Banco do Brasil (BB) and payment terminal operator Cielo are reportedly providing “Pix por aproximação” to a select group of the bank’s clients
These clients can make purchases by bringing their smartphones close to the payment terminal at participating retail outlets.
For the time-being, this operation is authorized in Brasília as well as São Paulo.
With this update, BB’s app notably becomes one of the first in the current market to provide this functionality to its customers. With advancements in Fintech and increased digitalization of financial services, it’s now expected that banking institutions will aim to offer more frictionless ways for consumers to complete transactions.
As clarified in the update, BB has not shared which particular group of clients should have access to “Pix por aproximação” however they pointed out that this is a pilot project, which means that it’s presently in the testing stage prior to its official roll-out.
As noted by the central bank (BC), “Pix por aproximação” should be introduced in November this year, with the stated goal of being available nationally by February 2025.
As explained in the update, for payments up to R$ 200, after checking the actually amount on the terminal, clients would have to open up the BB App, then proceed to click on “Pix por aproximação” and finally authenticate with biometrics and/or enter their password at the log-in screen.
In order to finalize the payment, clients would have to bring the smartphone close to the Cielo terminal, just like with digital wallets and/or physical payments cards. For transfers of more than R$ 200, clients will be required to enter their transactional password, which is the same one that’s used for traditional Pix transactions.
It’s worth noting that Brazil and Latin America in general have emerged as one of the fastest-growing Fintech hubs due to the fast-evolving digital economy. Consumers and businesses operating in the LatAm region are increasingly looking for more efficient ways to transact and enhance business operations.
