Summary
The Central Bank (BC) and the country’s main financial institutions disagree on the technical and operational model for using the so-called Pix Parcelado, the next new feature of the instant payment system that could be delayed until 2026. The obstacle would be the infrastructure that will process the financing: the banks defend the use of credit cards, while the local authority prefers that the charge be made directly to the user’s current account.
Although several banks and fintechs already offer their own versions of installments via Pix, the Central Bank’s plan is to unify these rules to create a more uniform and standardized experience. The information was released by the portal Mobile Time this Thursday (22/10),
What are the proposals from the banks and the BC?
The banks’ idea is to allow the consumer to choose to post future installments of the purchase on their credit card statement. They cite internal research that indicates consumer preference for this model, given their familiarity with the mechanics of paying invoices.
Faced with resistance from the Central Bank, the banks would have presented a counterproposal: allowing the coexistence of the two modalities. This way, the consumer could choose whether the installment would be debited monthly from the current account associated with the Pix key or whether it would be posted on the card bill.
The Central Bank, however, has remained firm in its preference for direct debit. The authority understands that linking the operation directly to the current account maintains Pix’s original architecture. According to the BC, the consumer would take credit directly from the institution where they have the Pix key.
The recipient (retailer or other individual) would receive the full amount of the transaction instantly. The payer, in turn, would pay the amount in installments to his institution. It would be up to each bank or fintech to define the interest, charges and procedures in case of default, based on the risk profile of each client, as is the case with other personal credit lines.
In addition to the technical discussion, Idec (Institute for Consumer Protection) took a stance against the proposal and requested the disclosure of the rules that are being studied. For the entity, Pix Parcelado threatens to “mischaracterize Pix, expose consumers to over-indebtedness and confuse the free payment method with a financial product”.
Idec also argues that the Pix brand was consolidated based on the pillars of instantaneity, simplicity and free of charge. The association of this brand with a credit product, which involves interest, charges and contracts, would put user trust at risk.
The institute warns that the change could induce consumers to believe that they are making a simple transfer in installments, when, in fact, they are taking out credit and assuming a debt.
Another concern for the entity is the economic context. Idec points out that Pix Parcelado arrives in a “critical debt scenario in the country”. The institute cites data from the Central Bank itself that shows the increase in defaults, especially among low-income families.
“It is precisely this public, with less access to credit cards and banking history, that will be most impacted — and potentially exploited — by the new functionality. What is presented as ‘expanded access to credit’ can, in practice, mean financial traps and deepening inequality”, pointed out the entity.
Idec calls for clear rules
Idec suggested some measures if the BC decides to continue with standardization:
- That the product does not use the Pix brand, adopting its own name and visual identity
- That follows the same regulatory requirements as other credit products, with standardized rules, clear contracts and guaranteed rights
- That provides real security against over-indebtedness, such as proportional risk analysis and contracting limits
- That the functionality is activated exclusively at the user’s initiative
- That implementation is preceded by broad consultation and public debate, with a focus on consumer protection
Source: https://tecnoblog.net/noticias/pix-parcelado-gera-impasse-entre-bancos-e-banco-central/
