Do you know what Pix is? This is a new form of payment that the Central Bank developed and announced in February, and which will start operating in November 2020.
Less bureaucratic and more agile than the boleto, Pix can further accelerate e-commerce in Brazil. Want to know how? Of course I do. Well then, read on and check it out!
HOW DOES PIX WORK?
Pix is an instant payment system created by the Central Bank of Brazil. It's a feature that allows payments and money transfers to be made in just 10 seconds via mobile banking apps.
It is worth mentioning that the transfer of values is done without the intermediation of third parties. That is, if a customer uses Pix to pay for a purchase on your online store, the money goes straight to your account in the same minute. Thus, the parties are free from the acquiring and sub-acquiring companies and their fees.
The instant payment method is offered to users of checking and savings accounts by banks and financial institutions such as fintechs, for example. To register, users need to create a key, which can be their e-mail address, CPF, their own telephone number or a random number.
The key is your Pix account address. With it you can receive payments. For example, in e-commerce, just send your Pix key via QR Code to the customer so that he can transfer the value of a purchase immediately to his account.
In mobile applications, the resource is available alongside other options such as TED and DOC. In other words, it will be an alternative for payments and receipts.
Pix can be used between ordinary people, commercial people and establishments, between establishments and by government institutions. It is important to mention, however, that both the payer and the recipient need to have a bank account or digital wallet to use the feature.
ADVANTAGES
The main advantages of Pix are:
- Availability 24 hours a day, every day of the year;
- Transactions in less than 10 seconds;
- Free for individuals.
As you can see, Pix offers faster transactions. It also reduces their costs. In addition, it facilitates the payment of bills, transfers of values and even the collection of taxes. With it, it is possible to make payments in physical establishments and also online, that is, in e-commerce.
WILL IT BE THE END OF THE BOLETO IN E-COMMERCE?
With the arrival of Pix, the tendency is for boleto, TED and DOC to fall into disuse. However, these alternatives will not come to an easy end. It's just that most Brazilians don't even have a bank account or digital wallet, and for them Pix is unfeasible.
Thus, many people in Brazil will continue to use the bank slip to pay for purchases made in e-commerce for a long time. Therefore, virtual stores like yours should continue to make the boleto available as an alternative alongside other means of payment.
However, Pix will change a lot. As payment will be faster, customers expect deliveries to be as well. Therefore, you may need to review your delivery policies. Keep an eye on it and make any necessary optimizations.
As soon as you can, also click on " What is a payment gateway ?" and learn about the technology that enables commercial transactions in e-commerce.
