NEW PAYMENT OPTION AT IQ OPTION: PIX
PIX is an instant payment system that has seen an expanding user-base among Brazilian users. To cater to Brazilian customers, PIX has been added by IQ Option as a payment method. After launch, PIX has already experienced a surge in usage as it accounted for almost a third of online transfers.
The Brazilian Central Bank introduced PIX in November 2020 to allow round the clock payments on a daily basis. The system is currently based in Brazil, connected to over 735 financial services including credit unions and fintechs. It is considered as one of the most important initiatives of the year by the Brazilian Central Bank, forming a part of several upcoming innovative projects for 2021. The system is also seen as one of the most important elements to boost Brazil’s economy, by providing a reduction of transaction costs.
There are several advantages of using PIX’s service:
- The service works on a 24/7 basis including holidays.
- Transactions are processed almost instantly with wait times to up to 10 seconds.
- It allows users to make payments in establishments using just a QR Code and digital wallet.
- The cost of transfers is significantly reduced, as many banks even allow transactions for free.
The addition of PIX makes it easier for Brazilian users of IQ Option to deposit and withdraw freely and securely. Different cross border merchants are also able to offer PIX as a viable payment method. This provides convenience to customers as cross border payments come at a high cost for Brazilians.