Next Friday, February 28th, Pix by Approximation, also known as Pix by Biometrics, will come into effect across Brazil. This new payment method via Open Finance promises to bring even more convenience and security to users.
A trusted consultant for the Initial Structure of Open Finance with the Central Bank and specialized in enabling Open Finance for financial institutions, the multinational technology company Sensedia has listed the main benefits and precautions that users and businesses need to consider with the launch of Pix by Approximation transactions.
“Previously, to make a purchase through Open Finance, the user was redirected to their banking app or internet banking to complete the payment. Starting February 28th, this type of transaction will become more seamless. This is because the new functionality aims to simplify the payment journey by allowing users to complete transactions using banking data saved in digital wallets, without the need to be redirected to their bank or financial institution’s app via ‘copy and paste’,” explains Gabriela Santana, Product Manager at Sensedia.
How it will work
To use Pix by Approximation, users will only need to link their banking information to a digital wallet, such as Google’s, similar to how we currently add credit card details to an e-commerce site, for example.
“After registering the bank account in the wallet, the person will be transferred to the banking app only to set up authorizations such as maximum limits per transaction and the duration of the link. Once this is done, Pix transactions will already be enabled to be made via the wallet, without the need to redirect to the banking app, which can even be deleted from the phone if the user wishes,” adds Santana.
Remember that each Pix by Approximation transaction will require the user to authenticate the final operation with biometrics, password, or Face ID (i.e., facial recognition).
“In addition to security features, reinforced by no longer requiring a banking app to make Pix transactions and the ability to set a maximum transaction limit via the wallet, Pix by Approximation will also be able to read QR Codes, both printed and digital, and allow transfers between users, following the limits set during the linking process,” adds Santana.
Already enabled institutions
According to the Central Bank of Brazil’s definition, the country’s largest financial institutions—which account for 99% of all payment transactions made via Open Finance—were required to implement JSR (Journey Without Redirection), responsible for enabling functionalities like Pix by Approximation, by November 2024. For others, the requirement will only take effect starting in 2026.
“During the testing period, in addition to technical progress, the regulator monitored certain indicators, such as PCM (Metrics Collection Platform) reports, API response times, and the quality of the user experience journey. Upon reaching 100% in the monitored indicators, institutions were cleared to proceed with the pilot project in production. That’s why, in some digital wallets, the Pix by Approximation payment option is already available,” emphasizes Santana.
Next steps
Specializing in the development of projects requiring the FIDO Server security protocol, mandated by the Central Bank for Pix authentication, and in managing account links via APIs, Sensedia has also developed a solution to cater to ITPs (Payment Initiators).
“The project’s goal is to enable ITPs to facilitate Pix payments within the same environment where a purchase is being made, such as websites, e-commerce platforms, apps, and marketplaces, without the need to redirect users to their banking app via the current ‘copy and paste’ function, offering even more security and convenience to users,” Santana reveals.
According to Central Bank data, Open Finance already has over 64 million active consents and 42 million users in Brazil.
