Technology

140 financial institutions in Brazil have asked to join instant payment system PIX

The deadline to register ends this Monday, and the system is scheduled to launch in November

Photo: Brazil's Central Bank
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  • Already registered are the five largest banks in Brazil – Itaú, Bradesco, Santander, Banco do Brasil and Caixa Econômica Federal;
  • Besides banks, fintechs and payment companies have also requested authorization to join the system, which is backed by the Brazilian Central Bank.

The Brazilian Central Bank informed that 140 financial institutions, including banks, fintechs and payment companies, have requested authorization to offer instant payment through PIX, an instant payment system backed by the financial authority.

The deadline to register ends this Monday, and the system is scheduled to launch in November. There will be a new opportunity to join the system from December 1 onwards.

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Already registered are the five largest banks in Brazil – Itaú, Bradesco, Santander, Banco do Brasil and Caixa Econômica Federal –, but also institutions such as the digital banks C6 and Nubank, acquirers PagSeguro and Stone and digital wallets PicPay, from Banco Original, and the U.S.-based PayPal

PIX will allow transfers and payments between people, companies and the government, at any time of the day, including on the weekend and on holidays, in a few seconds, and from the reading of a QR Code or information such as email, cell phone number or ID number of companies and individuals.

A central aspect of this step is the verification of how the institutions will present the PIX to their customers through the mobile applications and if the interfaces meet the requirements defined by Brazil’s Central Bank.

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About 45% of adhesions are from indirect participants, that is, institutions that offer an account to the final customer, but that will need to use a participant to settle transactions.

According to the rules, all financial or payment institutions with more than 500,000 checking, prepaid or savings accounts are required to participate, offering customers the functionality of initiating and receiving payments. The others, even if they have not reached the threshold, were given the possibility of joining the system.