Payments

Brazilian Central Bank says that its payment method PIX may speed up e-commerce

According to Central Bank, PIX would help e-commerce payments in the current context of social distancing

Photo: Brazil's Central Bank
  • Last Monday was the deadline for registration of financial institutions interested in joining the PIX;
  • The five largest banks in Brazil – Itaú, Bradesco, Santander, Banco do Brasil and Caixa Econômica Federal – already registered.

PIX, an instant payment system backed by the Brazilian Central Bank has the potential to speed up the delivery of products purchased in e-commerce. Its payment confirmation takes place faster than other methods, such as boletos bancários, a cash-based system popular in Brazil, and other transactions, according to a Mobile Time interview with director of Central Bank’s financial and resolution system, João Manoel Pinho de Mello.

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Last Monday was the deadline for registration of institutions interested in joining PIX at its launch, scheduled for November 16. According to Mello, adhesion was great and the postponement of the launch is not in the Central Bank‘s plans.

“Regardless of the current context, PIX is part of a structural action by the Central Bank. This project is part of the innovation pillar, which is part of the ‘competitiveness’ dimension of the Central Bank agenda. Within the current situation, however, the project gains even more importance and relevance”, said Mello.

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According to him, making PIX available to the Brazilian population would help e-commerce payments in the current context of social distancing. “PIX allows the user to make a payment using only his smartphone. In other words, a payment that requires no contact”, he said.