The Central Bank of Brazil has decided to postpone the launch of the recurring payments feature to be added to the instant payment transaction system called Pix.
The new start of the mentioned service is scheduled for June 16 next year. The corresponding information is contained in the message of the Central Bank of Brazil, which was published last Monday, July 22.
The media recall that initially the launch of the specified function was scheduled for October of the current year.
In a statement from Brazil’s central bank released on Monday, there is no information about the reasons for the decision to launch the recurring payment service at a later date. The statement said Automatic Pix will facilitate recurring payment transactions and can be used as a payment method by companies of different sizes and in different sectors of the economy. Brazil’s financial regulator said that for the paying user, Automatic Pix will bring even more convenience by offering a frictionless recurring payment alternative. The South American country’s central bank also underlined that with prior authorization, given in the account’s secure environment by the access device itself the user will allow periodic debits automatically, without the need for authentication for each transaction. Moreover, it was noted that for the receiving user, Automatic Pix has the potential to increase efficiency, reduce the costs of collection features, and cut default.
Pix is the second most common payment method in Brazil. Credit, debit, and prepaid card transactions are the lead of the corresponding rating.
As we have reported earlier, Brazil’s Instant-Payment System Pix Expands Activity.
