Pix by approximation has already started to operate in a few financial institutions. With this payment method, users can use smartphones and smartwatches without needing to open the bank app, scan a QR code, or enter the recipient’s key. Simply bring the phone or smartwatch close to the payment terminal or carry out the transaction between two enabled phones. Under the coordination of the Central Bank, Pix by approximation is scheduled to be tested by all banks starting November 14 of this year and should be available to all customers by February 28, 2025.
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Already Available in Some Institutions
Some institutions, however, have anticipated this rollout and have already started to offer it. Among banks, C6 is currently the only one offering this functionality to all its customers. In the acquirer segment, only Rede, from Itaú, has enabled all its machines to accept the new payment method. PicPay and Itaú Unibanco, meanwhile, began offering it this month and estimate that all account holders will have access by the end of November.
How It Works To Use
Users need to link their bank account to a digital wallet authorized by the Central Bank. In addition to traditional NFC (near-field communication) encryption, customers will confirm payments through a password or biometric key (such as a fingerprint or facial recognition).
Purpose of the New System
The Central Bank aims to streamline the payment process, which currently requires QR code scanning and entering keys, involving multiple steps within the bank app. In the new system, users register their selected accounts in the digital wallet, which initiates the Pix transaction directly, eliminating the need to open the bank app or make a manual transaction.
Benefits for Customers
The introduction of Pix by approximation seeks to simplify and speed up electronic payments in Brazil, offering users greater convenience and faster transactions. With implementation on mobile devices and the possibility of contactless transactions, the new method is expected to become a practical alternative for daily payments, especially in situations that require agility and security. Biometric and password confirmations enhance transaction security, preventing fraud.
Impact on the Payment Market
The launch of Pix by Approximation represents a significant step forward in the digital payments market, aligning Brazil with a global trend of using contactless payment methods. This new feature has the potential to further increase Pix adoption and reduce reliance on physical cards and cash.
Analysis:
Pix has brought significant advantages to the Brazilian financial system, providing instant transfers and payments, available 24 hours a day, 7 days a week. Unlike traditional methods, which only operate during business hours and may take hours or even days to process, Pix allows money to be transferred in a matter of seconds at no additional cost to individuals. Furthermore, its ease of use and security have increased the adoption of the service, helping to popularize electronic payments across various sectors, including small businesses and informal establishments.
With the arrival of Pix by approximation, this convenience is enhanced, offering an even faster and simpler alternative. By eliminating the need to open the bank app or scan a QR Code, it enables transactions to be completed simply by bringing the device close to the payment terminal, similar to how contactless credit cards work. This method makes payments quicker, particularly in high-turnover contexts such as retail and public transportation. The combination of speed and security promises to further consolidate the use of Pix in Brazil, accelerating the digitalization of financial transactions and reducing dependence on cash.
