Pix is due to be implemented in November and should cut red tape from bank transactions.
Pix, a new payment system developed by the Central Bank that is due to go live in November this year, promises to revolutionize the way we handle bank transactions. The main features of this feature are the instant receipt of money (less than ten seconds) and availability – 24 hours a day, seven days a week.
In addition to appearing as an “unfair competitor” to the already known TED and DOC, can the new form of payment make physical money even more out of date?
According to Dane Avanzi, a lawyer specializing in telecommunications and director of the Avanzi Group, Pix can catalyze the process, but it is not just today that digital solutions are preferred by Brazilians: “Pix is ??just another step towards the future and to trends that were already proving impossible to retreat ”.
Transformation will not be immediate
Although it does not end with the physical money immediately, the implementation should contribute to the obsolescence of the physical note, a trend that has been observed in recent years.
“The public, especially the youngest, has adhered to payments by digital means because they are more practical, agile, secure, and at a more affordable price. Already part of the more conservative public, they should join in a second moment, after feeling confident in the system. I consider this type of initiative to be an irreversible trend ”, says Dane Avanzi.
Another factor that prevents the extinction of physical money is the high number of Brazilians without access to any type of bank account. According to IBGE (Brazilian Institute of Geography and Statistics), Brazil has more than 60 million people in this situation.
“They are adults who move capital in the economy, but they don’t have a checking account, savings account or any type of card. In addition, it must be taken into account that not the entire population wants a digital bank or digital forms of payment. A significant portion still leaves home to pay bills, make transfers and prefers physical money to leaving everything in the account. ”
Security and fraud protection
It is true that the new system comes to reduce bureaucracy and bring more agility to the Brazilian financial system, but for innovation to be safe, says Avanzi, care must be both institutional and users.
“On the part of organizations, it will be necessary to reinforce some layers of protection against fraud, invasions and attacks. As for the consumer, it will be necessary to increase protection in relation to the connection, adopt the use of antivirus in electronic devices (notebooks, cell phones and ipads) and good practices to avoid falling into scams ”, he explains.
Implementation time: too short?
Some companies have negatively commented on the implementation of Pix as early as the end of 2020. They claim that significant adaptations will be necessary, especially in relation to user security, making the launch on November 16 unviable. Thus, they propose to extend the calendar to August 2021.
On the matter, Avanzi says that companies need to seek to meet customer expectations as soon as possible. “It is as if many banks are trying to stop a wave: once formed, it is a fact that it will break – you can surf or be dragged by it”, he concludes.
Listen to the full interview below: