Spearheaded by the Brazilian Central Bank, Pix’s launch is an example of how innovation can accelerate financial inclusion and create new consumer segments in a country’s economy.
Do you have a cell phone? Great. That’s pretty much all you need today to make a payment using Pix, the Brazilian instant payment method that has been widely adopted in the country, especially for smaller amounts and everyday transactions. Pix is now in the daily lives of self-employed workers, such as electricians or daily maids, and even small businesses, such as grocery stores or neighborhood beauty salons, who started to adopt Pix. After all, besides the convenience of having to carry a payment terminal, with Pix they didn’t need to worry about transaction fees.
Pix payment happens in a very simple way: one has just to inform a Pix key — which can be a phone number, the equivalent of an ITIN (Individual Taxpayer Identification Number) or an FTIN (Federal Taxpayer Identification Number), an email, or even a QR Code — and indicate the amount to be paid. In a matter of seconds, the payer makes the transfer and the amount is instantly deposited into the recipient’s account.
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