Adhesion to Pix Saque e Troca is still timid; understand how to use

While transactions by Pix exceeded 30 million in the first month of operation of the tool alone, the modalities of withdrawal and change have had a slower adhesion by Brazilians.

According to data from the Central Bank, Pix Saque and Pix Troco, launched on November 29, totaled 71,100 transactions until January, carried out by 43,000 people.

In the first modality, the customer makes a Pix through QR Code or app, and receives the amount in cash back. In the second, the customer pays a higher amount for the product or service they are purchasing, and receives the difference back in cash.

According to the Central Bank, the transaction statement must specify the purchase amount and the amount withdrawn in the form of change.

Pix Saque is the one that gained the most adhesion, accounting for 97.7% of the 71,100 transactions registered. Most took place in inland municipalities (73%), with emphasis on the South region.

Luis Augusto Ildefonso, director of institutional relations at Alshop (Brazilian Association of Shopping Mall Shopkeepers), says that the novelty has not yet become popular among the entrepreneurs represented by the entity, but it is seen with good eyes.

“The expectation is that it will have a good adhesion over time, especially among smaller merchants, who are in the majority. It is a relief for them, because it reduces trips to banks. The more you empty the cashier, the lower the risk of robbery, for example It also relieves the customer, who doesn’t need to go to the bank”, says Ildefonso.

The Executive Director of Innovation, Banking Products and Services at Febraban (Brazilian Federation of Banks), Leandro Vilain, points out that the launch of Pix’s withdrawal and change solutions, near the end of the year, may have slowed down the initial take-up by retail, since the period is dedicated to the sales of parties, when entrepreneurs avoid implementing technological innovations.

Even so, the novelty was seen as positive for both retail and the banking sector, which is not afraid of reducing the public at branches and ATMs, where other services such as insurance are usually offered.

“Reduce the need to supply ATMs [caixas eletrônicos] this is great news for banks, because they require high investments in armored vehicles, logistics, security and treasury work, such as banknote counting”, says Vilain.

It’s also too early to determine why Pix Saque e Troco was adopted more strongly in the interior and South, says Vilain, but factors such as access to technology impact adoption.

“There is no single factor that explains it, but the convergence of several. The percentage of digitization of the city’s population, access to 4G networks and purchasing power to buy smartphones, for example.”

According to the BC, withdrawal and change services are available at more than 36,000 service points, such as retail establishments, ATMs and correspondent banking units.

For merchants, the ability to withdraw money by customers through Pix can reduce costs and risks associated with physical cash, such as frequent trips to the bank to deposit valuables.

In addition, according to the BC, it is expected that the offer of services will increase the circulation of customers at the points of offer, which could increase sales in these places, and stimulate competition, since fintech customers that do not have ATMs will also be able to withdraw amounts through the service.

Establishments are free to define times and days for the Pix Saque e Troca and the maximum amounts to be withdrawn, respecting the limits of BRL 500 during the day and BRL 100 between 8 pm and 6 am.

The establishments that offer the solution receive a fee per operation, which can vary from R$ 0.25 to R$ 1. The amount depends on the negotiation with the institution hired to facilitate the service and the transfers are made until the 15th business day of the next month.

Although the novelties may increase security in cash handling and transport operations, their effects on the security of customers and merchants who opt for them are not yet known.

The launch of the instant payment method was accompanied by a series of reports of new scams involving the feature. In high street commerce, entrepreneurs also complain about fraud and false payment confirmations by users.

How to cash out using Pix

You have to go to an establishment that makes Pix using a QR Code — Caixa lottery stores, for example, offer the solution. According to the BC, a tool that publicizes the locations that allow withdrawals and exchanges via Pix can be created by the institution. The customer is entitled to eight free withdrawals per month from Pix Saque ou Troco.

When withdrawing:

• The establishment will generate a QR Code for the desired withdrawal amount
• In the application of the bank or financial institution of choice, scan the QR Code and authorize the debit of the amount to your account
• Receive the value in cash from the establishment

How to get change using Pix

• Purchase a product or service at an establishment that authorizes payment via Pix via QR Code.
• When paying with the QR Code, the amount debited in the transaction must be greater than the purchase and include the change to be received in cash
• Receive change in cash
• Attention: the transaction statement must specify the purchase amount and the amount withdrawn in the form of change, according to the BC