New Central Bank System will Allow Cash Withdrawals in Stores

The president of Central Bank of Brazil (BC) Roberto Campos Neto, said on Monday (22) that the new system of instant payments that should come into force in November will allow withdrawal services in retail chains, as an alternative to the banking system.

“The rules and the first details of this product will be presented at the next meeting of the Forum of Instant Payments, in August”, said Campos Neto.

Still according to Campos Neto, the possibility of withdrawals in retail chains seeks to bring “more efficiency, through the reuse of money in retail and the use of this network, following the technological evolution and meeting the needs of industry and citizens”.

Instant payments correspond to electronic money transfers in which the transmission of the payment order and the availability of funds to the recipient user takes place in real time. According to the BC, once the PIX is in operation, there will be no time limit for transfers.

According to the BC, transfers will occur directly from the paying user’s account to the receiving user’s account, without the need for intermediaries, which allows for lower transaction costs.

Campos Neto stated that the PIX will be free for individuals. With that, according to him, the PIX will have equal conditions in relation to other means of payment.