Next Friday, February 28, Pix by Proximity, also called Pix by Biometrics, will be implemented throughout Brazil, a new modality in the Open Finance payment journey, promising to bring even more convenience and security to users.
A trusted consultant of the Initial Structure of Open Finance with the Central Bank and specialized in enabling Open Finance for financial institutions, the multinational technology company Sensedia listed the main benefits and precautions that users and companies need to take with the start of transactions via Pix by Proximity.
“Previously, to make a purchase through Open Finance, the user was redirected to the app or internet banking of their bank to make the payment. Starting February 28, this type of transaction will be done more smoothly. This is because the new feature aims to simplify the payment journey by allowing the user to complete the transaction through the bank details saved in digital wallets, without the need to be redirected to the app of their bank or financial institution using ‘copy and paste,'” explains Gabriela Santana, Product Manager at Sensedia.
How It Will Work
To use Pix by Proximity, the user only needs to link their banking information to a digital wallet, like Google’s, just as we do today with credit card details on an e-commerce site, for example.
“After registering the bank account in the wallet, the person will be transferred to the banking application only to set up authorizations such as maximum limits per transaction and durations of that link. Once this is done, Pix transactions will already be enabled to be made via wallet, without the need for redirection to the banking application, which can even be deleted from the phone if the user wishes,” Santana adds.
Remembering that each Pix transaction by Proximity will require the user to authenticate the final transaction with biometrics, password, or Face ID (that is, facial recognition).
“In addition to security measures, reinforced by no longer requiring the need for a banking application to make Pix transactions and the ability to set a maximum limit of transactions via wallet, Proximity Pix will also be able to read QR Codes, both printed and digital, and allow transfers between users, following the limits established during the linking process,” Santana adds.
Already enabled institutions
According to the definition of the Central Bank of Brazil, the largest financial institutions in the country – which hold 99% of the total quantity of payment transactions carried out via Open Finance – were required to implement the JSR (Journey Without Redirection), responsible for enabling functionalities such as Proximity Pix, by November 2024. As for the others, the requirement will only start to apply from 2026.
“During the testing period, in addition to technical evolution, the regulator monitored some indicators, such as PCM (Metrics Collection Platform) reports, API response times, and user experience journey quality. Upon reaching 100% on the monitored indicators, the institutions were cleared to proceed with the pilot project in production. Therefore, in some digital wallets, the option for contactless Pix payment is already available,” highlights Santana.
Next Steps
Specializing in projects requiring the FIDO Server security protocol mandated by the BC for Pix authentication, and in managing account links via APIs, Sensedia also developed a solution to serve Payment Initiators (ITPs).
“The project’s aim is to enable ITPs to also facilitate Pix payments within the environment where a purchase is being made, such as websites, e-commerce platforms, apps, and marketplaces, without redirecting to the user’s banking app through the current ‘copy and paste’ function, offering even more security and convenience to users,” Santana reveals.
According to data from the Central Bank, Open Finance already has over 64 million active consents and 42 million users in Brazil.
