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PIX is a popular Brazilian payment method used by local players at online casinos. It is owned by Banco Central do Brasil.
PIX is readily available as a payment solution to online casino players in Brazil. Created by Banco Central do Brasil, PIX allows for seamless funds transfers between different types of accounts, in seconds. PIX can be utilized 24/7, with prepaid accounts, savings accounts, and checking accounts.
Thanks to its widespread popularity, PIX can be used by SMEs and individuals at any of the 734+ central-bank-approved institutions in Brazil. Pix mobile functionality is fully supported courtesy of the Android app, or the iOS app through Internet banking facilities. As a payment method at online casinos, PIX is peerless.
Most Recommended Casinos Accepting PIX
PIX was designed as a broad-based payment solution. Brazilians can enjoy a wide range of money transfers using PIX, for example, bank slips, bankcard, and TED transactions. All of this is done via a mobile device (smartphones and tablets). With PIX it’s possible to transfer funds between your accounts at the same bank, or between different bank accounts at different banks. It is unnecessary to know the other person's banking details – all you need is their number from your contact list on your phone. The proprietary feature is known as PIX Key.
Fees & Terms
PIX transactions can be completed at a low cost for individual and business transactions alike. Since there are no minimum limits on payments or money transfers through PIX, transactions from as little as R$0.01can be conducted. Thus, there are no upper limits on transaction amounts. Other banking institutions may impose restrictions as a result of AML and KYC protocols. The costs of using PIX services tend to be lower, owing to the reduced number of financial intermediaries (middlemen) for processing transactions. It’s 100% free for players.
PIX transactions are processed rapidly. As a user, you can scan a QR code, or simply use the receiving party’s PIX key. Payments will be processed and confirmed instantly. Funds will be available in your account in less than 10 seconds. With PIX, the average transaction processing time is 2.5 seconds and the maximum processing time is 10 seconds.
PIX is an initiative launched by the Central Bank of Brazil to match the efficacy of blockchain-based technology and cryptocurrency. To this end, PIX seeks to mirror the instant processing features of crypto, 24/7 accessibility, and seamless transacting capabilities of blockchain-based technology. By removing paper money and coins from circulation, PIX is a highly efficient electronic payment system for P2P transfers, 24/7. It does not currently support cryptocurrency though.
Popularity in Gambling Industry
PIX is increasingly popular as the go-to payment solution in the online gaming industry for Brazilian players. Online casinos catering to legal-age players in Brazil routinely offer PIX as a payment method.
Core Countries PIX is Operating In
Brazil’s Central Bank announced the launch of PIX on 19 February 2019. As a new-age electronic payment network, PIX is set to revolutionize online banking and money transfer services across Latin America's most populous nation. Transactions are processed in BRL, and this payment solution is exclusively available to Brazilians.
Other Noteworthy Details
- PIX money transfers are available 24/7
- This payment solution is a low-cost leader
- Funds can be transferred using a digital wallet
- Transactions can be concluded in as little as 2.5 seconds – 10 seconds
- It is 100% safe and secure, with General Data Protection Laws in effect
- Users are not required to have a bank account to make payments with PIX
How to Make a Deposit using PIX?
To send payments using PIX, simply enter the receiver’s address key. You can also scan a QR code. Other options include manually inserting the receiver’s banking information to finalize the transaction.
- Navigate to The Online Casino’s List of Payment Options
First, register at a PIX-supported online casino. From the drop-down list of payment options, select PIX Key/QR Code. This is typically available at all reputable online casinos catering to Brazilian players.
- Navigate to the Cashier and Enter All PIX Info to Finalize the Deposit
Click on Make Transfer - it's free. Copy the QR code or PIX key and paste it into the payment section of the casino cashier. Next, deposit the funds into your account. Remember, with PIX you can expect your transaction to be concluded within 2.5 seconds – 10 seconds at maximum.
- Confirm that All Information is Correct and Finalize the Transfer
Be advised that the PIX key and/or the QR Code will expire within several hours. It's always a good idea to process the transactions as quickly as possible to avoid technical glitches. Once you're satisfied that the information you have entered is correct, click the ‘Make Payment’ or ‘Deposit’ button to finalize the transaction.
How to Withdraw Using PIX
PIX is ideally suited to making deposits at online casinos. However, it is also possible to withdraw funds from your online casino account using PIX. The process involves the following steps:
- Login to Your Online Casino Account
As a secure payment processing solution, you can only withdraw funds if you're logged into your account. You may be required to have a specific wallet for withdrawals to be processed.
- Contact Support at the Online Casino Regarding Fees, Times, and Limits
Every online casino is different. It's always a good idea to verify with your preferred online casino before processing withdrawals with PIX.
- Navigate to the Casino Cashier
Once you are satisfied, log in to your account, and navigate to the cashier. There you will see the list of available withdrawal options including PIX (if applicable). The process of completing a withdrawal is similar to that of making a deposit. However, withdrawals tend to take longer to process. They are subject to processing fees and verification.
Safety & Security
PIX was created by the Central Bank of Brazil. This sophisticated electronic payment solution uses address keys/PIX key to process transactions. These types of address keys include CPF/CNPJ, email, mobile telephone number, and random keys. Users must register address keys with their banks or financial institutions beforehand. To validate your registration, these address keys should be confirmed and linked to your accounts. While this is voluntary, it is a good idea since you will benefit from more flexibility when receiving/sending funds.
You can send payments via one of three methods, including QR code, receiver’s address key, or manually entering the receiver's account info. Security is ironclad, courtesy of the banking protocols established by your financial institution, including multifactor authentication, username/password protection, and biometric ID. Since all the transactions are conducted on the National Financial System Network (RSFN), this is entirely separate from the traditional Internet in which other Brazilian payment systems are conducted. It's fully encrypted and ironclad secure.
Is it safe to deposit using PIX?
Absolutely. This electronic payment solution was designed by the Central Bank of Brazil. It is also integrated with all the security systems and features of financial systems operating in Brazil. These include multifactor authentication, username/password protection, biometric security features, SSL protocols, and a separate Internet system for processing transactions.
How does PIX work?
PIX differs from other payment processing solutions because it cuts out the middleman. You don't need to know the other party’s (receiver) banking information. All you need is their phone number from your contact list using the PIX Key.
Are there any online casinos catering to Brazilian players that take PIX?
Yes. Many online casinos that cater to players from Brazil have incorporated PIX into their list of accepted payment providers. Simply scroll through the list of payment options for deposits and withdrawals and select PIX from the drop-down menu.
Are there any fees associated with using PIX?
Yes. But they are minimal. This payment solution is much cheaper than the majority of other payment options in Brazil. Plus, it's also much quicker with transactions processed within 10 seconds.
Can I also process withdrawals using PIX?
Yes. Provided the online casino offers this option, you can simply navigate to the cashier and select PIX from the dropdown menu.
How do I know if PIX is operational in my country?
PIX is currently operational in Brazil. It is not used in any other countries at this time.
Is PIX an anonymous payment method?
No. Your banking institution has all your financial details when you process a transaction using PIX. It is set up through the Central Bank of Brazil and is fully compliant with AML and KYC policies. Therefore, there is no anonymity between you and your financial institutions.
Does PIX protect my privacy at all times?
Yes. Like all of the big banks and financial institutions, your information is kept under lock and key. The security of transactions is ironclad, and SSL protocols are in place
to prevent third-party interception of your funds/information. PIX does not divulge details of your transactions to third parties.
Does PIX presently support cryptocurrencies?
No. Created by the Central Bank of Brazil, PIX is tantamount to crypto with seamless transactions, 24/7 accessibility, and instant processing capabilities. It is not a crypto-supported payment system.
PIX Online Casinos
Would you like to learn more? Visit the following link for more details and information: bcb.gov.br.