The Central Bank of Brazil is preparing to launch a major new feature for Pix: recurring payments. This development aims to further expand Pix’s role in the rapidly growing digital payments market.
Carlos Brandt, Chief of Pix Management at the central bank, announced at the EBANX Payments Summit in São Paulo that Pix is on track to handle nearly 1.5 trillion reais ($300 billion) in monthly transactions. “After the success of one-time transactions, it’s time for recurring payments,” Brandt stated.
The new feature, known as Pix Automatico, is scheduled for rollout in the first half of 2024. It will enable users to automate payments for recurring expenses such as utility bills, gym memberships, and subscriptions, similar to direct debit systems used in other countries. The central bank aims to make Pix Automatico as inclusive as its predecessor, benefiting a wide range of industries including insurance, utilities, and more.
Pix has already become a staple in Brazilian financial transactions since its 2020 launch, with over 140 million users, nearly two-thirds of the population. It accounted for nearly 30% of all transactions in 2022, surpassing credit card usage.
Looking ahead, the central bank is also advancing other initiatives, such as open finance and Drex, a central bank digital currency. Brandt emphasized the potential synergy between Pix, Open Finance, and Drex, which together will offer a comprehensive suite of payment solutions for Brazil.
