In a significant move for Brazil’s payment system, the country’s central bank has previewed Pix by Proximity, a new feature that enables contactless payments using Google Wallet. This groundbreaking innovation was unveiled on November 4, 2024, during a joint announcement by Central Bank President Roberto Campos Neto and Fábio Coelho, President of Google Brazil.
The feature, which allows users to make payments by simply placing their mobile phones near payment terminals, will be available to digital wallet users immediately. Starting in February 2024, it will be rolled out to all Pix users across Brazil. This integration with Google Wallet allows individuals to link their bank accounts directly, providing an easy and fast way to complete transactions on-the-go.
Campos Neto emphasized the strategic importance of Pix in the country’s financial landscape, noting that the central bank has been working since 2018 to make Pix a versatile, programmable system capable of interacting with various financial technologies like Open Finance and Drex. This vision is now becoming a reality with the launch of Pix by Proximity, a step forward in making instant payments more accessible and efficient.
The launch comes amid a global surge in the use of contactless payment technologies, which have increasingly replaced traditional methods such as cash and physical cards. According to Julie Malikayil, Senior Manager of Payments Products at Discover Global Network, innovations like tap on mobile and mobile wallets simplify the payment experience, especially for small- to medium-sized businesses (SMBs). Malikayil highlights that these tools offer businesses cost-effective solutions, improving customer service while reducing the need for complex hardware setups.
Tap on Mobile technology, which allows merchants to accept payments directly from their smartphones or tablets, enables greater flexibility and mobility compared to traditional point-of-sale (POS) systems. SMBs, in particular, can benefit from this because it eliminates the need for expensive POS hardware, making it easier for them to reach customers in various locations.
The integration of Google Wallet with Pix by Proximity marks a major step in Brazil’s push to modernize its payment infrastructure. By embracing mobile payment solutions, Brazil is helping to foster financial inclusion, improve customer experiences, and provide new opportunities for businesses, especially in the rapidly evolving digital payment ecosystem.
This move also positions Brazil at the forefront of global payment innovations, where contactless payment adoption continues to grow rapidly, driving a shift toward a cashless society. With Pix becoming increasingly programmable and adaptable to various platforms, the future of instant payments in Brazil looks more promising than ever.
