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Changes in Pix and Possible End of Credit Card: 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, directly linked to the Ministry of Economy, surprised Brazilians with three important announcements that promise to impact financial daily life. The news involves significant changes in Pix, the use of credit cards, and other updates that could transform how we handle payments in Brazil. Check out each of these announcements and what they mean for consumers and companies. Stay updated on Bacen’s news and see how they may affect you.
End of Credit Cards in Brazil?
The Central Bank’s announcements involve a major conclusion about the changes in Pix for the coming years, a possible substitute for credit cards, and about depleted savings accounts. Additionally, it is worth mentioning that the federal agency’s communications usually apply to all Brazilian financial institutions.
According to information from the portal ‘metrópoles’, the president of the Central Bank, Roberto Campos Neto, stated on August 11, 2023, that the agency is studying authorizing credit offers to consumers via Pix. His statement came a day after he discussed reducing credit card rates.
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For those who don’t know, the revolving credit is that credit contracted by consumers when they pay less than the full amount of the credit card bill and lasts 30 days.
After 30 days, financial institutions parcel the debt. However, the amount becomes very high and ends up driving many customers into absurd levels of indebtedness.
In November of last year, the Central Bank also made an important announcement about depleted savings. According to information from the portal Terra, nearly R$ 100 billion left savings accounts during this year. On November 9, 2023, BC reported that as of October, the accumulated withdrawals from savings totaled R$ 98.285 billion.
Understand the Changes in Pix Announced by the Federal Government
According to information from the CBN portal, journalist Marcelo d’Agosto explained that one of the factors behind this accumulated withdrawal is the profitability. Even without Income Tax, the returns from savings are lower than many other conservative financial investments. The greater sophistication of the market may explain the number of withdrawals.
Pix has become the most used method by Brazilians when paying for their purchases, making deposits, and even executing payments for basic bills. However, the creation of Brazil’s new digital currency, Drex, by the Central Bank may change this reality.
Data from ‘G1’ indicate that both public banks, Caixa and Banco do Brasil, conducted the first transfers with the Drex, the new digital real. This operation involved sending bank reserves in a test environment of the Central Bank (BC).
Understand the Difference Between Pix and Drex
It is worth mentioning that Drex, which will bring changes to Pix, is still in the implementation process by the Central Bank and there is currently 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, the Drex is the representation of the real in digital form, that is, 1 Drex will be equivalent to R$ 1. However, regarding the financial market, there are a number of rumors about 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 are Bradesco, with 106.523 million, and Itaú, with 100.630 million. In this ranking, which considers data from the first quarter, Nubank appears with 89.797 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 .