Brazil’s central bank is set to introduce a new feature that will allow users of the Pix instant payments system to pay for their transactions in instalments.
Launched in late 2020, the centrally managed Pix has quickly become the most popular payment method in Brazil. The upcoming ‘Pix Parcelado’ feature, expected to roll out in September, will enable both consumers and merchants to take advantage of this payment flexibility. Upon transaction completion, payees will receive the full amount instantly, while payers can opt to pay over time.
Recently, the central bank also added contactless functionality to Pix, allowing shoppers to make payments simply by tapping their phones. This feature links the digital wallet directly to the user’s bank account via Open Finance APIs.
In addition to these improvements, the central bank has released a report on the initial phase of its Central Bank Digital Currency (CBDC) pilot program. This phase concentrated on privacy and programmability features, incorporating a specific use case involving a delivery versus payment protocol for federal government bonds, facilitating transactions between clients from various institutions.
The second phase of the pilot is now underway, with 13 financial services being tested to address real-world economic challenges, such as vehicle transactions. These services will operate through smart contracts created by participants on the platform.
The bank has noted, “The Pilot has proven to be challenging from a technological point of view, and the second phase will require more intensive monitoring than anticipated.”