Brazil's central bank launches instant payments

Thursday 20 February 2020 10:18 CET | News

The Central Bank of Brazil has announced it plans to launch an instant payments platform, called PIX, in November 2020.

The central bank said that it will launch a new way of making payments and transfers in Brazil using QR code technology, available to the entire population later this year. The users of PIX will be able to transfer money 24 hours a day, seven days a week, by mobile, internet banking or through ATMs, between people, companies and the government.

PIX also aims to make it easier to carry out transactions by scanning QR codes and using identification such as phone numbers and email, and national identification numbers CPF and CNPJ. The data, called ‘keys’, will enable the payments, which are credited instantly.

In a statement, the central bank said that the existence of a unique brand is essential for users (payers and recipients) to clearly identify this new way of making payments and transfers. The visual identity will facilitate the understanding and adoption of the tool.

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Keywords: PIX, Brazil Central Bank, QR code, QR payments, instant payments, Faster Payments, payment transfer, Brazil, LATAM, bank
Categories: Banking & Fintech
Countries: Brazil
This article is part of category

Banking & Fintech