Online casino gamers are on the constant lookout for the most convenient, fastest, and cost-effective payment methods. The competition is fierce, so many country-specific payment solutions emerged in the last few years. One of the main benefits of these services is that they allow people to make transactions using local currency. Pix is new in Brazil.
Since they are tailored to fit a specific market’s needs, such payment methods deliver a personalized and intuitive banking experience. In other words, they cater to residents of certain countries.
One such local banking method this new Brazilian instant payment platform created by Banco Central do Brasil (BCB).
Pix as a banking method
In November 2020, The Central Bank of Brazil created Pix, the Brazilian instant payment ecosystem. It enables customers to send and receive money in a matter of seconds. The service is available non-stop, even during weekends.
It’s an easy-to-use and affordable solution for end-users available around the clock. The success of this innovative payment solution is best illustrated with numbers. Less than a month after roll-out, the Central Bank of Brazil had registered more than 100 million Pix keys (“nickname” used to identify the account.)
Now, more than 60% of Brazilians choose this meythod as their preferred payment method. The reason is simple: Pix is a real-time, safe, and cheap payment processor backed up and regulated by the central bank.
It has low operational costs as it has fewer intermediaries and is very convenient. You don’t need a credit or debit card, bank account, POS, checks, or banknotes to use the service. But you must have an account with a financial institution supporting this bankingmethod. This can be a current account, prepaid, or savings account. In other words, it is not exclusive to banks only, as Fintech companies and other payment institutions may also implement Pix.
However, the only thing that is 100% mandatory is a mobile phone. The payment works via static or dynamic QR code. So, to send money to a friend, you don’t need his banking and personal details. As a payer, you only have to ask for the Pix alias or scans the QR code to initiate a money transfer. Payment is an instant process, and both sides receive instant payment confirmations. Pix alias is used only to begin the process and is not mandatory to complete the transfer. In other words, you don’t need to register it to pay with Pix.
The solution also offers Scheduled Pix that allows you to schedule payments upfront. As for the merchants implementing Pix, they will facilitate transfers through internet banking platforms or mobile apps. Pix has no minimum limit, but merchants may determine the maximums to prevent fraud and money laundering. So, before you head to the cashier to deposit funds, first check the maximum amount you can transfer with Pix.
How to deposit via Pix
Deposits with Pix are straightforward. However, we advise you first to check minimum and maximum deposit limits, as we’ve already mentioned that merchants have the right to impose them. Then, visit the cashier section of the casino, and click the deposit button. Select Pix as a preferred solution.
Enter your CPF number (the Brazilian individual taxpayer registry identification) and specify the amount you wish to deposit. Then, use your banking application to scan the Pix QR code generated for the deposited amount. And that’s it. If the procedure is done correctly, the deposited funds will be credited instantly after confirmation of the online bank transfer by your bank.
How to withdraw with Pix
Unfortunately, many good things may have certain flaws too. If you end up winning at the casino, Pix is not available as a withdrawal option. So, you’ll need to find an alternative method to cash out the winnings.
Transfer Times, Fees, and Security
As mentioned previously, this is one of the fastest and easiest payment solutions available in the Brazilian financial market. As such, the answer to the question of how fast you’ll have the funds available at the casino account to start wagering is obvious – not more than a few minutes, if not seconds. Pix is a free payment solution, and online casinos have no fees for this deposit method either.
Pix has several security measures, some of which being developed exclusively for this innovation. The verification procedure includes token, password, and biometric recognition. Moreover, all transactions are encrypted on the National Financial System Network, a data network operated by the Central Bank. Also, the service uses anti-fraud engines to identify suspicious activities and block profiles for up to 30 minutes to analyze the issue.