In the current financial scenario, two payment methods stand out in Brazil: Pix and bank slip. Although both methods are very much in use on a day-to-day basis, each has different characteristics. In this sense, the unmatched speed of Pix tends to make it the most advantageous choice. Simultaneously, the flexibility of a bank slip may, in certain circumstances, be preferred by the user.
Pix is an original instant payment system in Brazil, launched by the Central Bank in 2020. It is a revolutionary system that has established itself as an efficient and fast alternative for money transfers and payments. Its success can be attributed to its user-friendly nature, requiring only a mobile phone to carry out transactions in real-time. According to Agência Brasil, the country has 153 million registered users for the Pix system.
The payment method operates through what are known as "Pix keys" - such as CPF/CNPJ (Brazilian Individual Taxpayer Registration/Tax Identification Number or Company registration number-CRN, an email address, or a telephone number. These allow users to carry out financial transactions in a simplified manner, without the need for full bank details.
This means that when you make a payment using Pix, the money is instantly transferred to the recipient's account. Moreover, Pix is available 24 hours a day, 7 days a week. Users also have the flexibility to set their own transfer limits. This is a significant advantage, as it avoids the time restrictions that are common to other payment methods.
The convenience, speed, and security of Pix make it an increasingly popular option in Brazil. Consequently, more and more companies are using this method to simplify their billing and collection processes. Essentially, it's a solution that transforms how individuals and businesses conduct everyday business.
On the other hand, a bank slip is another widely used payment method in Brazil. This document, issued by a financial institution or company, provides detailed information about the transaction. Whether in paper or digital form, this method is quite accessible and relatively convenient, especially for the part of the population that does not have a bank account and/or does not have a mobile phone connection. With this method, the user has the option of making the payment in person - at an ATM, bank, or lottery branch. In general, it takes up to 72 hours for the bank slip to be cleared, in contrast to the instantaneous nature of the Pix.
Now that you're familiar with how Pix and a bank slip work, it's worth understanding the key differences between them.
Clearing time stands out as one of the main differences between Pix and bank slip, and it often plays a decisive factor in choosing between the two methods. With Pix, the transaction is practically instantaneous, guaranteeing greater speed in financial transactions. Bank slips, on the other hand, require a longer clearing time, which has a negative impact on the speed of the transfer.
In addition, there are significant differences in the costs involved in these payment methods. In most cases, Pix has lower or even zero costs, making it a financially attractive option for both senders and receivers. On the contrary, bank slips can incur issuing and clearing fees, which have an impact on corporate costs.
Another difference between the two payment methods relates to reconciliation. While Pix is directly integrated with banking systems, bank slips require the exchange of files between institutions. As a result, reconciliation takes more time and effort, especially in manual processes.
It should be noted that the registration of bank slips is a unique aspect of this modality. Unlike Pix, which does not demand prior registration for transactions, bank slips require issuance and registration. This situation increases both the level of complexity and the time involved in the process.
As we have seen, Pix and bank slip hold their places as payment methods in the Brazilian financial market. Both have their specificities, and the selection depends on the user's needs and the options provided by the company they are engaged with. In general, the aspects that influence the decision include the speed of clearing, the cost, and the simplicity of the reconciliation process.
In a dynamic market that demands versatility, it is essential to understand the fine points between payment methods to adapt to all scenarios. At Bazk, we simplify the bureaucracy so that your business can thrive in the Brazilian landscape. Contact us to find out how we can help your business in navigating Brazil!
