Pix Payment, the leading payment platform based in Brazil was established in 2020. Brazil’s central bank manages the platform and facilitates quick, seamless transfer and payments. With Pix Payment platform, people can complete transactions in less than ten seconds, even on weekends and holidays. The platform aims to lessen cash payments while offering substitute payment options to bank slips, Boletos and ATMS. Additionally, it allows faster, more affordable, safe, and expedient payments than conventional payment methods.
The platform is unique as it doesn’t require card issuers, schemes and card schemes, acquirers. Being an interoperable instant payment platform, Pix Payment works with all e-wallets. So, two individuals using e-wallets from different companies can transact in real-time using the platform.
Another thing is that Pix Payment operates on a database known as DICT (transactional identifier directory) to link merchant keys with all users’ transactional account details. It facilitates instant payments between different payment systems using SPI (instant payment system), a centralized infrastructure.
Benefits of using Pix Payment
Pix Payments lets online traders receive and send cash in real time. You don’t need to use intermediaries to complete your transactions. This is important since instant payments can foster improved business relationships with contractors, vendors, and suppliers who want to get paid immediately. Faster payments imply better cash flow, and this enhances business operations.
Clients can use Pix Payments at no cost to receive and send cash in real time. This process has bolstered financial access and inclusion. The platform’s complete availability implies that transfers can occur anytime, irrespective of the banks’ opening.
The payment system is helpful to people who don’t need bank accounts to process payments. They can use e-wallets or similar services from the participating bank.
All Pix payments happen in real-time. While the process is irreversible, a payee can appeal for a refund from their receiver. You can modify the transaction amount or call off the whole process if the payment has not been confirmed.
How to use Pix Payment
You need a bank account to register with Pix. Users will inform the key they want to use via online banking or a payment system. This resource facilitates a quicker identification of the delivery address of the funds.
However, you don’t have to register the key to use Pix successfully. You can receive and make payments without it. You achieve this by giving the account info to those who want to transact via Pix Payment or choosing this option rather than using TED or DOC when transferring cash.
The user chooses Pix at the checkpoint.
- The QR code is shown on the screen
- The user scans the QR code using a smartphone
- Confirm the transaction details
Users can produce a QR code or give the payee their address key to accept funds via Pix Payment. The recipient must not include the amount if the user generates a static QR code since the payee will manually add it. The recipient will consist of the amount sent if it’s a dynamic QR code.
