The pressure towards the adoption of digital tools gets stronger by the day. With the constant development of new technologies, governments are aware of an important choice to maintain competitiveness in the international market: To adapt and overcome or to be left behind.
There are many benefits to digitizing the economy. The power of modern digital technology can be harnessed by the government, the private industry, and even individuals.
The advantages are numerous, but generally speaking, digital technologies can grease up the gears of the economy and create a faster, safer, and more productive society. Besides saving millions of production hours, billions are spared by avoiding printing physical cash and maintaining physical agencies and stores.
Online presence has skyrocketed during the Covid-19 pandemic. The decline of physical services offered by government agencies and businesses pressured people to look for digital services. It also accelerated the Brazilian government’s digitalization schedule.
The Brazilian government is keenly aware of this dilemma, and it has been one of the South American economies that have invested in digitization. As such, it is expected that Brazil will have a fully digitized governmental apparatus by 2022.
PIX
In comes PIX, a centralized instant payment method created and managed by Brazil's Central Bank and adopted by all main Brazilian financial entities. It was unveiled to the public at the end of 2020 after a brief testing phase.
The objective of PIX is to modernize the financial sector and create inclusive and accessible options in which all citizens can participate. Pix represents a big step forward, compared to PIX the other payment options are slow and burdensome.
The system is simple by design. All a business needs to receive money is to have a PIX key. A PIX key is a simple identifier, it can be a QR code, a random number, or even a phone number. To pay is simply a matter of accessing the PIX payment option, which is now offered by most large banks, and inserting the key. With the PIX system, anyone can make transactions of any size to anyone.
Advantages
- Instant Payments: PIX transactions are made effective in about 10 seconds. This is faster than any other method of payment.
- Interoperability: Before PIX there was a lot to consider when sending money. The exact procedure depended on the banks involved, the amount of money that needed to be sent, when the money needed to be received, among other factors. With PIX all the complexity is dealt with under the hood, the payer does not even need to know the receiver’s bank account.
- Works 24/7:Currently, the other payment options are limited to working days. PIX works at any time.
- Practical: PIX technologies do away with the need for credit and debit cards or physical documents of any sort, the whole transaction can be done with a phone.
- Cheaper: The fact that the infrastructure is done with fewer intermediaries than some other payment methods means it is faster and cheaper for businesses who wish to participate. Besides, it is completely free for individuals.
Paylivre PIX support
With time, businesses that do not offer PIX payments will be frowned upon.
This is why we have integrated PIX into our list of supported payment methods. With Paylivre your business will run smoothly anywhere, at any time.
