Business

Brazilian instant payment PIX will allow withdrawals in retail stores

Consumers would buy a product at a store and pay an extra amount, with the difference being returned to them

The feature fosters the reuse of money in Brazilian retail. Photo: Shutterstock
  • PIX may start its operations in November;
  • The new feature aims to bring more efficiency through the reuse of money in Brazilian retail.

PIX, an instant payment system backed by the Brazilian Central Bank, will offer cash withdrawal in physical shops. The president of the Central Bank, Roberto Campos Neto, announced on Monday that by using PIX people will be able to withdraw cash at retail cashiers in Brazil, according to O Globo.

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The authorization still depends on the legislation, which may be released in August. In February, Campos Neto said that the Bank was studying a way to allow withdrawals in commercial establishments. At the time, he explained that the operation would work like this: the consumer would buy a product at a store and pay an extra amount. This difference would be returned to the consumer in cash, with the possible payment of a service fee.

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According to Campos Neto, the authorization will come together with the introduction of PIX, that is set to start operations in November. According to him, this feature aims to bring more efficiency through the reuse of money in retail and use of this network, as it fosters competition, expanding the options and the capillarity of institutions to offer the withdrawal.

Also, he said that this option may lower the logistical and operational cost of currency distribution and facilitate the service for customers, while generating additional business for retailers.