Find out how receiving money through Pix can be beneficial for your business
Pix is a form of payment created in Brazil that is giving a new meaning to banking and consumer relations. Launched in November 2020, the instant payment system developed by the Central Bank already has more than 206 million keys registered. In the first week of full operation, BRL 9.3 billion were handled, in 12.2 million transactions.
According to the Central Bank, 8 out of 10 transfers are already made through Pix, leaving DOCs and TEDs – and their rates – in the background. Pix operations have an average ticket of BRL 750, with an increasing rise in P2B (person to business) transactions. According to the Mobile Time/Opinion Box panorama, 73% of Brazilians who own a Smartphone have already used Pix.
There are many reasons that make us believe that Pix is here to stay. As for the general public, there are also many advantages to Pix for business. The cost reduction that it provides and the streamlining of the payment process encourage the growth in consumption, which directly impacts the sales volume of commerce and industrial production.
Still looking for incentives or do not know how to get paid by Pix? Continue reading this article and find out 3 good reasons to adopt this payment method.
Before Pix, the retailer, whether in traditional commerce or e-commerce, had to deal with two situations that represent a real delay. When the consumer pays by credit or debit card, the shopkeeper may have to wait up to 45 days to access the money, depending on the chosen buyer.
When the customer’s choice is payment via bank slip, clearing time is shorter, but there is a greater chance that the customer will give up the purchase, as he(she) will have to leave the store environment and go to the bank to make the payment (and it takes a relatively long time, around three days, to complete this action). Meanwhile, the chosen product is reserved for the customer in the retailer’s inventory control. This practice is very common and can generate significant loss, especially on busy dates, such as Black Friday.
On the other hand, transfer by Pix is cleared on real time and works 24/7, making the transaction faster for everyone involved. With the purchase immediately approved, the delivery time also becomes shorter, which improves the customer experience. As to the retailer, it has the advantage of receiving money into the account in a few seconds and, thanks to the elimination of intermediaries from the transaction, the Pix rate is quite reduced.
One of the main barriers for digital entrepreneurs is to provide an inclusive payment option, knowing that a large portion of the population does not have a bank account or credit card. According to Locomotiva Institute, there are 45 million Brazilians in this situation. People without a bank account are predominantly belonging to classes C, D and E, but that does not mean that there is no intention and purchasing power on their part, as they handle around BRL 800 billion per year.
Fulfilling the purpose of promoting financial inclusion, the Central Bank has not restricted the use of Pix only to traditional banks. Digital banks and payment platforms, referred to as digital wallets, also offer the service. Such institutions request less documents and are less bureaucratic than banks, hence the ease in granting access to a public that large banks are unable to serve.
The Pix Key is how the account is identified, facilitating transactions by eliminating the need to share bank details. Each person can register up to 5 keys in different institutions. But what many people do not know is that it is not mandatory to register the keys to use Pix, either to send or receive money.
In other words: if you choose to include Pix as a payment method in your business, you will be able to receive transfers – which will be made via TED or DOC – from customers who chose not to register a key. In addition to using internet banking, the customer can also pay with Pix at ATMs, lotteries and bank branches.
This is a more economical alternative in relation to the issuance of slips, as the issue of registered slips (mandatory since 2018) requires the payment of fees to the bank, even if they are not paid. For the consumer, there are no significant changes in the payment process, nor losses.
AgendaBC# is a program created by the Central Bank to promote the modernization of the financial market in Brazil. Thinking of promoting inclusion, transparency and security, the program follows the transformation promoted by fintechs. Pix is the main product of AgendaBC# so far and is about to gain new features, which promise to make life easier for businesses and consumers.
Still in May, Pix Cobrança starts to operate, which will ensure that retailers and service providers can generate a QR Code that expires on a future date. Until then, the only option was immediate payment. As with a payment slip, it will be possible to include fines, interest and discounts.
In the second quarter, another novelty: with Saque Pix, the user will have the option to transfer money through the app to physical stores registered in the Pix system and make a cash withdrawal at these establishments. The transaction follows the pattern of instantaneous and free-of-charge transactions, both for the consumer and for the shopkeeper. The advantages also appear for both: individuals will have options in addition to banks and ATMs to withdraw money, while stores gain more movement.
For next year, two more changes are planned. With a launch scheduled for early 2022, Pix Garantido has already been called a “new credit card”, because consumers will have the option to pay their purchases in installments. Unlike what already happens in the scheduling function, with Pix Garantido the receiver is aware of pending payments. It is possible that there is a bank intermediating the transaction, to ensure that the retailer receives the value of the installments, including in advance. The rules for this new modality will be discussed starting in July 2021.
Making the service portfolio even more complete, it is possible that Pix will go through an internationalization process, which would extend instant payments to other countries, in addition to Brazil. The international Pix is still at the study phase, and depends on the approval of the new foreign exchange law, which is still pending before Congress.
Providing a local payment experience, like Pix, is critical to winning over Brazilian customers. Through the Bexs PayIn flow, you can access this market without having to open a local entity, receiving the value of your sales at any bank in the world. Through the PayOut solution, people and companies in Brazil receive amounts from abroad instantly with Pix. Get in touch with our experts and learn about our solutions.