Pix by proximity starts on February 28, 2025

Starting February 28, 2025, it will be possible to carry out transactions via Pix by approximation, as announced by the Central Bank this Thursday (4). The BC and the National Monetary Council (CMN) introduced new regulations to expand open finance, which includes data sharing between financial institutions. Economist and federal advisor to the Federal Council of Economics (Cofecon) Eduardo Reis explains that Pix by approximation should work similarly to the payment method that people already use with digital wallets.

“You can currently register using either a credit card or a debit card. Now, with this option to register using Pix, people will be able to make payments more quickly, by bringing their cell phones closer to these payment devices, without having to use the QR Code or open the bank app, which can often be difficult,” he explains.

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The economist points out that customers will not need to leave the online shopping environment to make a payment using Pix. “For example, you are going to make a purchase of an airline ticket. Instead of registering your credit card number, you will register your Pix key number. And there must be an authorization system, but we do not yet have the details,” he explains.

For Eduardo Reis, the new changes regarding Pix should be responsible for consolidating it as the main payment method in Brazil. He states that this has a positive effect on the economy, considering the reduction of transaction costs when using card payment machines, which may charge fees. Pix has the advantage of reducing these costs, favoring the price of goods for customers.

The economist also highlights that as Pix payments grow, they favor discipline and financial control in families. “We know that today the use of credit cards is one of the main drivers of debt in the country, because many people are unable to control these purchases that are made on credit,” he adds.

Security

Lawyer Renata Nicodemos, president of the Law Society Commission (CSA), explains that contactless Pix will use advanced encryption and authentication technology to ensure that transactions are carried out securely, as is the case with other forms of payment.

“The possibility of making contactless payments with Pix makes the user experience even easier, but it is important to take some precautions to avoid scams. So, when making a contactless payment, make sure that the device is close to the payment terminal and that there are no other suspicious devices nearby that could try to intercept this transaction, to avoid accidental or unauthorized payments”, he warns.

She recommends disabling contactless payments when you’re not using them and regularly checking your bank transaction history for any suspicious activity, as well as using two-factor authentication on your bank accounts and finance apps.

Check out the schedule announced by the BC:

• July 31, 2024: specific regulation for the Payments Without Redirection Journey (JSR), formal name for Pix by approximation;
• November 14, 2024: start of testing by financial institutions, to ensure the security of the functionality;
• February 28, 2025: Product launch to the public.

According to the new rules, financial institutions that have more than 5 million customers, whether individually or in conglomerates, will be required to adopt the open finance.

According to information from the Central Bank, this change will increase from 75% to 95% the number of customers who will be able to choose to share their data between different institutions. Customers who use digital wallets must register with a participating institution. open finance and authorize the use of Pix features in your digital wallets.