PIX International: Even without the rules set by BC, the instrument is already accepted for trade in some countries | PIX

The central bank still has no plans to launch the so-called international PIX, which would enable the instant payment system to be widely used in other countries.

“BC has been following initiatives and discussions related to the interconnection of payment systems in different countries, which will, in the future, enable cross-border payments in a more flexible and practical way. However, it is an agenda that does not depend only on Brazil, but requires the effort of several jurisdictions, and a launch date has not yet been set,” the institution informed.

Although it is not yet possible to make PIX accounts outside of Brazil, The tool is already accepted as a method of payment, according to tourists, in some stores in the following countries:

• Argentina (Buenos Aires);
• United States (Miami and Orlando);
• Lisbon, Portugal);
• Uruguay;
• Chile;
• France.

To receive PIX, even if you live abroad, you only need to have an account in Brazil and register the key.

One of the advantages of paying with PIX in other countries is predictability.As the closing of the exchange deal occurs at the time of purchase. As a result, the client’s account will be debited in Riyals.

At the end of June, there were 765 million PIX keys registered with BC. This is because each person can have an account with more than one bank, and have a PIX key for each of them.

According to a report released in early July by the Bank for International Settlements. In over 70 countries, payments reach their destination in seconds, at virtually zero cost, but within their borders.

“This is due to the increased availability of instant payment systems (IPS). Linking these instant payment systems together has the potential to enable cross-border payments from sender to recipient within 60 seconds (in most cases).”

The Foundation also stated that interconnecting instant payment systems across countries is “a priority for the G20 Roadmap to Improve Cross-Border Payments” – highlighting the Nexus Project as a priority action to achieve goals in terms of speed, cost, transparency and accessibility.

The Bank for International Settlements points out that, Although it is still not available, Interconnection is already underway. See what the organization reports:

• In April 2021, Singapore and Thailand linked their instant payment systems, allowing customers of participating financial institutions to send cross-border payments using just the recipient’s phone number. Since then, many more countries in Southeast Asia and around the world have connected their systems (or are in the process of doing so).
• In the next phase of Nexus, the Singapore hub will support a coalition of countries interested in implementing Nexus in the real world and using it to power their domestic systems. The BIS and ASEAN central banks (Indonesia, Malaysia, the Philippines, Singapore, and Thailand) share the desire for any real implementation of Nexus to be global rather than regional, and will continue to engage more broadly with banking hubs and operators around the world.

Automatic and scheduled PIX

Since they are methods that allow the scheduling of debts in customer accounts, they are similar to secured PIX (installments).

Auto Pix can be used, for example, to pay:

• Water and electricity bills
• Schools and Colleges
• Gyms, Residential Units
• Loan installments

This type of payment can already be made through automatic debit, but according to the Central Bank’s assessment, automatic Pix will have the potential to reach more people.

With the Pix automated system, the company will not need to sign a contract with each financial institution, it will be enough to conclude one agreement with the bank that offers this method to companies.

The automatic Pix service display will work as follows:

• For individualsBanks will be obliged to provide the method to customers.
• For companiesBanks choose whether or not to offer this product to a particular company.

Tabulated pixels can be used, for example, to:

• Custom
• A gift
• Rent between individuals
• Providing recurring services by individuals (e.g. day laborers, therapy, etc.)