The Central Bank of Brazil (BCB) has announced a plan to launch a new near-instant payment system during November.

The platform, called the Brazilian Instant Payment Scheme (PIX), will facilitate peer-to-peer and business-to-business transactions in 10 seconds or less via mobile phone, internet banking, or select ATMs.

According to a press release, it is mandatory for all financial and payment institutions licenced by the BCB to provide their 500,000 active customer accounts with the functionalities required to facilitate PIX transfers.

The release states that transactions will be executed by using a QR Code, or by entering identifying information such as cell phone number, email or taxpayer identification number.


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