Brazil’s Central Bank plans to launch Pix Saque and Pix Troco in August 2021

RIO DE JANEIRO, BRAZIL – Through the new services, Pix users will be able to withdraw funds and receive change at commercial establishments or service providers.

The Central Bank’s Competition and Financial Market Structure Department deputy chief, Carlos Eduardo Brandt, said on Monday, May 10th, that two new features of Pix – the Brazilian instant payment system – should be launched in August this year: Pix Saque and Pix Troco. The Central Bank on Monday submitted the rules for the two services for public consultation.

Through the new services, Pix users will be able to withdraw funds at commercial establishments or service providers, which expands the options to bank branches and ATMs.

According to the Central Bank, through Pix Saque, users will be able to withdraw funds from their bank accounts irrespective of any commercial transaction with the establishment. In practice, it will work as a simple withdrawal, similar to that performed at ATMs.

On the other hand, Pix Troco will be associated with the purchase of a product or service. When paying through Pix, users can anticipate “change” in cash and withdraw the money.

The public consultation foresees a maximum daily withdrawal limit of R$500. Each user will have 4 free withdrawals per month. After the 5th transaction, the financial or payment institutions holding the user’s account will be allowed to charge a fee per transaction.

Until June 9th, the institution will be accepting suggestions online for public consultation, including suggestions related to the proposed limits.

Brandt further stated that the Pix schedule foresees the launch of more services in 2021 and 2022.

“In a few days the Pix Cobrança com Vencimento (Billing with Due Date) will be launched. By the end of the year, there will be the Pix payment initiator, which will be part of the Open Banking project,” Brandt said, in reference to the system for sharing customer data between financial institutions. “Pix por Aproximação [Contactless Pix] will come by the end of the year as well.”

Another of the Central Bank’s goals is to allow the use of Pix in situations where one of the two parties (payer or recipient), or even both parties, have no internet connection. “Today, to run Pix, both parties need to be online. We will have the offline QR Code, where one end is offline. And even the double offline. Pix will also feature this option of payment while both are offline. This will be launched by the end of the year or early next year,” he said.

Pix Garantido {which guarantees installment payments) and automatic debit on Pix, on the other hand, will be released in the second half of 2022, according to Brandt.