The Central Bank (BC) announced that it is structuring the Automatic PIX function and that the modality will be able to make payments for services, such as electricity, gas and streaming platforms.
The news was announced this Wednesday (21), at the PIX Forum, the Permanent Advisory Committee that controls and optimizes the Central Bank's instant payment service.
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The new payment function is more accessible to the population and has lower costs than transactions made on the direct debit. In addition, companies from any commercial area will be able to request the new product. The new PIX will be available in April 2024.
What is Automatic Pix?
Pix Automático is a new BC product that will offer the possibility of recurring payments for services such as water, gas, electricity, streaming services, signature clubs, among other payments that are frequently made by people.
The main motivations of the Central Bank to develop the means of payment were: security, practicality and flexibility in the relations between payers and recipients.
Currently, periodic payments are already made via automatic debit or registration credit cards and debit. However, BC reported that the new PIX Automatic offers more access to the population that does not use cards, in addition to having less operational complexity than automatic debit.
The official statement from the Central Bank reinforces that “automatic debit, for example, depends on bilateral agreements with multiple institutions, generating operational complexity and high costs, which restricts the service to large companies, generally providers of public services".
Thus, the BC's Automatic PIX offers practicality and transparency in periodic financial transactions. Another benefit of the service is that small and medium-sized companies will be able to take advantage of the payment method.
To activate the service, the customer will need to previously authorize the Automatic PIX for payments to be made. According to the official schedule, the rules for the product will be defined and published by September 2023, while the launch is scheduled for April 2024.