Brazil’s PIX instant payment system can soon be used in messaging applications and online shopping

RIO DE JANEIRO, BRAZIL – Brazil’s Central Bank (BC), in its rapid transformation process into a tech company, today announced an update to expand the use of its home-grown, popular PIX instant payment system. With the changes, it will be possible to make transfers through messaging applications and social networks, as well as pay for purchases over the Internet.

To this end, a BC decision announced today regulates the rules for financial institutions participating in the Open Banking (Data Sharing System). Only these institutions will be able to offer the new services. The technical requirements and operational procedures for sharing the PIX payment initiation service have been defined.

The so-called initiation occurs when the institution performing the payment transaction with PIX is different from the bank holding the paying user’s account. In other words, the user can make the payment through another application that is not that of his bank where the account with the PIX key was registered.

The service, which is a new modality for instant payments on PIX, is expected to go live from August 30.

NEWS

The service will allow the movement of bank accounts from different platforms, and not only through the bank’s app or website. That is, with the update it will be possible to make a payment with PIX through the service of other institutions.

The new features also include the ability to make a transfer through applications such as messaging or even social networks.

Another possible use may occur in payments for online purchases. With the new modality, the person who buys a product over the Internet can be automatically directed to the payment screen of the transaction in the bank’s application. In this case, once the transaction is completed, the customer is automatically redirected back to the online store or application.

The BC resolution updates the PIX rules and specifies that the changes will be gradual so that institutions have sufficient time to adapt their systems for each of the ways in which payments can be initiated by PIX: manual entry, PIX button, static and dynamic QR code, and directly with the recipient’s data.

Only institutions approved by the central bank may assume the role of PIX initiators. And the user must authorize the sharing of data.

LatAm Markets: Live Signals → — real-time movers, turnover leaders and FX across Latin America.