Central Bank of Brazil presents QR-based instant payment platform

PIX will be available to all users across South America since November 2020

Central Bank of Brazil

Central Bank of Brazil presents QR-based instant payment platform. Source: unsplash.com

The Central Bank of Brazil revealed its plans to introduce an instant payment solution, called PIX. According to the information, the new payment platform will enable its users to carry out transactions using the QR code.

Beside, PIX will be based on the Instant Payment System, managed by the Central Bank of Brazil.

The data unveiled, PIX’s users will be able to send money 24/7 using smartphones, online banking, and ATMs. This flexibility for citizens, companies, and governments will stimulate financial services providers to deliver products that are more convenient for their customers.

In the future, the Brazilian government is expected to perform its payments through PIX as well, including income tax refunds, social benefits, grants, etc.

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