PIX Troco (Change)

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

PIX was launched in November of 2020, and shortly afterwards the BACEN stated that a backlog of new features within PIX would be added in the future. So, now, one year later, the future has arrived, and along with other interesting features such as PIX Saque (Withdraw), the PIX Troco was announced. 

The word “troco” in this context means “giving a change after a purchase”. Thus, for PIX end users, it means that they can receive their change in physical cash after making a purchase with their PIX app. It is important to note that this process is free of taxes for the end user.

Through PIX Troco the user can buy only from a PIX participant company and then receive a change. So, here is a practical example: 

• The PIX end user go to a local grocery shop (PIX participant) to buy some fruit and the total is R$ 10.00

• The user opens its PIX app and transfers R$30.00 to the grocery shop after reading the QR Code or the application of the service provider. 

• The user then receives R$ 20.00 in physical cash as a change and gets the fruits

For Users:

• More options to have a change in their purchases

• More convenience since there is no need in carrying coins or bills to have a change in physical cash

For the Retail:

• More customers

• Competitive advantage

• Less fraud risks such as receiving fake bills from customers

For the Financial System:

• Increased competition

• Greater capillarity 

• Less costs with physical cash

Read also: What is the meaning of PIX Saque (Withdrawal)?