The Central Bank of Brazil (Banco Central do Brasil) is planning to launch an instant payments platform, called PIX, according to media reports.
The instant payment platform, to be launched by the Central Bank of Brazil, is called Pix and will go online on November 2020.
By using Pix, users will be able to transfer money anytime and with the help of their mobile, internet banking or through ATMs, between people, companies and the government. Users will also be able to carry out financial transactions by scanning QR codes and using identifications such as phone numbers and emails.
With regard to the instant payment platform, the central bank of Brazil said in a statement “The existence of a unique brand is essential for users (payers and recipients) to clearly identify this new way of making payments and transfers. The visual identity will facilitate the understanding and adoption of the tool.”
“Pix, set in an open, competitive and secure environment, can support the process of making payments digital and electronic, increase efficiency in the retail payments market and facilitate the development of solutions focused on the customer experience.”
Recently, Central Bank of Brazil President Roberto Campos Neto unveiled the new payments platform, showing use cases where consumers could use the platform to make payments in departmental stores, make transfers, donation, as well as pay utility bills and taxes.
He also revealed that PIX is being developed to counter new digital payment methods such as cryptocurrencies. He added that Pix will help cut costs by reducing the need for physical money and help the Brazilian economy go cashless.