Since its launch in 2020, Pix has revolutionized the Brazilian financial market, becoming the preferred payment method for millions of people. Its main advantage lies in simplicity and speed: it allows real-time transfers, 24 hours a day, without the need for a POS machine or cash. Just having a bank account and a PIX key, such as CPF or phone number, to start using. This convenience has brought benefits, especially for those who receive payments, such as small merchants and freelancers, who can operate without additional costs or technical complications.
However, despite its popularity, Pix still faces challenges to be fully accessible. For those who pay, a smartphone and internet access are needed, which can be a barrier for the elderly, people with low education levels, or residents of rural areas. Although the use of smartphones and internet coverage have grown significantly, the inclusion of these groups still requires efforts, such as digital education campaigns and improvements in connectivity infrastructure. The implementation of solutions that allow offline transactions, using encryption and tokenization technologies, may be a way to expand access. Systems like Google Pay and Apple Pay already do this, allowing payments to be initiated without the payer’s active connection, using the recipient’s internet connection.
Safety is also a constant concern. Since the first cases of express kidnappings and robberies involving instant transfers, the Central Bank quickly reacted, imposing limits on nighttime transactions and this month introduced a limit of R$ 200 for new devices that have not yet been registered as authorized within the bank’s application (this will only apply to devices that were not in use before 01/12/2024). Although these measures have reduced crime occurrences, they have also imposed restrictions that affect legitimate users’ experience. The search for solutions that maintain security without sacrificing usability continues to be a challenge.
Another critical issue is related to prepayment scams, where fraudsters receive the payment and disappear without delivering the promised product or service. The Special Refund Mechanism (MED) was created to address these situations, allowing refunds in proven cases of fraud. Although still underutilized, the MED represents an important advancement, inspired by the credit card chargeback system, and needs to be more widely promoted to gain users’ trust.
A solution that could further transform the scenario is the adoption of intermediary payments, or “escrow.” In this model, the value would only be released to the seller after confirmation of delivery by the buyer. This would bring more security to both parties and would be especially useful in online transactions. Furthermore, the expanded use of tokenization in transactions would ensure that sensitive data is protected, even in offline environments, offering an extra layer of security.
The balance between accessibility and security is fundamental for the future of Pix. Solutions that integrate technologies such as biometrics, tokenization, and intermediation can expand the reach of the system without compromising user protection. Digital inclusion, in turn, is essential to reduce fraud, increasing awareness and empowering more people to use Pix securely.
In the future, Pix still has much to offer. Contactless payments, installment payments, and automatic debits are already being developed in Brazil, and are already operational in similar systems abroad, such as through systems like India’s UPI and Singapore’s PayNow. International integration is also a possibility, with the Nexus Project by the Bank for International Settlements (BIS) proposing a multinational interface model to facilitate global remittances.
Pix is already an example of innovation and efficiency, but to continue leading, it needs to evolve constantly. Investing in new technologies, expanding access in less connected areas, and strengthening security are essential steps to ensure that all Brazilians can enjoy its benefits with confidence and peace of mind.
