Pix adds recurring payments
Brazil's Pix instant payments platform has added a recurring payments feature.
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Pix Automático will facilitate recurring charges that let users authorise periodic debits automatically, without the need for authentication for each transaction.
The central bank predicts the feature will be useful for a host of options, including schools, colleges, gyms, condominiums, social clubs, health plans, streaming services, news portals, subscription clubs, and FS firms.
Launched in late 2020, Pix has proved a runaway success, used by 170 million people, 91% of the country's adult population.
At the same time, 60 million Brazilians don't have credit cards, leaving a significant potential market for the new Pix Automático. According to vendor Ebanx, it could unlock $30 billion in online recurring payments within two years.
Ebanx has already integrated the recurring payments feature, with global streaming platforms and SaaS companies among the first to tap into it. PPRO and digital bank Nubank have also been quick off the mark with their own integrations coming onstream.
Pix saw a 52% increase in transaction volume in 2024, according to central bank data. By the last quarter of the year, it accounted for nearly half of all non-cash payment transactions in Brazil.
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