PIX is the payment method that has been conquering the heart of the Brazilians since its launch in November of 2020. One year later, new features started to be added with the promise of giving more options and access to end users. In this article you will learn more about PIX Saque (Withdrawal), one of the new features recently added to the PIX universe.
What is PIX?
PIX is an instant payment method created by the BACEN (Central Bank of Brazil) to revolutionize the market. It promotes quick, real time, and direct transfers between people and/or companies. Working 24/7 and in a digital way, especially through smartphone apps, PIX brought more convenience, options, access and opportunities to all Brazilians.
PIX Saque (Withdrawal)
Since its launch in November of 2020, the BACEN has emphasized that it was just the beginning and that a series of new features would be added along the time. The idea is to explore all possibilities and expand the PIX system range of utilities to all users.
One year later BACEN started to implement these new features, and PIX Saque is among them. The word “saque” means withdrawal, and this feature literally means a new option for a PIX user to withdraw money.
Through PIX Saque any user can make a cash withdrawal at one of the points that offer the service. Thus, any person or business that has a PIX account in a PIX participant can access it in places such as commercial establishments, shared ATM networks, etc.
Differences between traditional withdrawal and PIX withdrawal
PIX Saque advantages
- Increased convenience in withdrawals
- More options to withdraw cash
For the Retail:
- More customers
- Reduced cost to manage physical cash
- Less safety issues risk
For PIX Participants:
- Greater capillarity for their withdrawal network
- Cheaper withdrawal offers
For the Financial System:
- Increased competition
- Additional option for institutions that find hard offering cash withdrawals
- Greater capillarity
- Less costs with physical
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Read also: What is the meaning of PIX Troco (Change)?