Automatic and free PIX will be available in October 2024
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Tool will allow recurring payments and even allowances
With the possibility of allowing recurring payments and even allowances, automatic Pix will come into force on October 28, 2024, the Central Bank (BC) announced this evening. The agency published the tool’s rules about ten months before the service came into force.
Among the general operating rules of Pix Automático, clarified the BC, are the prior authorization procedures; the rules for canceling authorization; the rules for rejection and settlement of the transaction; the functionalities to be offered to the paying user and the receiving user; return rules and liability in case of error; the daily limit for transactions related to the product, among others.
For individual customers, the offer will be mandatory. For companies, it will be up to financial institutions to choose whether they want to offer the product. As with traditional Pix, there will be no fees charged to individuals and legal entities may be charged, with fees freely negotiated.
Currently, the recurring Pix offer, in which the user can schedule Pix for specific times, is optional. With the new rules, financial institutions that do not comply by October 28, 2024, the launch date, or do not pass the approval tests will be fined per day of delay in the offer and may suffer punishments expressed in the Pix Penalties Manual, amended to cover the new type of automatic transfers.
Operating similar to automatic debit, the new mechanism aims to facilitate recurring payments. The main advantage in relation to automatic debit, in addition to the instantaneity of transactions, will be the non-charging of fees, in the case of individuals.
Categories
According to the BC, automatic Pix will cover payments to companies. The tool can be used for public services (water, electricity, telephone and household bills), subscription services (internet, streaming, news portal), monthly fees (school, condominium, health plan) and financial services (insurance installments, loan, consortium).
The recurring scheduled Pix will cover operations between individuals. According to the BC, some of the transactions that may rely on the service are allowances, donations, rent between individuals and the provision of recurring services, such as day labor, therapy and physical trainer.
Limits
Each product will have a value limit, but the daily limit will be the same as the available electronic transfer (TED). Ceilings can be lowered immediately at the user’s request. In the case of a request for an increase, the limits may be increased within eight hours, at the discretion of the financial institution, depending on the customer’s profile.
Regarding cancellation, the payer may cancel the debit until 11:59 pm on the day of the transaction. The recipient may cancel until 10pm the day before. Authorization for automatic transfer may be withdrawn at any time.
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