The instant payment system, called pix, was launched in 2020 and revolutionized the modality, due to its speed of processing and all the practicality involving the system, which made it considered one of the biggest launches in the financial history of the country.
Read more: Brazilian federal bodies are already accepting fee payments on Pix
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Since then, several records have been broken, and Pix became the 2nd largest means of payment in Brazil, surpassing cash and cards, for example. Since 2020, there have been numerous changes to the system, including the implementation of a limit per transaction. This measure divided opinion at the time it was enacted.
However, according to the Central Bank, as of January 2, 2023, the limit per transaction will no longer exist, being maintained only between periods, the daytime from 6:00 am to 8:00 pm and the nighttime between 8:00 pm and 6 am.
The main benefit of this change is that people will be able to transfer their entire limit in just one transaction, or make the Pix several times, being completely free to choose how they want to carry out their operations.
In addition to this first measure, the BC also announced an increase in the limit for withdrawing money through the Pix Loot and Pix Troco modalities. Instead of BRL 500 as it used to be, the values will be up to BRL 3,000 during the day, and will go from BRL 100 to BRL 1,000 at night.
For limit customization, the rules remain the same. On the financial institutions side, they will have between 24 and 48 hours to accept requests for increased limits, and for reductions, requests must be accepted immediately.
The Central Bank reported, through a note, that the new determinations aim to simplify the Pix system, also seeking to improve user journeys when using the means of payment, without neglecting the high level of security.
With regard to the Pix Loot and Pix Troco modalities, the focus is on making the system equal to withdrawals made in the traditional way through ATMs.
Regarding retirement and pensions, the BC will also make changes, together with the government, which is responsible for paying benefits and salaries. That way, payments to civil servants, retirees and pensioners can be made through Pix.
As for other regulations provided for by Bacen, each financial institution will be responsible for defining its limits for transactions if the final destinations are companies, also going through the customization of schedules optional.
Generally speaking, the new norms will be implemented from January 2nd, but some types of adjustments, such as limit management through apps, will only be valid from July 3, 2023.
In 2022, Pix became the most used means of payment by Brazilians, due to its ease of use and the fact that that transactions are carried out instantly, in addition to the possibility of programming the operation for other dates.
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