PIX Saque (Withdrawal)

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. 

Read also: PIX -The revolutionary instant payment in Brazil

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.

For Users:

• Increased convenience in withdrawals

• More options to withdraw cash

For the Retail:

• More customers

• 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:

• Increased competition

• Additional option for institutions that find hard offering cash withdrawals

• Greater capillarity 

• Less costs with physical

Do you want to expand your business to Latin America? We’ll be happy to help.

Read also: What is the meaning of PIX Troco (Change)?