys, with a limit of 5 keys per individual account and 20 keys per legal entity account.

The Pix key will be associated with the bank you registered with and you will receive the money through it.

It is worth mentioning that the Pix key you registered in one bank cannot be used in another. If you want to change, you can request key portability.


WHAT IS PIX: HOW TO REGISTER?

To register with Pix, you must first have a checking, savings or payment account at an institution that offers financial services. This applies to individuals and legal entities.

It can be a bank, fintech or even payment platforms (PicPay and Mercado Pago, for example).

Each platform is obliged to offer a space in its menu in its application or internet banking for the customer to register one or more Pix keys.


During registration, you will inform what type of Pix key you will use, remembering that if you use the CPF, for example, for Pix in bank X, you will not be able to use it in bank Y.


After you register the Pix key and confirm, the financial institution will send the information to the Central Bank to authorize. Usually, the customer receives some notification confirming the registration.

WHAT IS PIX: HOW TO MAKE A TRANSACTION?

To make a transaction using Pix, you need to have an account (checking, savings or payment) at a financial institution, have their app installed on your cell phone or access internet banking.

Please note: you will not need to download any other apps to make a Pix transfer.

There are three different ways to transact via Pix:

1. TRANSACTION VIA PIX KEY

With the Pix key registered, you will be able to make a transfer, payment or charge. To do this, access the application or internet banking of your financial platform and search the menu for Pix.

2. TRANSACTION VIA QR CODE

Another way to make a transaction with the Pix system is using the QR Code (Quick Response Code), which is a two-dimensional bar code.

By pointing the phone's camera at a QR Code, this code will be scanned and will open a page or application, as in the famous music lives. It's an example of how it works.

On Pix, you will need to open the financial institution's application, locate the Pix menu, the QR Code option and then scan the code to make the transaction.

To use the QR Code on Pix, you need to know that there are two types:

STATIC:

The Static QR Code can be used in multiple transactions and is issued once. You can set a fixed amount for it or leave it blank, so that the payer informs the amount of the transaction.


It is best suited for small businesses, micro-entrepreneurs and transfers between two people.

DYNAMIC:

The Dynamic QR Code is more suitable for payments for purchases, as it will be different for each transaction and it allows the inclusion of additional information.

For those who pay, the type of QR Code makes no difference. Whoever establishes this is the one who will receive the value.

3. TRANSACTION VIA NFC

NFC is the acronym for Near Field Communication which in translation into Portuguese means “Communication by Proximity Field”, that is, payments made through technology by approach.

As with some bank cards, you will be able to make a transaction through contact. However, this option is not yet available, as it has not been released by the Central Bank.

The technology for carrying out this type of transfer and payments will be developed by the BC in partnership with financial institutions.

WHAT ARE THE ADVANTAGES OF PIX?

If, after understanding what Pix is ​​and how it works, you are still not convinced to use this service, we have separated a list of advantages of using Pix:

1. IT IS AVAILABLE 24/XNUMX ALL WEEK

Bank branches are normally open from Monday to Friday, between 10 am and 4 pm. A transfer between banks is only possible until 17:XNUMX, also during the week.

With Pix, you have the ability to make any transaction 24 hours a day, 7 days a week. No more waiting until the next “business day”.

2. IT'S FAST

When you make a transfer between different institutions, through TED or DOC for example, or also when you pay for a purchase with a bank slip, they are only cleared during business hours.


In addition to being able to make a Pix at any time, as we mentioned earlier, the amount is available in a matter of seconds on your account.

3. IT'S SAFE

Transactions made by Pix will be done through encrypted and digitally signed messages on a secure internet network.

Also, the directory that stores the information of Pix keys is encrypted and has defense mechanisms that prevent hackers from accessing them.

Therefore, the Central Bank guarantees that transactions are safe, as well as those carried out via TEC and DOC. Financial institutions are also responsible for the security of data and transactions.

Furthermore, all transactions via Pix are protected by the General Data Protection Act (LGPD), which came into force in 2022.

4. IT HAS A COMPETITIVE RATE

Who has never looked at the account statement and been scared by the fees and fees charged for resources that are often not used, right?

As Pix is ​​free for individuals (except for some cases we mentioned before) and the fee is lower for companies, it is believed that financial services institutions will have to lower their fees.

5. ENCOURAGES FINANCIAL INCLUSION

Many of our countrymen do not have accounts in “traditional” banks and are unable to carry out transactions.

Digital banks (Fintechs) and payment services (such as PicPay, is an example) do not have so many bureaucracies and do not ask for many documents to open an account.

As it is possible to use Pix safely in these financial institutions, the service brings more financial inclusion to all our countrymen.


As you now know what Pix is ​​and how it works, both for you and your business, do you want to know how to sell more on Marketplace Facebook? Access our full article!

Enjoy and discover 17 commemorative dates for you to plan and increase sales in physical stores and online. There's Mother's Day, Valentine's Day, Black Friday, Christmas and much more!


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