Scheduled Pix is now mandatory
Hey Payment Fanatic!
Starting this Monday, October 28th, institutions participating in Pix are required to offer their customers the Scheduled Pix feature for recurring transactions. Until now, offering this feature was optional. These rules were outlined in a Central Bank (BC) resolution published in December 2023 and updated in July this year when the BC decided to postpone the launch of Automatic Pix.
Both options target periodic payments but function differently. With recurring Scheduled Pix, the paying user defines the payment instructions. The transaction recipient can be either an individual or a business.
In the case of Automatic Pix, businesses initiate the payment “command,” provided the paying user has given prior authorization. This feature is set to launch in June 2025.
Also, starting on Friday, November 1st, new security rules for Pix will come into force. Changes include a R$200 limit per transaction and a daily cap of R$1,000 for transactions initiated from unregistered devices.
“This measure reduces the likelihood of fraudsters using devices other than those typically used by clients to manage keys and initiate Pix transactions. It will make it harder for fraudsters to exploit credentials obtained through theft or social engineering, such as login and password details,” stated the BC when it announced the new regulations.
Cheers,
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INSIGHTS
📊 There were an estimated 𝟱.𝟱 𝗯𝗶𝗹𝗹𝗶𝗼𝗻 Pix transactions in Sept 2024 - 41% more than Sept 2023 🤯
Let's dive into more mind blowing info & Stats by reading the full report by Matera
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GOLDEN NUGGET
𝐃𝐢𝐠𝐢𝐭𝐚𝐥 𝐖𝐚𝐥𝐥𝐞𝐭𝐬 — 𝐏𝐚𝐲𝐦𝐞𝐧𝐭𝐬, 𝐈𝐝𝐞𝐧𝐭𝐢𝐭𝐲 𝐚𝐧𝐝 𝐀𝐜𝐜𝐞𝐬𝐬 👇
Digital wallets have evolved beyond simple payment tools to become essential companions in our daily lives. Consumers across the globe, especially in major markets like the U.S., Brazil, the U.K., France, and Germany, increasingly rely on digital wallets for more than just transactions. They offer convenience, security, and a streamlined experience, making them indispensable in today's digital economy.
𝐃𝐢𝐠𝐢𝐭𝐚𝐥 𝐖𝐚𝐥𝐥𝐞𝐭𝐬 are far more than payment platforms. They are transforming how we interact with financial services and digital credentials as we can leverage them for: ► 𝐏𝐮𝐫𝐜𝐡𝐚𝐬𝐞𝐬: Online and in-store shopping.
► 𝐅𝐮𝐧𝐝 𝐓𝐫𝐚𝐧𝐬𝐟𝐞𝐫𝐬: Sending and receiving payments.
► 𝐁𝐢𝐥𝐥 𝐏𝐚𝐲𝐦𝐞𝐧𝐭𝐬: Managing monthly expenses.
► 𝐕𝐞𝐫𝐢𝐟𝐢𝐜𝐚𝐭𝐢𝐨𝐧: Storing driver's licenses and government IDs.
► 𝐀𝐜𝐜𝐞𝐬𝐬: Digital keys for cars, hotels, and transport passes.
► 𝐓𝐢𝐜𝐤𝐞𝐭𝐬: Boarding passes and event tickets.
► 𝐑𝐞𝐰𝐚𝐫𝐝𝐬: Storing loyalty and membership cards
𝐀𝐩𝐩𝐥𝐞 𝐯𝐬. 𝐆𝐨𝐨𝐠𝐥𝐞 𝐯𝐬. 𝐒𝐚𝐦𝐬𝐮𝐧𝐠 𝐖𝐚𝐥𝐥𝐞𝐭𝐬:
Each wallet platform has unique strengths that appeal to different user segments:
► Apple Wallet:
* High penetration in the U.S. and U.K., especially popular among travelers.
* Widely used for storing boarding passes, event tickets, and transportation passes.
* Known for its seamless integration with the Apple ecosystem, including iCloud syncing for multi-device access.
* Offers Apple Pay for secure online and in-store purchases.
► Google Wallet:
* Higher user satisfaction despite lower adoption.
* Preferred in countries like Brazil for online shopping and peer-to-peer payments.
* Frequently used for bill payments and online purchases, particularly in the U.S.
* Syncs well across all Android devices, making it accessible to a broader user base
► Samsung Wallet:
* Lower adoption compared to Apple and Google, but excels in ID storage such as library and membership cards.
* Primarily used for in-store purchases in markets like the U.K.
* Integrates with Samsung Pay, and supports rewards programs for Samsung users
Digital wallets are still in their early stages of growth, especially when considering their potential beyond transactions. As consumers begin to leverage these platforms for storing digital credentials, rewards, and tickets, the market is poised for expansion. The time is ripe for companies to enhance these functionalities and capitalize on growing consumer familiarity
Source: PYMNTS
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