Brazil Introduces Convenient Installment Payments for Pix Transactions
Since its launch in late 2020, the central bank-run Pix payment system has rapidly emerged as the most favored payment method in Brazil. This innovative platform is set to expand its offerings with the introduction of the new ‘Pix Parcelado’ feature in September, catering to both consumers and merchants.
What’s New with Pix Parcelado?
The upcoming Pix Parcelado feature will allow payers to opt for installment payments while ensuring that merchants receive the full amount immediately. This enhancement aims to provide greater flexibility in transactions, making it even more appealing to users.
Recent Enhancements to the Pix System
In addition to the new installment feature, the central bank recently introduced contactless functionality to Pix. This allows shoppers to complete their purchases simply by tapping their phone, streamlining the payment process. The integration is made possible by connecting users’ digital wallets with their bank accounts through Open Finance’s APIs.
Central Bank’s CBDC Pilot Report
In a separate initiative, the central bank has released a report detailing the first phase of its Central Bank Digital Currency (CBDC) pilot. This initial phase focused on testing privacy and programmability features by implementing a specific use case: a delivery versus payment protocol for federal government bonds exchanged between clients of different institutions.
Advancements in CBDC Testing
The second phase of the CBDC pilot is currently underway, with 13 financial services being evaluated to address real economic challenges, such as facilitating car purchases. These services will leverage smart contracts developed by the platform’s participants.
According to the central bank, “The pilot has proven to be technologically challenging, and the second phase will require more intensive monitoring than anticipated.”
Conclusion
With its innovative features and ongoing developments, the Pix payment system continues to reshape the financial landscape in Brazil. As it evolves, users can expect even more convenient and efficient ways to manage their transactions.
