New at the end of 2020, PIX is currently part of the routine of most Brazilians. The practicality, speed and efficiency with which payments and transfers are made made PIX a strong substitute for bank slips, DOC, TED and even debit cards. However, a feature present in credit cards was still missing: the possibility of paying for purchases in installments. To find out how PIX installments work, check out the following article.
Read more: See how to find out where to make Pix withdrawal and Pix change.
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Initially, what can be understood from the PIX installment proposal is that it actually works as a form of personal credit. When making the PIX in installments, the customer is actually asking the bank for an “advance” of the transaction amount, and agreeing to pay in installments with the addition of interest.
When dealing with a credit card, when we split the purchase using these methods, the transaction costs are borne by the seller. For this reason, most retailers already pass on this cost implicitly, embedding the value in the product itself.
In the case of the PIX in installments, the interest rates indicate the direct cost to the customer, which is why they are displayed when contracting. Furthermore, when accepting the PIX in installments from a bank, the recipient obtains everything immediately, but the amount will have to be refunded to the bank by the customer, in installments with interest.
In some institutions, it is already possible to contract the PIX in installments, such as, for example, Santander bank and Fintechs Mercado Pago and PicPay. In them, interest rates vary between 2% and 3.99%. In Santander, installments can be divided into up to 24 installments. In Mercado Pago and PicPay digital accounts, the debt is created from the credit card balance.
The Central Bank has also announced its own PIX modality in installments. Its provisional name is “PIX Garantido”, still without a release date. According to disclosed information, it will allow the functioning of values for future dates in its popular payment system in one or more installments.
