If Pix had no difficulty gaining the favor of Brazilians, the adoption of this instant payment method is expected to grow even more as the new functionalities planned by the Central Bank come into play. The next update, which will come into effect on February 28th, is the Near Field Communication Pix (or Pix by Biometrics).
It allows the consumer to make payments by bringing a cell phone with NFC technology close to the card reader, without the need to open the bank's app. For this, it is enough that the Pix key has been previously registered in a digital wallet. Already in online shopping, the payment completion is done within the virtual store environment itself, without having to access the financial institution's app. In both cases, the payment journey becomes much simpler and smoother.
The resource had already been in operation since November in testing involving some banks and payment transaction initiators, the ITPs. With the official entry into force, although the inclusion of Pix by Proximity in banking and wallet apps is not mandatory, players who do not offer this convenience to their customers will fall behind the competition.
There would be no reasons for that anyway, since the Near Field Communication Pix offers numerous benefits for consumers, merchants, and companies. Bruno Loiola, co-founder of Pluggy, a fintech that offers payment solutions and financial data for companies through Open Finance, highlights that the impact of the news is more visible in retail, but goes far beyond, potentially even affecting public transportation. Below are some positive impacts of the new Pix feature.
Greater agility in face-to-face transactions.In physical retail, Near Field Communication (NFC) Pix will reduce the time required for payments, eliminating the need to scan QR Codes or type Pix keys. "Currently, there is significant friction when paying with Pix: the consumer needs to open their phone, access the bank's app, enter credentials, and locate the Pix area to complete the transaction. With the new functionality, the payment will be made directly in virtual wallets, bringing the phone closer. More and more people are expected to adopt this method, improving the shopping experience," predicts Loiola.
More conversion in online transactions.Payment via Pix is already common in the online environment. But now it gains features that allow increasing conversion and eliminating some intermediaries and risks of other payment methods such as card or boleto. Just as some e-commerce platforms have the one-click credit card payment feature, it will be possible to do the same with Pix. By securely storing the Pix key in a virtual wallet or even within the favorite store, the consumer can authorize an online transaction with a simple biometric confirmation on their mobile phone.
More security for consumers and businesses.The feature will provide greater protection against fraud, as payments will only be authorized through device authentication, via biometric or password. Furthermore, with the reduction of the need for physical contact and exposure of sensitive data, users will have greater peace of mind when conducting transactions.
Another advantage in terms of security is that the consumer can see on their phone the amount to be debited before approving the transaction. In the current contactless card payments, the amount is only displayed on the machines, which can also be subject to fraud.
Ease for companies in managing receipts.For companies, especially in the retail and services sector, Contactless Pix will simplify financial reconciliation and reduce costs with other payment methods, such as card machines and bank slips. "Not to mention that, in instant transactions, the receipt is immediate. This can result in a higher profit margin and less dependence on financial intermediaries," adds the Pluggy executive.
Expansion of the use of Pix in transportation and services.A new feature will allow public transportation means, such as buses and subways, to adopt Pix in an even more practical way, as a direct alternative to electronic tickets and transportation cards. And services such as tolls and parking lots can be paid more smoothly and without friction.
