Last updated: 10 January 2023
PIX is a new instant payment method that is revolutionising the Brazilian financial market. Powered by Brazil’s central bank, PIX was tailored-made to cater to Brazilian clients.
As such, it enables users to make payments in local currency. However, this is just one of the benefits. As a state-owned banking method, it guarantees the highest levels of security.
Still, even this is not what attracted more than 30 million people to pick PIX as their prefered payment method. So, what is it?
Here is where CBM fintech and iGaming experts enter the stage to examine PIX and deliver a comprehensive overview. Keep reading to find out how to use it, if there are any fees, how to make deposits and withdraw winnings at the best PIX casinos… Well, nothing’s perfect.
Anyhow, the CBM report will surely help you decide if PIX is the right choice to fund your online casino balance to play casino games or enjoy sports betting.
Banco Central do Brasil (BCB) was founded in December 1964 as a federal agency, part of the National Financial System. The bank started its operations in March 1965, 90 days after its inception.
In June 1967, the Central Bank’s headquarter was moved from Rio de Janeiro to Brasilia. The administration was looking for a prime site to construct a twenty-story building for more than 900 employees.
The main building was opened in September 1981, becoming a landmark visible from anywhere in the city. The building represents the evolution of the Brazilian economy.
The central bank is the primary monetary authority in the country. It has control of all the federal budget and fiscal financial matters.
These activities were previously split between three institutions: the Bank of Brazil, the Superintendency for the Currency and Credit (SUMOC), and the National Treasury.
As the most respectful monetary institution in the country, the bank drives innovation and supports a competitive financial system. As a result, it developed PIX, an instant payment (IP) scheme that facilitates direct bank transfers.
PIX was officially introduced on November 16, 2020.
As of January 2023, PIX has new rules. The changes were announced by the Central Bank in December 2022. The individual transaction limits no longer exist; instead, daily and nightly limits apply.
PIX users can now send the entire period limit at once or make several transactions during this timeframe. Clients will continue to be able to set their own PIX limits, and banks have 24-48 hours to respond to the request.
Another change refers to the nighttime transactions via PIX. Before the new rules, the night period with lower transaction limits was 20:00-06:00. Now, you can decide whether the night period will start at 22:00 and end at 06:00.
Finally, the amount of money you could receive through PIX has been increased to R$3,000 during the day and R$1,000 at night.
- January 2023: PIX introduces new rules that include more flexible nighttime payment options and eliminate limits per transaction.
- October 2021: According to Bloomberg, half the population or 110 million people in Brazil uses PIX.
- February 2021: PIX Garantido (instalment transactions) and PIX Débito Automático (automatic debit payments) announced for the second half of the year.
- February 2021: The Central Bank of Brazil announces that 286 million transactions have been made via PIX in first two months of 2021.
Powered by Banco Central, PIX is a local payment method created exclusively for the Brazilian market. The data shows that Brazil still has a high percentage of people who don’t have access to bank services and don’t own bank cards or bank accounts.
This unbanked population is one of the main target groups as the system allows them to use the service without a formal bank account.
In this way, PIX is democratising Brazilian digital payments. Furthermore, it helps the digitisation of the retail payments market.
To quote Banco Central do Brasil, “Pix belongs to the Brazilian citizen life and business environment.” The platform also promotes financial inclusion, improved user experience and efficiency with lower costs.
Open a transactional account
Although PIX doesn’t require a bank account, you need to have a transactional account with a financial institution that partners with PIX. This can be a current deposit account, savings or prepaid account. Remember, PIX is not a platform that only banks can implement and provide to their clients. Other Fintech companies and payment processors can also offer PIX.
Register PIX key/alias
PIX alias or key is a “nickname” you can register digitally and connect to your accounts to enable transactions. You can create it with the institution in which you hold an account. The alias is necessary if you need to receive the funds. To confirm the key, the payment processor will send you a code in an SMS or email. Insert the code in the access channel provided by your financial institution and finish verification. The alias can be your email, mobile phone number, CPF or CNPJ (taxpayer identification number), or random alphanumeric string, like a password.
PIX key is not obligatory to make payments as you can only scan the QR code (static or dynamic). The alias is used to start the process but is not mandatory. To make payments, visit the cashier section, select PIX, confirm to generate a QR code and scan it. The transactions are irreversible and carried out within a few seconds. Once done, both the payer and payee will receive payment confirmation.
To make a casino deposit PIX, head straight to the deposit page and look for this payment option.
- Click and provide your CPF, the Brazilian individual taxpayer registry identification.
- Enter the amount you want to deposit to your PIX online casino account and use your banking app to scan the QR code associated with the transaction.
- If you’ve followed the instructions indicated in the cashier, your bank or payment provider will soon confirm the transaction.
When it comes to withdrawals, we have to disappoint you here. PIX is not available as a withdrawal option.
You will need to look for an alternative method to cash out the winnings at casinos accepting PIX deposits. So, we advise you first to visit the banking page to see which withdrawal methods are supported to pick the right one.
PIX is an affordable payment method with low operational costs due to fewer intermediaries. It means that different institutions can carry out real-time payments without additional “middlemen” such as issuers, acquirers, or card schemes.
In other words, online casinos that accept PIX will have lower financial costs. What does this mean for the gamers? No fees for PIX deposits at online casinos.
However, we advise you to check the casino’s Terms & Conditions and visit the banking page to avoid possible unpleasant surprises.
As an instant, real-time digital payment platform, PIX deposits are processed extremely fast. More precisely, PIX performs transactions in a few seconds, 24/7, including weekends and holidays.
It means you can fund your online casino balance instantly and head straight to the lobby to start spinning, rolling, and dealing. Full-time availability makes PIX one of the most convenient and straightforward casino deposit methods for Brazilian players.
As we have said earlier, PIX is still not widely accepted among online casino operators. However, we are sure that this will change soon as some data say that 60% of Brazilians have already chosen PIX as their prefered payment method.
The service itself has no minimum limits, but PIX online casinos may set up maximum amounts to prevent fraudulent activities and prevent money laundering. These limits may be per payer, per transaction, per day, or month.
Currently, at Betsson, you need to deposit a minimum of R$35 to access the casino lobby, while the maximum is R$14,000 per transaction.
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PIX is a digital payment method developed by Brazil’s central bank. In other words, PIX utilises bank-level security measures. All transactions and sensitive data are fully encrypted.
Payments are processed through digitally signed messages that travel through a protected network outside the Internet. The National Financial System Network is a data network operated by the Central Bank.
PIX even has several security mechanisms designed exclusively for this payment processor. Security features include tokens, passwords, biometric recognition, or other verification methods used by the institution that offers PIX payments.
Furthermore, PIX even has anti-fraud engines that automatically block any suspicious activity for up to 30 minutes during the day for analysis. These engines can also reject any payment they deem not secure. The DICT centralised proxy database prevents the scanning of any personal information.
PIX is a payment platform developed and owned by the Central Bank of Brazil. As such, it doesn’t have a support team dedicated solely to this payment solution.
Banco Central do Brasil has a comprehensive PIX FAQ page with dozens of questions answered in detail.
If you wish to communicate with the support, you can contact the bank via an online form. The “Contact us” button is in the footer. Fill in the fields with personal information, select the country, write down your message, upload a file (up to three) and submit the form.
You’ll immediately receive an email confirmation that they received your inquiry, providing the registration number. Furthermore, the email contains a link enabling you to track the progress.
You can try to communicate through official social media channels, such as Twitter and Facebook. Twitter account is @BancoCentralBR, and it allows you to send a direct message. They respond at once, but, unfortunately, the virtual assistant doesn’t offer support in English.
PIX is a fresh Brazilian payment service. As such, it still hasn’t gained enough traction among online casino venues. However, this is changing.
Betsson is one of the reputable casinos that happily announced they offer PIX, one of the fastest and easiest payment methods.
However, we can easily predict that PIX is the next big thing in the Brazilian iGaming market. Why?
Because less than a month after the platform was launched, the Central Bank had already registered more than 100 million PIX keys.
Moreover, data shows that 60% of Brazilians have already chosen PIX as their favourite payment method. More than 90% of citizens already know about the service and consider it convenient and safe.
Furthermore, one of the studies predicts that PIX is likely to account for 22% of digital transactions in Brazil by 2030.
PIX facilitates instant direct transfers and allows people without bank accounts to make deposits at online casinos. The system is available at any time of the day, even during the holidays.
We can conclude that many players will gladly use it to top up casino accounts as soon as their favourite gaming venues accept it, which will be soon.
We’ll be there to follow the development and bring you the players’ experiences with PIX. So, stay tuned.
One of the main advantages of PIX is its simplicity. The platform doesn’t offer a complicated payment portal with various features.
However, the merchants providing the service may allow their clients to use Schedule PIX. The feature will enable users to set up future transactions.
If the account doesn’t have sufficient funds at the moment of payment, the transfer won’t be executed.
The Central Bank also announced that PIX would get other functionalities, such as cash-back.
The Central Bank allows customers to review the PIX alias report upon request. The BCB’s “Registrato” system is a real-time database containing all registered alias associated with end-users accounts.
This security feature will help people check the information and find eventual irregularities they can report immediately.
PIX is all about mobile. The smartphone is the only mandatory “feature” needed to use the service.
However, there is no dedicated mobile app you need to download. Financial institutions, fintechs, merchants, payment schemes that implement PIX will provide transactions through their mobile apps and internet banking platforms.
In other words, PIX is not a specific application. Payment service providers will enable PIX via the prefered access channel, mainly smartphone.
However, payment providers may accept PIX through other channels, such as ATMs or lottery houses.
Did you know that the need for a centralised Brazilian monetary system can be traced back to the 17th century? When Portugal’s Prince-Regent Dom João VI arrived in colonial Brazil in 1808, the idea of creating a centralised bank already existed. Hence, The Bank of Brazil was founded in 1808.
The first headquarters of the Central Bank of Brazil were in Rio de Janeiro.
Before the Central Bank moved its headquarters from Rio de Janeiro to Brasilia, the administration was distributed in more than ten different locations throughout the city.
The main building of the Central Bank was designed by Mr Hélio Ferreira Pinto’s architecture firm. The construction began in 1975 and was finished in 1981.
PIX was rolled out a few days before the 2020 Black Friday in Brazil.
According to the Central Bank, more than 30 million users and almost 2 million businesses have accepted PIX.
One of the renowned companies accepting PIX instant payments is Uber.
You can use PIX only for deposits, while for withdrawals, you will have to use an alternative banking method offered by the casino.
One of the advantages of PIX is that its instant transactions are direct, with few intermediaries. Such an approach reduces operational costs, which means that the end-user, you, don’t pay fees for depositing with PIX.
Yes. The service is developed by Banco Central do Brasil, the primary financial authority in the country. It means that PIX uses robust mechanisms to ensure the security of transactions and sensitive information.
The new payment method allows transactions to occur within 10 seconds. However, whether the funds will be credited to your casino balance right away depends on the payment processor providing the service. But, even if confirmation lasts longer, it will be within minutes.
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Biljana is an experienced content writer who started building her career in 2004. In 2013, she began to work for a Swiss telco company, where she wrote texts for websites and created various marketing collateral. She started her iGaming “adventure” in 2020 during the pandemic and never regrated the decision she made. Biljana is a Content Manager in charge of preparing content plans for websites such as CasinoBloke.com, LiveCasino24.com and OnlineGambling24.com. One of the latest projects she’s particularly keen on is CasinoBankingMethods.com.