The Central Bank of Brazil (BC) announced this Thursday (29) that the Pix Saque and Pix Troco services will be available from November 29th. The new products were defined by BC on August 24 at a meeting of its Collegiate Board. Pix Cashout will allow customers of any Pix participant to cashout at one of the points that offer the service. This includes merchants, shared ATM networks and other Pix participants through proprietary ATMs. In practice, to withdraw funds in cash, the client will only need to make a Pix to the withdrawal agent. According to BC, the dynamics will be similar to that of a normal Pix. In other words, it will take place from the reading of a QR Code shown to the customer or from the service provider’s application. The dynamics of Pix Trocar will be practically identical. The difference is that the withdrawal of funds can be carried out during the payment of a purchase to the establishment. In this case, the Pix is made for the total amount, that is, the purchase amount added to the withdrawal amount. Thus, the customer’s statement will show the amount corresponding to the withdrawal and the purchase amount. “The offer of the two new products on Pix’s evolutionary agenda to users of the tool is optional, and the final decision is up to commercial establishments, companies that own ATM networks and financial institutions that have their own ATMs”, informed the BC
Pix Saque and Pix Change Limits
The monetary authority also informed that there will be two maximum limits for new Pix services. During the day, the user can withdraw up to R$ 500. At night, from 8:00 pm to 6:00 am, the maximum limit for Pix Saque and Pix Troco transactions will be R$ 100. However, those offering new products will have freedom to provide lower limits to these if they deem it more appropriate. As the BC highlighted, the adoption of Pix Saque and Pix Troco will benefit society as a whole. This includes citizens, small shopkeepers and commercial establishments in general. Citizens will have more alternatives made available by Pix and more options for accessing physical money. After all, withdrawals can be made in various places such as bakeries, department stores, supermarkets. The BC also highlighted that there will be no fees charged to individuals (including MEI) for up to eight monthly transactions. For the commerce that makes the service available, the operations will represent the receipt of a fee of R$ 0.25 to R$ 0.95. This fee will be paid by the institution of the withdrawing user and will vary depending on the negotiation between the parties.
Benefits of Pix Saque and Pix Troco
The offer of the service, according to BC, will reduce the costs of establishments with cash management. At the same time, it will enable merchants to gain more visibility for their products and services. For the National Financial System, the improvements represent an incentive to digitize and reduce operating costs. Furthermore, they encourage competition by facilitating the offer of withdrawal services by fintechs and digital institutions. “With the adoption of Pix Saque and Pix Troco, the Central Bank hopes to continue to encourage the digitization of society in the financial and payment systems, as foreseen in the BC# Agenda, in its competitiveness dimension”, concluded the BC. Also Read: Binance Announces Integration with Ronin Network and Axie Infinitiy Fees May Fall Read Also: Low Digital Real Cost Will Increase Payment Efficiency; says senator Read also: El Salvador will store official documents in the Algorand blockchain
