Increasingly used by Brazilians, Pix celebrates 3 years of creation this Thursday (16) with 153 million registered users. The tool allowing free bank transfers has become popular among the population. Practically any product or service in the country can be paid for with Pix. Almost everywhere, establishments now accept this form of payment.
“Pix made bank transfers free and this encouraged the use of banking services among low-income populations. This population entering the banking system may have access to credit in some way. In this sense, the introduction of pics fulfills two roles. Firstly, it makes banking operations cheaper for the general public. And secondly, it popularizes banking, facilitating consumption”, says Mauro Rochlin, economist and coordinator of the MBA in Strategic and Economic Business Management at Fundação Getulio Vargas (FGV).
Years ago, fees were charged on money transfers between individuals, especially if the amount was sent from one bank to another.
“The banks had significant sources of revenue in the transfer systems, primarily TED and DOC, which were very important. And with the introduction of PICS, it is clear that these means of transfers are no longer used as before and have resulted in a significant loss of revenue for banks”, Rochlin highlighted.
However, banking institutions adapted to this time and managed to create new revenues by reducing expenses such as closing branches and providing more services to customers. Thus, even with free picks for individuals, the banks continued to make huge profits.
And this greater ease of transferring money through pix also created a new situation in the country: the reduction of physical money in circulation. There is little need for notes or coins, as any amount can be transferred through the bank’s app for free in seconds.
“The important point of reducing physical money in circulation is the possibility of tracking transactions, which can reduce informality. The costs associated with the production of cash have also declined. Finally, it can be said that with the possibility of greater traceability the financial system becomes more efficient”, is the analysis of Cristiano Mascio, CEO of Qush, a digital financial services company.
There are currently 650.7 million pix keys in the country. There are 153 million registered users, of which 92% are individuals. According to the Central Bank, which made the picks in November 2020, 60 out of every 100 transactions are made by people aged 20 to 39.
In 2023, Pix is breaking records for bank transactions, with an average of R$1 trillion per month.
According to the Central Bank, on September 6 the tool reached 152.7 million instant transfers, transferring a total of R$76 billion in just one day. BC assesses, “The figures reinforce the strong commitment of people and companies to Pix.”
picks for legal entities
Pix for legal entities works in the same way as Pix for individuals with regard to permitted transactions. The difference is that the Central Bank authorizes banks to charge transaction fees for using PICS for CNPJ. In this sense, financial institutions are responsible for defining these rates.
The rule is that accounts linked to the CNPJ can be charged for payments and receipts, as long as the purchase or sale of products and services is identified.
MEI, in case of individual micro entrepreneurs, BC does not authorize charging of fees for normal transactions. However, fees may be charged to both MEIs and individuals in cases of payment or receipt of amounts related to products or services, as they constitute commercial activity.
One of the challenges of the Central Bank is to avoid scams and frauds with pikes. News of problems comes frequently.
“The system can be improved. Security issues regarding pics should be addressed better. We hear about a series of problems regarding fraud”, warned FGV expert Mauro Rochlin.
In case of picks sent to the wrong key, BC has also implemented a way for people to try to get their money back.
“To reduce the risks related to scams, BC recently established special return mechanisms and fraud data sharing between banks, which strengthens the financial system and protects consumers. In addition, it is important that users adopt good security practices, such as not sharing passwords and using two-factor authentication, advises Cristiano Mascio.
Tips to avoid falling into scams with pics
- Before transferring or paying, verify the identity of the person requesting the pics. If you are suspicious of the message, do not complete the action. Mainly in cases of friends who are in alleged financial difficulty;
- Applications are becoming easier to use and users are becoming more inattentive, so pay close attention before clicking to confirm an operation and check all data;
- Still not in the habit of making pics? The advice here is to test with friends and family who already use the technology to practice the steps. In this case, it is advisable to ask for the money back, as this process does not involve any costs for those sending and receiving it.
- Do not click on links received by email, SMS messages, WhatsApp or social networks that lead to Pix Key registration;
- Register your PIX keys on the official channel of your bank or fintech. You can use your CPF number, telephone number, email address or other random number to generate the keys;
- Confirmation of creation of Pix key never comes through call or link. After registration, BC only sends the code via SMS or email.
- Don’t make transfers to people you know without confirming with a phone call or in person. Remember that the requester’s WhatsApp can be cloned.