Pix's novelty appeared in 2020, this electronic payment method in Brazil was officially launched on October 5, 2020 and started to work fully on November 16, 2020.

From then on, many institutions and digital banks began to publish reports about this new way of transferring money, generating many doubts on the part of customers. Since it is still a novelty for Brazilians, today we are going to show you in detail everything you need to know about the key.

In addition, you will find out how to start making transfers with this new electronic payment method, which eliminates fees and extra charges and frees you from the complication of TED and DOC.

With this function, it is possible to carry out banking operations at any time, quickly, simply and without paying fees. With this bunch of facilities, it even causes distrust among Brazilian users who are fated to pay fees on many financial services. But rest assured that we will explain everything to you. Check out!

Most institutions already have the option to transfer via Pix. All you have to do is carry out a simple and quick registration by adding the code you want so that it works as a “key” and from there you can make transfers.

Transfers made using this function are processed within 10 seconds to any bank, any time, any day of the week, including holidays.

We ensure this process because it is encrypted by the Central Bank, that is, your data is transmitted securely, maintaining the confidentiality, integrity and identity of this data. Therefore, it is possible to pay and receive amounts just by informing the payer of the Pix key.

This key can be your phone number, social security number or even your email, and you can also generate a random key if you don't want to share this type of data. Thus, eliminating the need to have the recipient's bank details, which facilitates the transfer and avoids bureaucracy.

In addition to all this, no fee is charged for carrying out the transaction from individuals, unlike what happens in banking operations carried out with DOC or TED. Thus, making it even easier for the customer, Pix integrates all the banking system, so you can transfer from completely different institutions that still don't pay fees.

You must be asking yourself: “does it still have more advantages?”. Well, now we are going to list for you all the benefits you have by migrating your transactions to this format without paying anything extra for it.

After so many benefits of the Pix key, now you must be wondering if “is there any downside?”, rest assured that we will tell you everything.

Pix key guarantees a lot of ease and convenience for users, but there are some details that could mean a disadvantage for you. Therefore, be aware of the institution you choose to register your key to avoid inconvenience.

The first possible disadvantage that we warn you about is that the Pix system does not have fixed and unalterable rules. This is due to the fact that each financial institution can adopt a different billing policy, with some restrictions and limitations that interfere with the customer's use.

But even so, this can mean an advantage depending on the chosen institution. In some cases, for example, Pix can be carried out by companies depending on the institution's policy, so if you are a legal entity (legal entity), this is one more reason to be aware and rethink the reasons for registering a Pix key for your business.

Another important point to be highlighted is that there is no possibility of reversing transfers, so if the key you entered is incorrect and the person you received the money from does not want to return it, be patient. Because there is no way to reverse the amount unless another transfer is made by the person who received it.

So, be careful when making your key available, always make sure you don't miss any letters or numbers as the money can easily get into someone else's account.

As you may already know for PF (Individuals) the cost is zero! Great news for those who need to transfer small amounts. But what about an individual, how much does it cost?

As we like to bring advantages to you, here's one more: the value of transactions must be reduced with Pix Legal Entity. This happens due to the fact that there are no intermediaries charging fees and more fees for the money to reach the person for whom it was intended.

To make it clearer, the Central Bank disclosed the cost of the Pix for financial institutions, amounting to R $0.01 for every 10 transactions, while each TED costs R$ 0.07 for PJs.

This savings is a big plus for consumers. Remembering that in some institutions you don't pay anything to make Pix being a PJ, being exempt from fees.

Pix can also be charged if you use face-to-face service channels (such as at the cashier) or in person (by phone), remembering that this exception applies to PF and MEI's.

Pix will be operated by the Central Bank through the Instant Payment System, which is connected to financial institutions, fintechs, credit unions and payment companies.

However, for Pix to be used, it needs to be connected to an active checking or savings account. That is, Pix is not an account you will open in a bank, it is simply a system that will only work if you are connected to an account already opened. In this way, financial institutions that have a link will probably have the option of registering a Pix key in the App.

With your registered key, you have the advantage of being able to make transfers without leaving your home, anytime and anywhere. So Pix can be used to:

To transfer money to someone, the other person doesn't necessarily need to have a Pix. That is, if the person you want to transfer the money to does not have the Pix key registered, this does not change anything, as you will continue to be able to carry out the transfer. But how does it work?

Pix being a means of payment created by the Central Bank, it is applied to all financial institutions with more than 500 thousand customers. Companies must offer this system, but no one needs to register to have access to it.

Registration is only necessary to register the keys, but they are not mandatory for the transfer to take place. That way, the person can send and receive money for Pix without necessarily having registered a key.

So what happens is that you can make a Pix in the same way that you make a TED, for example, informing the name, account number and all that necessary data.

The keys are just one option to simplify this process, working as a “nickname” for your account so that you can receive and send money without having to pass or ask for data.

You can simply access the website or App of the financial institution to which you are linked and check the option that represents “my Pix keys” and check if you have any registered. But if you have a record in many institutions, there is a way to cease all your Pix keys already registered at once.

For this, you will then need to access the “Registrato Banco Central” in your bank’s App. After finding the option, you will receive a temporary password that will give you access to the Central Bank.

You can carry out this procedure through the Central Bank App or just by accessing the Registrato page through your browser.

After registering with your CPF, CNPJ or email, there will be a menu with all the services offered by BC, you must search for “My Chaves Pix” and click on “Consult” in the lower right corner.

After that, a report will be generated at the same time. It will show the Pix key. Then, the financial institution with which it was registered, the branch number, account number and the date of registration.

The information is recorded on the Registrato website, but you can also download the reports and send them all to your email.

All the keys you use will be very safe, as the entire Pix system is encrypted by the Central Bank. Therefore, the BC gives the citizen the power to choose the key that is easier to remember, for example.

However, since the CPF is a document commonly used for e-commerce purchases, or for the famous “will you put your CPF on the bill?” It is normal for this to be the most difficult Pix key to lose, forget or make a mistake, as we are so used to using the CPF that we end up having the number, even if long, engraved in our minds.

But there are also those who don't want to share the CPF, so there's the famous ′′ random key ′′ for your Pix. Which is guaranteed by experts as a way to protect your privacy.

The CPF is very personal data that identifies us for life, and the ideal option for guaranteeing your privacy is the use of a random key, but that does not mean that using the CPF as a Pix key is not safe, at least On the contrary, the BC guarantees greater user protection for each and every key that is used.

The procedure for registering your key is very similar for all financial institutions, so check out here the step-by-step example of registering a key using your CPF or email:

To make your payments, you will only inform the value and Pix key of the person you want to transfer.

Another way to transact with PIX is through QR Code. For example, if the store you made a purchase available from is registered with Pix and has this code, you can point the camera at it, enter your bank's value and password and that's it!