PIX, a tool for instant payments already under development by the Central Bank (BC), should promote a revolution in the Brazilian financial system as of November. And its developments can go beyond the potential facilities for customers when making transactions.
Among other advances, the first version of PIX will allow transactions between people, companies and the government in up to 10 seconds — 24 hours a day, seven days a week. The facility will also extend to the payment of federal fees, such as passport issuance guides.
The time to complete each operation should take a maximum of 10 seconds, according to the Central Bank. The expectation, however, is that ordinary transactions will be cleared in an even shorter interval of just 2 seconds.
Future updates of the system will include making payments by approximation, charging fees and public taxes in general, among other transactions.
It is worth remembering that the Central Bank determined the mandatory participation in the PIX of all financial and payment institutions that have more than 500 thousand active accounts. This cut includes about 30 institutions that represent more than 90% of the transacted accounts offered in Brazil.
The idea of the national monetary authority with such a measure is to ensure that the same system is adopted by all relevant actors in the Brazilian financial system.
Opportunity for fintechs
This standardization generated by the PIX is part of the BC's intention to create a more open, competitive and innovative environment in the Brazilian market. That is, whoever best adapts to it will reap the best fruits.
The composition generated tends to benefit fintechs, which have leaner formats and are adaptable to major technological changes. The arrival of the instant payment model should facilitate the entry of new players in the system, breaking the concentration that still prevails in the market today.
“It is a great opportunity for fintechs, which were already born digital and have a more consumer-oriented view than large banks, which were designed with another focus on the product. And that is difficult to change, it implies changing structures ”, comments Alexandre Pinto, new business director at Matera, a technology company for the financial market.
This view is shared by Bruno Diniz, professor of fintechs at FGV (Fundação Getulio Vargas). “(PIX) It is a developer for fintechs that are already part of this payment system, offering solutions. It can be an important entry point for new actors ”.
Author of the recently launched book “O Fênecheno Fintech”, which summarizes the transformations generated by these companies worldwide, Diniz also believes that other actors will be preponderant for the popularization of PIX, in addition to financial institutions.
“For traders, the resource will arrive on time. Even in their own interest, there will be a boost in use (of PIX). And that merchant can help the consumer to use this payment method ”.
International vanguard and fight against corruption
For the experts heard by the report, the implementation of instant payments places Brazil on the same level as the development of other major world economies.
“I think it is in line with several countries. Brazil is already following a model with its own infrastructure ”, highlights Diniz.
Alexandre also mentions that transferring money online, regardless of time, is still a rare model in the world. “Even in other countries, online transfers happen during the day. I would say that Brazil is ahead of countries like the United States, Canada and others in Europe ”.
Another expectation is that the use of PIX will progressively decrease the use of physical means, such as paper money and plastic credit cards, reducing the costs of the national financial system.
This reduction, according to Alexandre, should also contribute to the fight against financial crimes in the long term.
“We are going to move towards this, the operating cost will decrease. And if you eliminate paper money it will also make life difficult for money laundering and those who make money illicitly. In addition to the benefits for the economy, I see a very relevant benefit in combating corruption, money laundering ”.
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