Pix evolution: what changed with the instant payment system

With the emergence of Pix, the instant payment system in Brazil, many doubts arose about how it works and what benefits this new technology could bring. Since its launch in November 2020, Pix has been...
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With the emergence of Pix, the instant payment system in Brazil, many doubts arose about how it works and what benefits this new technology could bring. Since its launch in November 2020, Pix has been evolving and becoming increasingly popular among consumers and businesses. In this article, we will answer three important questions about the evolution of Pix and how it has been changing the way we carry out financial transactions.

What are the main changes brought about by Pix?

Pix has brought about several changes to the Brazilian financial market, including:

  • Instant payments: Pix allows money to be transferred in real-time, 24 hours a day, 7 days a week, including weekends and holidays.
  • Cost reduction: Pix is cheaper than other forms of payment, such as traditional bank transfers and credit and debit card machines.
  • Greater convenience: With Pix, it is not necessary to enter bank details for each transaction, as you only need to register the information once and use the system whenever necessary.
  • Security: Pix is a secure way to carry out financial transactions, as it uses end-to-end encryption and two-factor authentication.

How has Pix impacted businesses?

Pix has had a positive impact on businesses in various sectors, offering a more practical and cheaper way to receive payments. Some of the advantages of Pix for businesses are:

  • Advanced security: Due to its ability to bypass the use of cards and passwords on third-party devices and its cutting-edge security mechanism developed by the Central Bank of Brazil, PIX has become one of the safest options for transactions. This significantly reduces the risk of fraud and protects both merchants and customers alike.
  • Increased efficiency: Pix allows businesses to receive payments more quickly, without having to wait for days for money to enter their account.
  • Improved customer experience: With Pix, customers have a more practical and faster way to make payments, which improves their experience with the company.
  • Increased sales: Pix allows businesses to expand their payment options, resulting in a potential sales boost. According to a survey conducted by the National Confederation of Shopkeepers (CNDL) and Credit Protection Service (SPC Brasil), 62% of Brazilians prefer to use Pix as their payment method of choice. This widespread acceptance of Pix among consumers provides a significant opportunity for businesses to attract more customers and drive revenue growth.

What are the perspectives for the future of Pix?

The perspectives for the future of Pix are quite promising, as the system has been constantly evolving since its launch. Some of the trends for Pix in the coming years are:

  • Integration with other technologies: Pix can be integrated with other technologies, such as artificial intelligence and blockchain, to further improve the efficiency and security of the system.
  • Expansion to other countries: The success of Pix in Brazil could lead to its expansion to other countries in Latin America and the world.
  • Increased service offerings: Pix can offer more services, such as bill payment, loans, investments, and insurance, expanding even further the possibilities for using the system.

In conclusion, Pix has undoubtedly transformed the way we handle financial transactions in Brazil, bringing greater security and ease of use to consumers and businesses alike. However, it’s important to note that the market for instant payments is rapidly evolving, and new solutions are emerging to complement Pix’s functionalities. 

WEpayments is a Payment Institution (PI) authorized by the Central Bank of Brazil and can act as an issuer of electronic money and Payment Initiation Service Provider (PISP). This allows us to be in a solid position in the market and as one of the best payment partners in the Brazilian market. We guarantee controlled and transparent transactions, financial statements, customer service, and all the governance standards required by the Central Bank. All this set of regulations, together with the Central Bank, provides even further legal certainty for all our clients.

If you have any questions about our solutions using PIX, please contact us. Our payment experts are on hand to help you.

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