Today, June 16, the automatic Pix comes into force in Brazil, another mode of the payment method journey that promises to expand access to services, reduce operating costs for companies and consumers and generate greater user engagement due to the simplicity of the system in registering.
According to Sensedia & Trust Consultant of the initial structure of Open Finance with the Central Bank of Brazil and one of the participants of the pilot project for the implementation of the automatic Pix, in tests since April of this year -, unlike the traditional automatic debit, which depends on contracts between concessionaires and specific banks, the new solution allows any company with CNPJ registered in Open Finance as payment initiator to offer this functionality.
With this, streaming companies, e-commerce, marketplaces, education and digital services, such as Netflix, Amazon Prime, Disney+, Uber, Shopee, Shein, TikTok, Monday.com, Spotify, among others, will be able to join the novelty 'either directly as participants of Open Finance or via hiring ITPs (Payment Transaction Initiators) enabled.
“Call to note, however, that on June 16th the automatic Pix membership begins to be valid only for financial institutions required by the regulation of the Central Bank of Brazil, which already participate in Open Finance. In the case of the other fundamental link for this system to work, which are service companies and payment initiators, membership remains optional, but essential to enable the experience of use in the” services, explains Rafael Isquierdo, an Open Finance specialist and Group Product Manager at Sensedia.
Since all the cog in this process is done via APIs (application programming interfaces, in literal translation), service companies that do not participate in Open Finance can use APIs from participating institutions to offer the automatic Pix.
“With the automatic Pix the user does not have to go personally to the bank to register their debit account or wait for the bank to have an agreement with registered companies. Consent for recurring payment is made directly on the website or application of the service provider, during the purchase process. After authorizing the transaction in the banking application, the payment is carried out periodically in an automatic manner”, reinforces Gabriela Santana, Product Manager of Sensedia.
Still according to the experts of Sensedia, in addition to the improvement in the user journey, another great differential of the automatic Pix is the financial inclusion. This is because those who do not have a credit card, for example, can install or schedule monthly payments through the automatic Pix.
“Ao eliminate fees for machines, flags and issuing banks, common in the case of credit cards, and the costs for issuing a ticket which today is, on average, R$ 0.68, added to operating costs , the automatic Pix also helps to maximize profit margins, which can result in more competitive prices for the consumer. In addition, as until then it was only possible to register automatic debit in the largest banking institutions, with the automatic Pix, small and digital banks can also participate in this ecosystem, expanding the charter of services and products, increasing competition and improving the quality of offers and deliveries made to the population, Gabri emphasizes Gabriela.
