The Brazilian central bank has pushed back the addition of recurring payments to its Pix platform from October until next June.
Automatic Pix will facilitate recurring charges that let users authorise periodic debits automatically, without the need for authentication for each transaction.
The central bank predicts the feature will be useful for a host of options, including schools, colleges, gyms, condominiums, social clubs, health plans, streaming services, news portals, subscription clubs, and FS firms.
In addition to making life easier for users, the bank expects cost reductions because the operation is independent of bilateral agreements, as is currently the case with direct debit, and uses the infrastructure already created for Pix to operate.
Launched in late 2020, Pix has proved a runaway success and already accounts for 39% of all payments, behind only card transactions (credit, debit, and prepaid), which account for 41%.