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Changes to Pix and the possible end of credit cards: understand what the Central Bank's announcements are. Three announcements could completely change the lives of Brazilians in 2024.
The Central Bank of Brazil (Bacen), a federal agency that acts as the country's monetary authority and is directly linked to the Ministry of Economy, surprised Brazilians with three important announcements that promise to impact their daily financial lives. The news involves significant changes to Pix, the use of credit cards, and other updates that could transform the way we handle payments in Brazil. Check out each of these announcements and what they mean for consumers and businesses. Stay up to date with Bacen's news and see how they could affect you.
End of credit cards in Brazil?
The Central Bank's announcements involve a major outcome regarding changes to Pix for the coming years, a possible replacement for credit cards and about emptied savings accountss. Furthermore, it is worth mentioning that the federal agency's announcements are usually valid for all Brazilian financial institutions.
According to information from the portal 'metropolises', The President of the Central Bank, Roberto Campos Neto, stated on August 11, 2023, that the agency is studying authorizing the offer of credit to consumers via Pix. The speech took place one day after he addressed the reduction of credit card fees.
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For those who don't know, revolving credit is the credit taken out by the consumer when they pay less than the full amount of the card bill and lasts 30 days.
After 30 days, financial institutions offer installment payments for the debt. However, the amount is very high and ends up leading many customers into absurd debt.
In November last year, the The Central Bank also made an important announcement about the empty savings accounts. According to information from the Terra portal, almost R$100 billion left savings accounts during this year. On November 09, 2023, the BC reported that until October, the accumulated withdrawal from savings accounts was R$98,285 billion.
Understand the changes to Pix announced by the Federal Government
According to information from the CBN, the journalist Marcelo d'Agosto explained that one of the factors behind this accumulated withdrawal is profitability. Even without Income Tax, the return on savings is lower than many other conservative financial investments. The greater sophistication of the market may explain the number of withdrawals.
PIX has become the most widely used method by Brazilians to pay for purchases, make deposits and even pay basic bills. However, the creation of Brazil's new digital currency, Drex, by the Central Bank could change this reality.
Data from 'G1', point out that both public banks, Caixa and Banco do Brasil, carried out the first transfers with the drex, the new digital real. This operation involved sending bank reserves to a Central Bank (BC) testing environment.
Understand the difference between Pix and Drex
It is worth mentioning that Drex, which will bring changes to PIX, is still in the process of being implemented by the Central Bank and there is still no official launch schedule. However, the expectation is that this new currency will be released to the public by the end of 2024.
Unlike Pix, which is a form of payment, drex is the representation of the real in digital form, that is, 1 Drex will be equivalent to R$ 1. However, when it comes to the financial market, there are a number of rumors on the subject.
In Brazil, according to data from the Central Bank, the financial institution with the most customers is Caixa, with 151,947 million. Next comes Bradesco, with 106 million, and Itaú, with 523 million. In this ranking, which considers data from the first quarter, Nubank appears with 100,630 million.
Eu nunca usei o Pix , devido a fatos ocorridos por outras pessoas durante o período ? Além de não confiar nesse sistema de pagamento direto e como dizem ? Além de ser mas fácil pelo devedor e recebedor , inclusive com a facilidade , e desconto deste pagamento . Em dividas com quantias pequenas eu pago em dinheiro , e grandes quantias , é a base de cheque virtual fornecido pelo banco outras quantias , mediante senha , e retirada espécimes é com digito ? Pois não confio nesse sistema criado , e não tenho App no meu celular de uso , pois , meu aparelho foi clonado algumas vezes , meu negócio é direto com o meu gerente . E não passo meu CPF pra ninguém .