Pix Evolution and Implementation
SUMMARY
PRESENTATION
IDEALIZATION
EVOLUTION
NUMBERS
FUTURE
R$
Payee
(business)
INFOGRAPHIC 5
Future dated payments
Generates future dated QR Code
(either unique or batch payments)
and make it available to the payer.
It allows for including discount rules
or interest due calculations, fines
and charges.
GYA
Payer
Scans the QR code or make use of the
Pix Copy and Paste through his/her
trusted institution's app, choose the
payment future date, authenticates and
confirms the transaction.
Funds availability
Funds become available in the payee's
account on the same day and, depending
on the situation, merchants can dispatch
a selling product or write off the payment
for a service.
2.2 Future dated billing
Since July 2021, it is possible to generate billing charges with future due dates
on Pix, also allowing for the automatic calculation of any additional amounts
(such as interest, fines, discounts and rebates) applicable on the actual
payment date.
Payment of past due charges are initiated by scanning a QR Code or by entering
the corresponding code through Pix Copy and Paste. After this action, the
billing data is instantly available to the user, who can choose whether to make
the payment instantly or by scheduling the payment for a future date. If the
latter option is chosen, the payer receives information on any interest, fines,
discounts and rebates, depending on the chosen date.
The payee's benefits in using Pix for receiving payments, relative to the
traditional billing procedure, are the fees charged (typically lower) and the
elimination of deadlines for receiving funds. For payers, the main benefit is
the payment experience, which is easily initiated by scanning a QR Code or Pix
Copy and Paste, without the need to scan or type the barcode.
2.3 Security measures
Even before the beginning of Pix's development, the issue of security had
been already a fundamental pillar. With a specific thematic working group
dedicated to the topic, which brings together several experts from Brazil in
financial transaction security, Pix was built with a robust security framework.
In addition to innovating in user experience, speed and availability, Pix features
exclusive layers of protection, such as fraud markers, and solutions that are
already present in other means of payment.
Given that new types of fraud and scams frequently emerge, the BCB sees
security as a dynamic and a continuous discipline. As a result, the BCB acts
permanently to ensure the maintenance of Pix's high level of security. Action
takes place on multiple fronts, including extensive dialogue with agents
involved and with specialists in security; timely monitoring and updating
of Pix regulation and infrastructure; and user education and awareness on
cybersecurity and measures for the safe use of Pix.
Thus, in these first years of operation, new mechanisms and functionalities
were incorporated, aiming to expand the protection of the ecosystem. These
mechanisms and functionalities are detailed in the subsections below.
2.3.1 Limits on transaction values
Institutions that provide Pix must offer their customers functionalities that allow
them to consult and manage the value limits of Pix transactions. Throughout
the 2021/2022 biennium, functionalities and rules were created aiming at
improving the user experience in managing limits through applications. The
main measures are listed below:
•
•
•
mandatory availability of the Pix limit management functionality in the
apps and digital channels of participants, allowing the limits increase
and reduction requests to available by period (during the day or night),
including for Pix Withdrawal or Pix Change transactions;
definition of a minimum period of 24 hours for attending requests to
increase limits;
registration of specific counterparty's accounts with pre-defined limits;
establishment of a standard limit of R$1,000.00 for transactions between
individuals during the night (between 8pm and 6am), with the option of
offering an additional functionality that allows the Pix user to set the
night limit beginning at 10pm, according to the user's choice;
limits for individuals and merchants payees became independent from
limits on transactions with the purpose of withdrawal or change;
increase in limits for Pix Withdrawal and Pix Change, at the discretion
of each withdrawing agent, with the aim of adapting them to the limits
usually available at ATMs for traditional withdrawals; and
removal of merchants from the scope of the rules, since competition
already resolves the definition of limits for companies.
2.3.2 Precautionary blocking
Launched in November 2021, precautionary blocking allows the institution
where the individual payer maintains his account to pre-emptively block the
funds received for up to 72 hours from the credited time, in the event of a
suspected fraud, in order to carry out a more robust anti-fraud analysis. The
funds are set free only after the institution assures that the transaction is
accredited. If the fraud is confirmed, the payee's institution must return the
funds to the paying user who was the victim of the fraud.
Payer's trusted institution
proceeds with the payment on the
chosen future date.
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