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Brazil’s Central Bank limits Pix options for night-time period transactions

RIO DE JANEIRO, BRAZIL – The Central Bank (BC) has limited the options for defining the night time limit to use Pix, the instant payment system.

The change was published on Monday, November 22, in the Federal Gazette. At the user’s request, “the night time slot may include the period between 10 PM and 6 AM,” says the published normative instruction.

The night time limit value may still be changed at the customer’s request through electronic service channels. (photo internet reproduction)

The limit of R$1,000 (US$179) for transfers and payments made by individuals from 8 PM to 6 AM has been in force since October 4. But until yesterday, at the user’s request, the night-time permitted period could be started between 8 PM and 11:59 PM.

The limit on transfers and payments was one of the measures announced by the Central Bank to improve the security of Pix and reduce the systems’ vulnerability to criminal actions, such as kidnappings.

The value of the night-time limit may still be changed at the customer’s request, through electronic service channels. However, the financial institution must establish a minimum period of 24 hours for the change to become effective.

There is no restriction on transfers and payments to or from companies during these hours, only between individuals and MEIs (Individual Microentrepreneurs).

According to the Central Bank, banks must offer their clients the option to previously register accounts that may receive transfers above the established limits.

The inclusion of the night time starting period definition “must be implemented by all Pix partners by July 29, 2022.”

Pix completed one year this month with improvements and new pledges for the future. The system designed to expedite refunds to users who are victims of fraud or operational failure of financial institutions has come into force.

Pix Saque and Pix Troco, which will allow customers to make payments for products and services and receive change or make cash withdrawals in accredited retail stores, will be launched at the end of this month. The option of instant Pix payments for purchases in other countries is planned for the medium term.

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