PIX transfer limit must be at least half of TED, says Central Bank
From Monday (5) it will be possible to register to use Pix, the new system of payments and instant transfers, free for individuals. Users will be able to register from one to five keys associated with a bank account that will allow them to use the new system more quickly and directly. With the key it is possible to locate the payment recipient without other identification data. Transactions can be made by mobile phone banking and payment applications or by internet banking on computers.
The key can be used by the CPF, the CNPJ, the mobile phone number, the e-mail address or a 32 digit code generated specifically for Pix (EVP). Simply enter the key of the beneficiary and the system will locate the beneficiary of the payment and perform the transaction. If you do not have a key, you will need to pass on your bank details to the other party involved in the transaction.
Transactions made by the system will be cleared instantly. Only in cases where fraud is suspected may payments or transfers take up to 30 minutes to be verified.
The EVP code will allow the generation of QR Code barcodes, which can be read by a mobile camera to make payments. The codes can be fixed, with the same sales value (in single price locations), or variable, being created for each sale.
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The values that can be traded by the new system will vary according to the profile of each customer, in the same way as with other banking services. The limits vary from at least 50% of the value of TED-type transfers to the value authorised for debit purchases, according to Central Bank regulations.
The limits will vary according to the day of the week and the time at which the service is used. However, Pix will operate 24 hours a day, seven days a week.
Start of operation
The system will come into operation, in an experimental phase, from 3 November. At this stage, it will operate only for a small number of customers and in a limited time. The criteria that have determined how users will be chosen in this experimental phase have not yet been defined.
The system will be open to the entire population as of 16 November.
Revenues from banks
Although the new system partly replaces transfers with DOC and TED, the Brazilian Federation of Banks does not expect a drop in the revenues of financial institutions. The banks‘ assessment is that a large part (60%) of individual accounts already have tariff exemptions. In addition, there is significant spending on logistics to ensure the distribution of money at branches and ATMs, which can be reduced if there is good adherence to the new platform.
The entity’s estimate is that banks will spend R$10 billion per year on logistics alone, which has to be taken by air to some locations. This amount does not take into account the amounts paid with security measures.
The banks expect to increase the number of people with bank accounts from this new service.