Pix

The Central Bank of Brazil (BCB) introduced Pix in November 2020 as a groundbreaking instant payment solution, revolutionizing the way transactions are made in the country. Wondering where Pix can be used for crypto deposits? Keep reading the top list below to discover more.

Pix quickly gained widespread adoption, with more than 60% of the Brazilian population embracing it as a preferred deposit method. This rise in popularity is driven by Pix’s role in enhancing the digitalization of money during a time when contactless payments were crucial. The method is integrated with numerous Brazilian financial institutions, including major fintech companies and crypto platforms. Pix is also a fee-free option for individuals using P2P payments, making it a popular choice among crypto enthusiasts. Additionally, Pix has a lower merchant acceptance cost, as it involves fewer intermediaries than traditional payment systems, making it an efficient and cost-effective option for transactions.

Summary

Pix is widely recognized and preferred for its instant crypto deposits, fee-free transactions for P2P deposits, and its low costs for businesses, creating a competitive market for Brazilians. As the first instant deposit method, it has become an innovative product in the country’s banking sector, helping to reduce cash transactions. Pix offers a modern alternative to traditional deposit methods like ATMs, bank slips, and Boleto. The method’s mass adoption is primarily due to the absence of fees for P2P deposits and low charges for business transactions.

What is Pix?

Pix is a fully centralized infrastructure developed by the Central Bank of Brazil to provide instant payments and reduce reliance on cash transactions, offering a more affordable, fast, and secure alternative to traditional deposit methods. It facilitates instant deposits across various types of transactions (P2P, P2B, B2B, P2G, and B2G) using a smartphone. Brazilians can use Pix through apps from any of the 800 payment service providers, utilizing aliases, keys, or a QR code. The alias or key identifies the receiver’s account but is not necessary to pay with Pix. Individuals can have multiple keys, such as an email address, phone number, taxpayer ID, a randomly generated alphanumeric string, or a QR code. The payer needs the recipient’s Pix keys to make a deposit, with transaction receipts issued for both payer and recipient. Individuals can have up to five keys, while companies can have up to twenty. Each alias is linked to a single transactional account.

Pix Costs

Pix exempts individuals from fees when using it to make purchases or transfer funds. However, fees may apply when receiving funds from commercial sales or making deposits through an institution’s personal service when electronic options are available. Commercial sales are subject to fees if more than 30 Pix transactions are received per month or when using a dynamic QR code or a QR code from a corporate payer. Legal entities may incur charges when sending or receiving funds through Pix. Institutions freely set transfer costs, but many crypto sites listed by CryptoChipy do not charge additional fees, or we make sure to mention it in the reviews.

Transaction Speed for Pix

Pix offers instant confirmation of transfers, typically processing in about 2.5 seconds. However, the timelines of some institutions may delay the funds’ transfer to accounts, meaning not all transfers will benefit from the instant processing feature. This delay is common with traditional Brazilian Reals transfers, which are processed only on business days. Many Brazilians prefer Pix due to the speed of its transactions.

Pix Deposits in Four Steps

1. Select Pix from the list of deposit options.
2. Scan the QR code on the webpage or copy the Pix key into your bank or mobile app.
3. Confirm the recipient’s details, enter the deposit amount, and press ‘Go’.
4. Complete the transaction by verifying your identity via Face ID, Touch ID, or PIN code.

Which Countries Use Pix?

Currently, Pix is only available to residents of Brazil, although international institutions may accept Pix as a funding method.

Can You Withdraw with Pix?

Yes, funds can be withdrawn via Pix. A user can initiate a withdrawal transaction just like a deposit, either by scanning a QR code or making a Pix transfer from their account to a withdrawal service provider or agent. The provider then dispenses the requested cash. These withdrawal services are free for individuals up to their eighth transaction in a month.

Reputation of Pix

Pix has revolutionized the Brazilian banking industry by offering instant deposit methods available full-time. Previously, the absence of a full-time deposit method caused delays in transactions. Pix is a significant improvement over the reliance on credit and debit cards, with many Brazilians taking pride in its reduction of cash transactions. Its ability to digitize finances has contributed to its reputation for promoting financial inclusion, especially for the unbanked, with no charges for individuals. Pix is secure with QR codes and multi-factor authentication. However, its availability is currently limited to Brazil.

Pix FAQ

Below are some frequently asked questions about the Brazilian deposit alternative.

Is it safe to use Pix for cryptocurrencies?

Yes, Pix is a secure method for crypto transactions, utilizing strong encryption with QR codes and Pix keys. Always verify the links to crypto sites that accept Pix and avoid untrustworthy sources like spam emails and SMS. Use official links like those on CryptoChipy.

Is Pix instant?

Yes, Pix offers an instant deposit method for its Brazilian users, which is why it is so popular.

When was Pix founded?

The Central Bank of Brazil introduced Pix in November 2020.

Which crypto sites accept Pix?

Some crypto sites that support Pix include Local Bitcoins, Paxful, Binance, OKEx, and Kucoin, making it convenient for Brazilians to access cryptocurrencies. Unlike traditional deposit