Instant payment is already a reality in Brazil and, over the years, continues to grow at a rapid pace. In 2024 alone, according to the Central Bank, Pix registered more than 63.4 billion transactions, moving trillions of reais and consolidating itself as one of the most widely used payment methods by Brazilians.
In order to answer all your questions about this system, in this article we will explain how it works, its main advantages, and how it differs from traditional methods.
What is instant payment?
Created by the Central Bank (BC), this is a transfer method that allows money to reach the recipient almost immediately, regardless of the time and day of the week. Unlike TED, DOC, and boleto, which usually take hours or even days to process, transactions in this mode happen in real time.
In Brazil, Pix has established itself as the leading instant payment system, enabling secure transfers between individuals and businesses and promoting greater financial agility.
Currently, several countries have already adopted similar technologies, showing that instant payments are a global trend that is growing every year.
How does instant payment work?
Here in Brazil, this type of transaction is processed by the Instant Payment System (SPI), managed by the Central Bank. This system is responsible for ensuring that transfers take place in real time.
To make an instant payment, users, whether individuals or legal entities, need to: access the bank’s app or payment platform, select the PIX function, enter the amount, recipient, and date, and authorize the transaction.
Here’s how you can make payments with PIX:
- Pix Key: The amount is transferred by entering the key registered by the recipient, which can be their CPF, CNPJ, phone number, email, or a random sequence of numbers and letters, eliminating the need to fill in other bank details.
- QR Code: The payer scans the code provided by the recipient using their cell phone camera or banking app, and the amount is transferred immediately after authorization.
- Link or copied code: Some platforms allow you to generate a link or numeric code from the QR Code, facilitating online or mobile payments.
- Account details: If you prefer, you can also make instant payments by entering the account and bank number, just as you would to send a DOC or TED.
Advantages of instant payment
This new payment method offers several interesting benefits. Here are some of the main ones:
Speed
As we have pointed out several times, transfers are processed immediately, regardless of the day or time. This ensures that the money reaches the recipient on time and eliminates the waiting time of hours or days, which is common with TEDs and DOCs.
Practicality
As we saw above, it is not necessary to fill in complete bank details to send a PIX, making it convenient for those who make many payments throughout the day. With options such as QR Code, Pix key, or link, it is possible to transfer amounts quickly and easily, without complications.
Safety
Managed by the Central Bank and integrated with the most reliable financial institutions in the country, PIX is the most secure instant payment method available. In addition, there are mechanisms in place to help reduce errors and prevent fraud, providing users with a higher level of security.
24/7 availability
Another point we highlighted earlier is that PIX works every day and at any time, including weekends and holidays. This means you can make urgent payments whenever necessary.
Cost reduction
One of the great attractions of PIX is that individuals are completely exempt from any type of fee, whether for transfers or payments. For companies, however, the fees are usually much lower compared to TED, DOC, or boletos.
Have you learned what instant payment is?
We hope our guide has helped you better understand how this system works and what advantages it can bring to your daily life. Now you can enjoy all the benefits of instant payment to carry out your transactions more conveniently and securely.