What is Pix and How Does It Work? Know Everything! - News Geek

What is Pix and How Does It Work? Know Everything!

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Yesterday, the newest instant bank transfer system debuted in Brazil, yes, I'm talking about Pix, but do you know how it works? In case you don't know what Pix is and how it works, this article is for you, let's kill curiosity right now?

As I said in the first paragraph, Pix's debut took place yesterday and it's already been a tremendous success among Brazilians. Roberto Campos Neto, who is the president of the Central Bank of Brazil, went public today and said that this first day has been a spectacle.

The numbers in this Pix debut were really high, there were more than 1 million transactions just in the first 24 hours of operation. But the most incredible thing is not even this number of transactions, but the total amount that was moved, about R$ 777.3 million. Amazingly, the average per transaction was an incredible R$ 773.43.

What is Pix?

Pix, news geek
Photo: Playback/Pix

Pix is nothing more than a new system of payments and electronic transfers between the same or different banks. It comes to replace the so traditional TEDs and DOCs and in a better way, at least until now. It is being much faster than a TED and another advantage is that its service is completely free.

Despite starting to work yesterday, which was 11/16/2020, this new system had been presented by the Central Bank in February this year. I remember earlier that I said that it's very fast, but I hadn't said how long a transaction takes. To drop from one account to another, this time is usually just 10 seconds.

Another idea that goes around Pix is that it will also have a withdrawal function, but what do you mean? The idea is for users to make a transfer to the company and receive the money instantly in cash. This is in an establishment such as a clothing store or the corner market.

How does Pix work?

So, I've already talked about what Pix is, now it's time to talk about how it works. At first, you will have to create your Pix Key, it can be a random, mobile number, email or your CPF. Generally you can have up to 5 Pix Keys per bank account you have, eg 5 keys in your NuConta, 5 Keys in your Cashier account and so on.

When you enter the bank application you use, you will probably already see a new tool, which is Pix. By clicking on it, you will have the option of payment or transfer, you have added the Pix key of the person who wants to send a value and just follow.

This is basically how this new tool works, if you liked the article, don't forget to share it with all your friends and on all your Social Networks.


Ruan Jesus

My name is Ruan Henrique and I am a writer for News Geek among other sites belonging to Grupo SED. I also have a certain skill in organic growth of profiles on instagram.

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