From now on, there is no escape. The only talk is about the coming of PIX, and the impact the payment method, created by the Central Bank of Brazil, will have on Individuals as well as businesses. The bureaucracy involved in financial transactions is about to undergo a revolution.
From November this year, sending money to suppliers, freelancers, third parties, and business partners will be totally different - and much better. We have prepared this text with the basics you need to know about PIX to help you understand the situation. We also discuss how the solution will make life easier for those who make bulk payments with support from WePayOut.
What is PIX, and what are the advantages?
PIX is the ultimate way to handle payments in Brazil. It is an electronic payment system that works 24 hours a day, seven days a week, including weekends and holidays. The transactions are accomplished almost instantly (in up to 10 seconds) and done using the keys created for one of the following information:
- Individual Taxpayer ID (CPF)
- Corporate Taxpayer ID (CNPJ)
- Mobile phone number
- Address keys
PIX is part of SPB (Brazilian Payment System), the Brazilian Central Bank's (Bacen) Instant Payment System. It was announced, in 2018, by the Communiqué No. 32.927 and updated by the Communiqué No. 34.085, in 2019. But, for end-users, it will be officially available from 16 November 2020.
One of PIX's principal objectives is to eliminate the need for people to possess physical money. It means that it will be possible to make payments in establishments with just a digital wallet and a QR Code.
Furthermore, the system proposes a significant reduction in the cost of transfers. Many banks will even allow transactions for free.
Do you remember the long waiting time for the money to be credited to the beneficiary's account? The headaches caused by having the wrong account number when transferring? Or the fear of discovering you lost the money in your pocket? All this tends to change over time.
PIX and payment to third parties
- If you make bulk payments to third parties, the solution already promises to improve your day-to-day. After all:
- The need to have the bank details of each recipient is eliminated;
- The risk of mistakes concerning transfers and reworking with rejected transactions decreases;
- Transactions and payment confirmation occur on any day with the same processing speed, including weekends and holidays;
- Payments will be instantly available to the beneficiaries’ account, regardless of the time the transaction made;
- The cost to transfer money tends to decrease.
What changes for WePayOut customers?
For WePayOut users, the change is even more striking. The fintech will be an official participant of the Brazilian Payment System (SPB) and will provide all the advantages proposed by PIX. But it goes beyond. WePayOut offers a range of services combining the credibility of a sound financial institution with the flexibility of new technologies.
To begin with, WePayOut allows for transfers to be made to more than one beneficiary at the same time through efficient and safe automation.
Transactions are handled through API integration or a user-friendly dashboard. Confirmation of the successful transactions is sent at the exact moment the system recognizes the payment - that is, within 10 seconds.
Also, the operations environment, approved by the Central Bank of Brazil (Bacen), guarantees additional safety to the process. Furthermore, it counts on the support of the Bank to review the transactions and avoid fraud.
Besides, the entire WePayOut team is prepared for PIX. Our technology, support, operations, and conciliation teams are ready to relate to instant payments 24 hours a day, seven days a week. We look forward to this innovation!
If you want to know more about WePayOut, click here or register below to schedule a presentation: