The Brazilian instant payment tool, Pix, is set to introduce a contactless payment feature via Google Wallet, as announced by the Central Bank's president, Roberto Campos Neto. This new functionality is expected to roll out next week, significantly enhancing user convenience.
According to Marcel Mascarenhas, a public law expert and former deputy attorney general at the Central Bank, the process will allow users to make payments simply by tapping their phones against a designated device, following prior authorization. This streamlined method eliminates the need to open banking apps or scan QR codes, making transactions faster and more user-friendly.
While Google Wallet will be one of the service providers, Mascarenhas notes that other institutions will likely offer this feature, potentially becoming mandatory for all payment institutions in the future. Users will have the option to enable this feature in their banking apps, catering to those already accustomed to contactless payments.
Users will set their own transaction limits and can implement additional security measures. The existing Pix transaction limits will apply, but users can opt for lower limits and require password confirmation for higher amounts.
As this feature launches on November 1, Mascarenhas emphasizes the importance of user education and awareness regarding mobile security. Users should protect their devices with strong passwords and be cautious in public spaces to mitigate the risks associated with increased digital payment options.