PIX transactions in 2023 ranged from R$0.01 to R$2 billion in a single transfer

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Data from the Central Bank of Brazil (BC) obtained exclusively via the Access to Information Law shows that more than 35 million transactions of R$0.01 were made last year. Transaction worth R$2 billion was the largest in history. HAVE YOU EVER MADE A CENTAVO PIX? PIX transactions in 2023 ranged from R$0.01 to R$2 billion in a single transfer. The data is from the Central Bank of Brazil (BC) obtained exclusively by TV Globo via the Access to Information Law. In 2023, there were more than 35 million transactions worth R$0.01 carried out in Brazil last year. Furthermore, the transfer of R$2 billion made in 2023 was the largest in the history of PIX. Since the creation of the instant payment system, transfers of R$0.01 have been repeated more than 70 million times. This means that the equivalent of R$700,000 was transferred in this way. The BC does not have studies that help explain this behavior. Febraban (Brazilian Federation of Banks) says that it does not monitor cent PIX operations and therefore does not have the elements to analyze them. For Joelson Sampaio, professor at the São Paulo School of Economics at Fundação Getulio Vargas (FGV EESP), transfers of R$0.01 can be a way of checking whether a PIX key is working. Another possibility is the function of writing a short message in the “description” field as a form of communication. PIX at the time of flirting Independent artist Jason Goulart gave the last message to the “crush” with a PIX of R$0.01, after being blocked during an argument. “As we had already done some things together, like sharing a bill, I ended up having his PIX saved in the bank account’s memory. And with R$0.01 I responded to the messages he sent me before blocking me”, remembers Jason. “He thought it was absurd to have sent R$0.01 to end the discussion. He unblocked me to respond to the PIX message and we never spoke again.” According to the BC, the institutions involved in the transaction have access to the text of the PIX “description”. But there is no provision for any type of sanction for alleged inappropriate use of the system. “There is no monitoring [das mensagens]. However, at the discretion of the participant, it is possible to limit the use of these messages, for example, if they have discriminatory content or offensive words”, explains the BC, in a note. On social media, several memes show proof of a R$0.01 transaction and the respective descriptions. In 2022, a 67-year-old man was arrested in Ceará after sending harassing messages to his ex-wife using PIX for R$0.01. Volume of money moved via PIX grows more than 3 times in 2023 Bank campaigns encourage transfers Arthur Igreja, a specialist in technology and innovation, points out that some banks offer discounts on account baskets if customers make a certain amount of PIX. For this, cents became a solution. “There is nothing to prevent the use of this type of resource. But, if it is being used simply to get a discount, it means that the discount policy is not working very well. As a rule, there is nothing wrong with doing this — apart from using the system for something that is not its purpose”, says Igreja. Billion PIX In 2020, the year in which PIX was launched, the largest amount transferred in a single transaction was R$100 million. Last year, the largest amount reached R$2 billion, a current historical record. Until then, the largest transfer of resources recorded through PIX had been R$1.2 billion, in December 2022. According to the BC, PIX is a “very safe” means of payment and has its own mechanisms and exclusive security features. Regardless of the value, it is always important for the user to be careful to check the information before carrying out the transaction — such as the recipient and the amount. “The value limit is established by the user’s relationship institution, according to the risk profile assessment. It is up to the user to choose the payment method they deem most convenient.” Arthur Igreja warns that, after a very high value transaction, which may be occasional, it is important to reduce the PIX limit again at the banking institution. “If a person falls for a scam or has their smartphone stolen or stolen, whoever is in possession of that device, if they have funds in their account, will be able to make a transaction of a very high value, so it is very dangerous.”

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