Transactions through PIX total R$17.2 trillion in 2023 and break a record; physical money in circulation has fallen

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Central Bank figures also show an increase in the number of customers with a relationship with the financial system in recent years. Institution plans new features for PIX in 2024. Resource transfers and payments made through PIX, a real-time system, totaled R$17.18 trillion last year and broke a record. The information is from the Central Bank. At the same time, the number of active banking relationships rose and the amount of money in circulation fell (see below in this report). According to the BC, the growth in transactions made via PIX was 57.8% compared to 2022, when transactions totaled R$10.89 trillion. And they were more than triple the volume of 2021 – when they totaled R$5.21 trillion. PIX, BC’s real-time resource transfer system, began in December 2020 and became popular with the population. In 2022, PIX became the market’s main instrument, with 29% of transactions, surpassing credit cards. With the growth of PIX, institutions associated with the Brazilian Federation of Banks ended making transfers via DOC (Credit Order Document) in mid-January. The BC explains that any individual or legal entity that has a current account, savings account or prepaid payment account at a participating institution can use PIX. Bank accounts (demand deposit accounts) are maintained only at financial institutions (banks). Payment accounts can be maintained by both banks and payment institutions. Payment accounts cannot be used in credit operations (loans, financing, leasing), but if the customer has a payment account in an IP that is part of groups or conglomerates in which there are financial institutions, you can have access to credit operations offered by the group’s financial institution. In this case, the funds from the credit operation are deposited into your payment account. Pix, credit card or cash at Carnival? Banking One of the objectives of PIX, when it was launched, was to increase the digitalization of financial transactions in Brazil and increase the number of people with bank or payment accounts. According to data from the Central Bank, the number of individual customers with a “relationship” with the financial system has risen in recent years. In 2020, 178.922 million CPFs were registered in the system, a volume that rose to 182.218 million at the end of 2021 and to 188.335 million in 2022. At the end of last year, BC data show that 194.119 million people (CPFs) already had banking relationship, that is, a large part of the Brazilian population – estimated at 203 million by the 2022 census. “A common driver for all actions involving Pix is ​​the democratization of access for the entire Brazilian population to digital payment methods. So that this purpose is achieved, it is necessary to ensure that the use of Pix is ​​accessible to all citizens, including those with specific needs, such as people with disabilities or reduced mobility”, assessed the BC, in 2023. Money in circulation has fallen Contrary to the strong increase in PIX transactions, official figures from the Central Bank show that the amount of money in circulation fell in 2023. At the end of 2020, a year characterized by the Covid-19 pandemic with the injection of billions of reais into banknotes in the market for the payment of emergency aid, R$371.4 billion were in circulation, a volume that has already declined sharply in 2021, to R$339 billion. In 2022, there was an increase and, last year, a small drop, in relative terms (see below). Automatic and scheduled PIX The Central Bank foresees new features for PIX this year. Among them is the automatic Pix, which should start operating on October 28th this year. This Pix modality will allow the customer to pre-schedule payments that they already know they will need to make to companies. Automatic Pix can be used, for example, to pay: water and electricity bills schools and colleges gyms, condominiums loan installments This type of payment can already be made through automatic debit, but in the Central Bank’s assessment, automatic Pix will have the ability to reach more people. Another type of Pix, called recurring scheduled Pix, will also be mandatory from October 2024. Scheduled Pix can be used, for example, for: Allowance Donation Rent between individuals Provision of services by individuals (such as day laborers, therapy , physical educator etc)

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