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What now? New Pix refund mechanism should only come into effect in 2026 and shocks Brazilians
O The Central Bank has set a new deadline for implementing the new Pix refund mechanism, MED 2.0. The tool, which promises to increase security and facilitate money recovery in cases of fraud, should only be made available to all users between the end of 2025 and the beginning of 2026. This news took many people by surprise, especially those who already felt insecure due to the constant scams involving the most widely used instant payment system in Brazil.
New Central Bank Pix refund mechanism
During the launch of the second phase of the “It looks like a coup” campaign, promoted by the Central Bank and the Brazilian Banking Association (ABBC), the person responsible for the Pix security area, Luis Otávio Vissotto, detailed the schedule for the new Pix return mechanism. According to him, the development of MED 2.0 will begin next month and will take eight to twelve months. After that, approval tests will come, followed by controlled production, before the tool is released to the general public.
In other words, despite many people's expectations of seeing the system working soon, MED 2.0 will still take some time. However, the good news is that the new Pix refund mechanism promises to be more robust. With it, it will be possible to track the path of the money and block balances in various accounts through which the amount passed, increasing the chances of recovering amounts lost due to fraud.
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Security measures already for 2023
While MED 2.0 is not out, The Central Bank announced that, as of November 1, 2023, some new security rules for Pix will come into effect. One of the main changes is that banks will be able to delete a Pix key without the customer's permission if fraud is suspected. In addition, transfers made by cell phones or computers that have never carried out transactions via Pix will be limited to R$200.
Another highlight was the mandatory use of the Transactional Account Identifier Directory (DICT) by banks. This directory, according to Vissotto, has already become a true security database, but not all institutions were using this information fully.
Central Bank continues working on improvements
Vissotto reinforced that the The Central Bank continues to work on improvements to make Pix more secure, but admitted that the system is still the target of many scams. “Fraudsters go where the money is, and unfortunately Pix is the focus today. But we are constantly improving security, with seven layers of protection and a strategic group made up of the biggest experts in the market,” he said.
According to Vissotto, the challenge of combating Pix fraud is constant. He highlighted that fraudsters are always thinking of new ways to deceive people, and therefore, The Central Bank also needs to always be ahead, innovating in security measures.
What changes with MED 2.0?
O new Pix refund mechanism aims to be a significant step forward in the fight against fraud. The current version already allows users to have part of their money returned in cases of fraud, but MED 2.0 goes much further, expanding the scope of the refund system.
With MED 2.0, it will be possible to track the accounts through which the fraudulent money passed and block balances in these accounts., which increases the chance of recovery. This mechanism will be especially useful in cases of chain fraud, where the transferred amount passes through several accounts before being withdrawn.
And Pix keeps growing
Despite security concerns, Pix has become an indispensable tool for millions of Brazilians. Since it was launched by the Central Bank, the instant payment system has revolutionized financial transactions in Brazil. In addition to allowing fast and free transfers, Pix is now also used for payments in commercial establishments and even for paying bills such as electricity and telephone bills.
O Pix's success, however, has also caught the attention of scammers, which is why Pix's new refund mechanism is so eagerly awaited. Until then, users should be aware of the new rules that come into effect in November and follow the recommendations of central bank to avoid falling for scams.
New Central Bank Pix refund mechanism
The wait for the new Pix refund mechanism may seem long, but what the Central Bank promises is a much safer and more efficient system. Meanwhile, the security measures that come into effect this year are already an important step towards protecting users. The way to do this is to keep an eye on the latest developments and continue using Pix carefully, after all, it is already part of our daily lives.
What did you think of the news about the new Pix refund mechanism? Do you think the 2026 deadline makes sense or is it taking too long to be implemented? And will the new security rules coming in November make a difference in your use of Pix? Comment below!
