Brazil Will Allow Pix Users To Pay For Their Transactions In Installments
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The central bank of Brazil is planning to allow users of the popular instant payments system called Pix to start paying for their transactions in installments.
Pix is a payment system created and run by the central bank back in late 2020. Since its launch, it has become a major success in the country and is now considered the most popular payment method throughout Brazil.
Now, however, the bank intends to roll out a new feature called Pix Parcelado, which is expected to go live in September 2025. The feature will be available for both merchants and consumers, and it will allow payees to receive the full amount instantly. However, payers will have the option to pay all at once, or in installments, if they choose to do so.
This is not the first time that the bank has introduced changes to Pix this year. Only last month, it added a contactless functionality to it, allowing buyers to pay with the system using a tap of their phones. The feature requires users to have a digital wallet on their phone, which is connected to their bank account via Open Finance’s APIs.
Brazil’s Central Bank Started Phase Two Of Its CBDC Pilot
Another major development involving Brazi’ls central bank concerns its central bank digital currency (CBDC) pilot. Namely, the bank has published a report on the first phase of the pilot, which focuses on privacy and programmability features. These features were tested by implementing a specific use case: a delivery vs. payment protocol for a federal government bond between various institutions and clients. This also includes the services underpinning the transaction.
With the first phase complete, the second phase is now underway. It includes 13 different financial services that are being tested to solve real economic problems, like buying and/or selling cars.
According to the bank, these services should be operational via smart contracts, created by the platform’s participants.
In its statement, the bank noted that the pilot has proven to be quite challenging, from a technical standpoint. With that said, the second phase is expected to require even more intensive monitoring than the bank initially anticipated.
