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Central Bank Prepares Rules for Installment PIX, a Modality That Can Expand Access to Credit, but Brings Higher Costs and Risks Than Credit Cards. The Issue Involves Taxes, IOF, CET and Concerns Consumer Defense Entities.
The Central Bank is expected to regulate Installment PIX by the end of this month, creating unique rules for a functionality already offered by banks and fintechs.
Standardization tends to increase the use of PIX in retail and facilitate larger purchases since the merchant receives the total amount upfront.
For the customer, however, it is about credit: attention must be paid to CET, IOF, and approval policies, as the cost may exceed that of credit cards.
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What Changes with the BC Rule
The regulation aims to provide transparency, standardize information, and encourage responsible use.
In practice, the installment payment via PIX allows commerce to anticipate full receipt and can reach consumers who do not yet use credit cards.
Despite this, the modality is not a “PIX for everyone.”
According to a report published by g1, it will be targeted at those who already have a relationship with financial institutions and have a credit line available.
“Installment PIX will be used by those who are banked. This person already has a credit line available to them and will be able to use that line and pay in installments using PIX,” said Walter Faria, Deputy Director of Services and Security at the Brazilian Federation of Banks.
Who Will Be Able to Use and What Criteria Matter
It’s not enough to have an active account.
Banks and fintechs evaluate payment history, credit score, account movements, and income to define limits and conditions.
In other words, Installment PIX relies on the same analysis used for loans and credit cards.
PIX on the Rise: Reach and Volume
Since the system’s launch, about 70 million people have started using digital financial services.
PIX has established itself as the main means of transfer in the country.
In the second quarter of 2025, the Central Bank recorded 19.3 billion transactions via PIX.
The volume was 53.5% above transactions with cards (credit, debit, and prepaid), which totaled 12.6 billion during the period.
It was also 335% higher than collections through slips, agreements, and direct debit, which amounted to 4.4 billion.
g1 also pointed out that PIX already accounts for the majority of transfers made by Brazilians, far exceeding traditional means.
Installment is Credit, Not Original Function of PIX
As installment payment is not part of the basic functions of the instant payment system, it operates as a credit operation offered by institutions.
The use of PIX remains free, but the installment line involves interest and contractual conditions.
For Marcelo Sá, Business Director of Braza Bank, a crucial point of the regulation will be to clarify how banks will be compensated for the risk taken.
According to him, there are two ways: a transaction fee charged to the establishment or direct interest charges to the consumer.
In the latter case, he assesses that Installment PIX may lose competitiveness compared to credit cards, often marketed as “interest-free” alternatives.
“With rates around 2% per month, as it is a financial operation, Installment PIX can make the purchase more expensive. [That’s because] there is still the charge of IOF (Tax on Financial Operations) — which does not occur in installments with the card,” he said in an interview with g1.
Transparency: Role of CET in the Decision
Clarity about costs is mandatory. The Effective Cost Total (CET) must include all expenses of the operation, including interest, taxes, and fees.
In Installment PIX, this metric allows one to know how much will be paid, from start to finish of the contract.
As Walter Faria emphasizes, the transfer service itself has no fees or interest. What generates costs is the attached credit operation, which needs to display the CET in a standardized and understandable way.
Comparison with the Card: When It Can Be More Expensive
The credit card is usually presented with “interest-free” installments in retail, although it embeds commercial conditions negotiated with the merchant.
If banks choose to pass interest directly to the consumer of Installment PIX and there is an incidence of IOF, the purchase may become more burdensome.
The rule, therefore, does not eliminate the comparison. Each customer should confront rates, terms, and charges before deciding.
Idec Warning: Risk of Confusion and Over-Indebtedness
The Consumer Defense Institute fears that users will confuse the installment of PIX with a simple payment division.
From the entity’s perspective, the modality is effectively a credit that involves interest, fees, and a contract.
“PIX was born as a public policy for democratizing payments. Transforming it into a little-regulated credit channel jeopardizes this achievement,” warns Idec.
According to investigation by g1, the entity advocates that the solution should have its own identity (without using the PIX brand), follow identical rules to other credit products, provide clear contracts with assured rights, adopt real measures against over-indebtedness, function only by explicit activation of the user, and undergo broad public consultation focused on consumer protection.
How the Market Operates Today
Without specific standardization, each institution defines the modality, rates, and conditions of the so-called Installment PIX, generally as personal credit linked to the customer relationship.
According to investigation by g1, the main banks and fintechs already offer their own versions, while the Central Bank was approached for comment on the regulation but did not grant an interview.
Who Should Adhere First
Economist Carla Beni, a professor at FGV and a member of Corecon-SP, sees three profiles with a higher probability of initial adherence.
One group includes those with approved credit who do not have a card for large purchases, such as electronics, using the installment “almost like a payment plan from the past.”
An additional segment includes customers with cards who find competitive rates in Installment PIX or choose to combine it with upfront payments, taking advantage of discounts.
There are also those seeking additional credit: consumers with exhausted card limits may view the new modality as an extra line, even in another institution.
Default Focus
The debt scenario pressures the need for caution.
The Credit Report from the Ministry of Finance, with data from the BC, indicates that credit cards are currently the main driver of family debts.
In July, partial payment of the invoice — the revolving credit — accounted for 60.5% of default cases among individuals.
The trajectory of the past decade shows an increase in this type of debt, with a more severe impact on low incomes, which are precisely those facing the worst conditions for accessing credit.
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