PIX changes its capping rules

New rules for Pix transaction limits start to apply from the beginning of 2023. With these changes, transactions in the instant payment system CB (Central Bank) will no longer have a limit value for each transaction.

FACTS

• It will now be possible for a customer to transfer the entire daily limit available on their account in one transfer.

• There will also be no limit on transfers to accounts of legal entities, such as companies, which will now be determined according to the rules of each financial institution.

• Another change concerns the limit on overnight transfers. Users will be able to choose whether they want the period that defines the value of night-time transactions to start only after 10pm, rather than after 8pm, as is currently the case.

• Other new rules refer to the tool's withdrawal and exchange functionality. Currently, it is only possible to withdraw R$500 via Pix during the day and R$100 at night. From 2023, the limits will increase to R$3,000 and R$1,000 (=176.70 euros) respectively.

CHALLENGES

• Simplifying the customer experience: This change aims to simplify the rules of the instant payment system and optimise the Pix user experience, while maintaining the level of security. It should also be noted that transaction limits for legal entities will be at the discretion of each bank.

• Expanding the possibilities of the payment system: The Brazilian Central Bank has also promoted regulatory changes to facilitate the transfer of money between banks, as is already the case; the payment of lottery winnings or the payment of salaries, pensions and annuities by the Treasury Department

MARKET PERSPECTIVE

• On 20 December, Pix broke a record for the number of transactions in a single day, crossing the 100 million mark for the first time. In total, users of the system completed 104.1 million transactions on the day of the final 13th payout.

• Pix finished two years last November, with a guaranteed participation in the routine of 60% of Brazilians (127.8 million). Since its launch, BC Tool has already carried out more than 26 billion transactions, for a total of about R$13 billion.

• Pix is already accepted by 81.4% of Brazilian e-commerce, while Boleto is in the routine of 75.8% of sellers. Payment by credit card is possible with all providers.