Pix Forum revealed that Pix Automatico will launch in April 2024. However, the project will go through several different stages before the official launch, including a rulebook and manual publication in September 2023. The system development for the new payment modality will start in October 2023 and is expected to finalise in February 2024. Testing will be performed in March 2024, while the product launch itself will occur in April 2024.
Pix Automatico will enable recurring payments automatically, with prior authorization from the paying user. The development of the product relies on three pillars, namely safety, practicality for users (payers and recipients), and flexibility. This three-pillar approach aims to ensure the system’s compatibility with multiple business models, whether we’re talking about digital or physical establishments.
Pix Automatico was designed to be used by companies from any market segment and of any size that need periodic payments. These include public service companies, insurance companies, credit operations, schools, gyms, streaming services, and subscription clubs.
According to the Brazil Central Bank, the system will expand the range of alternatives available for all types of companies to receive their recurring payments. Pix Forum officials highlighted the way Pix Automatico will bring more competitiveness to the sector, as the model is open and can be offered to companies by any institution participating in Pix, including large banks, digital banks, cooperatives, and fintechs.
It's worth noting that Automatic Pix will be free for the payer and may be charged upon receipt by companies. The paying user will be able to leverage a series of functionalities to manage recurring payments, including the ability to set a maximum limit on the amount of the instalment to be debited.
Pix is an instant payment platform created and managed by the monetary authority of Brazil, the Central Bank of Brazil, which supports the quick execution of payments and transfers. Pix was announced in the summer of 2019 and became fully operational in November 2020.
In June 2023, Spotify Brazil announced the addition of Pix as a payment method for Spotify Premium. The expansion of Spotify’s payment offering aimed to simplify gaining access to on-demand ad-free offline music streaming in Brazil, as it allows users to pay once and recharge whenever they see fit, free of automatic renewal.
Some of Pix’s primary benefits include decreased financial costs, increased security, and improved customer experience. The system supports the digitisation of the retail payments market, and it was designed to increase market competition as well as financial inclusion.
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