How does the PIX works
What is PIX?
PIX is a digital payment method in Brazil that allows instant transactions between various types of financial accounts. It operates 24/7, facilitating immediate payments and money transfers.
PIX Key Types
A PIX key is a unique identifier linked to your financial account, allowing for easier and quicker transactions. Users can have multiple PIX keys linked to different accounts or the same account. There are four main types of PIX keys:
- CPF/CNPJ: The individual's or company's tax ID.
- Email Address: A verified email address.
- Phone Number: A verified mobile phone number.
- Random Key (EVP): A random alphanumeric sequence generated by the financial institution.
When performing a transaction, users can choose which PIX key type they'd like to use for that specific operation.
PIX QR Codes
PIX QR Codes are another convenient way to initiate transactions. There are two types:
| QR Code Type | Description |
|---|---|
| Static QR Code | Reusable code, suitable for situations where the payment amount doesn't change (e.g., monthly subscriptions). |
| Dynamic QR Code | Generated for a single transaction and includes details like the amount and recipient name. Ideal for one-time payments. |
Lulipay always generates Dynamic QR Codes.
Copy and Paste PIX Option
In addition to scanning QR Codes or entering PIX keys manually, PIX also offers a Copy and Paste feature for payments. This option allows users to copy a text-based code generated by the payment recipient, which represents the payment details.
How it Works
- Generation: The recipient generates a PIX code that encapsulates all necessary payment details, such as the amount, recipient name, and other transaction information.
- Copying and Pasting: Inside their banking app or platform, the payer pastes the copied PIX code into the designated Copy and Paste PIX field.
- Confirmation: The payment details auto-populate, the payer confirms the transaction, and the payment is processed instantly. Both parties receive a notification confirming the transaction.
The Copy and Paste PIX feature is particularly useful for mobile users who can't scan the QR Code because they're already on the phone.
How a PIX Payment Works
- Initiating Payment: The payer scans (or copies) the recipient's PIX QR Code or enters their PIX key.
- Confirmation: The payer reviews and confirms the payment details.
- Completion: Funds are transferred instantly, and both parties receive a confirmation.
Common Use Cases
- Person-to-Person: Instant money transfers between individuals
- Business Payments: Quick payments to suppliers and service providers
- E-commerce: Instant payment confirmation for online purchases
- Bill Payments: Immediate payment of bills and invoices
- Salary Payments: Fast and secure salary disbursements