Central Bank of Brazil regulates PIX payment initiation service

Friday 23 July 2021 12:31 CET | News

The Central Bank of Brazil has announced that it will incorporate a payment initiation service into its central bank-backed real-time payment system PIX.

Currently, PIX Transactions can be made at ATMs and via internet banking. Usually, the transaction is PIX When BrazilCentral bank etc. Nubank, Major banks Itau, Banco do brasil, Bradesco And like an e-wallet PicPay And Mercado libre, for example.

To send money to another person, the customer logs in to the financial institution’s app, PIX option.From there, the user goes to PIX Institutional in-app environment. Here, you select the payment method by so-called input. PIX key Manual, QR code, or “PIX Copy and paste “(QR code for smartphones that cannot read images).

The central bank, along with payment initiators, wants to reduce friction and reduce payment procedures by making the e-commerce shop itself the payment starter, PIX Transactions within the app. It also increases merchant retention and reduces the likelihood that users will abandon transactions in the middle of the process, according to the official explanations offered by the Central Bank. Merchants can also partner with payment starters.

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Keywords: central bank, PIX, instant payments, real-time payments, online payments
Categories: Payments & Commerce | Online Payments
Countries: Brazil
This article is part of category

Payments & Commerce