What is PIX?
PIX is an instant payment method created by the BACEN (Central Bank of Brazil) to revolutionize the market. It promotes quick, real time, and direct transfers between people and/or companies. Working 24/7 and in a digital way, especially through smartphone apps, PIX brought more convenience, options, access and opportunities to all Brazilians.
PIX Saque (Withdrawal)
Since its launch in November of 2020, the BACEN has emphasized that it was just the beginning and that a series of new features would be added along the time. The idea is to explore all possibilities and expand the PIX system range of utilities to all users.
One year later BACEN started to implement these new features, and PIX Saque is among them. The word “saque” means withdrawal, and this feature literally means a new option for a PIX user to withdraw money.
Through PIX Saque any user can make a cash withdrawal at one of the points that offer the service. Thus, any person or business that has a PIX account in a PIX participant can access it in places such as commercial establishments, shared ATM networks, etc.
Differences between traditional withdrawal and PIX withdrawal
PIX Saque advantages
Increased convenience in withdrawals
More options to withdraw cash
For the Retail:
Reduced cost to manage physical cash
Less safety issues risk
For PIX Participants:
Greater capillarity for their withdrawal network
Cheaper withdrawal offers
For the Financial System:
Additional option for institutions that find hard offering cash withdrawals
Less costs with physical
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Read also: What is the meaning of PIX Troco (Change)?