Did you know you can pay boletos with Pix?

The Central Bank of Brazil (BCB) recently announced an important update to the payment system: you can now pay boletos (Brazil’s bank payment slips) using Pix, the country’s instant payment system. The change aims to modernize how boletos are settled, making the process faster and more secure.

Under the new regulation, boletos now include a QR code that, when scanned, allows instant payment via Pix. This integration makes life easier for users, removing the need to type in barcodes and offering more convenience.

The BCB also introduced the concept of the “dynamic boleto,” which allows the beneficiary to change: the boleto is linked to a financial instrument and ensures that the money paid goes directly to the right creditor, with no need for intermediaries.

These innovations not only simplify payment but also make transactions more secure, reducing the errors and fraud associated with the traditional way of paying boletos.

Boleto vs. Pix: which is the better payment option?

The Brazilian financial system has evolved significantly in recent years, bringing more speed and efficiency to consumers and businesses. Two of the most popular payment methods in Brazil are the boleto and Pix. But which one is the better option? Let’s look at the differences between them and see why Pix keeps gaining ground.

What is a boleto?

The boleto is a traditional payment method that has been used in Brazil for decades. It works as a billing document issued by companies or service providers and can be paid at banks, lottery outlets and banking apps up to its due date. The boleto contains information such as the amount, due date, beneficiary and a barcode for payment. Many companies and suppliers still use the boleto to bill their customers, but it is gradually falling out of use for a few reasons:

• Slow clearing: payment can take up to 3 business days to be processed.

• Lack of flexibility: once past due, payment may be refused or require a new boleto to be issued.

• Less convenience: the user has to type in or scan a barcode manually.

What is Pix?

Pix is an instant payment system launched by the Central Bank of Brazil in 2020. It allows immediate transfers and payments 24 hours a day, 7 days a week. All it takes is a Pix key (such as a CPF, the individual taxpayer ID, an email address or a phone number) or scanning a QR code to complete the transaction in seconds.

Advantages of Pix over the boleto

1. Instant payment: unlike the boleto, which can take days to clear, Pix transfers money in seconds.

2. 24/7 availability: it can be used at any time of day, including holidays and weekends.

3. More convenience: just scan a QR code or enter a Pix key, with no need to type long barcodes.

4. Lower costs: Pix is free for individuals, while issuing and paying boletos may involve fees.

5. Greater financial control: since payments are immediate, it’s easier to track spending in real time.

6. Less fraud: Pix has security layers that make common boleto fraud, such as tampered barcodes, harder.

So what’s new?

A boleto paid by Pix uses data from the national Pix system, which lets the payer check the name of the company they are paying. That wasn’t possible with a barcode boleto, which left people exposed to scams. Where the payer used to see only the barcode, the amount and the bank, the CNPJ (company tax ID) of the billing company is now visible, adding an extra layer of fraud protection.

For consumers who want speed, convenience and security, Pix is always the best option. For companies that need a traditional, widely accepted method, the boleto can still be useful, especially for taking legal action if necessary. Now, combining the two is finally possible.

Pix and the future of payments

Pix is becoming the main payment method in Brazil, making transfers and payments faster, more secure and more accessible. Although the boleto is still a valid option, its relevance may decline as more companies and consumers adopt Pix as the default.

Beyond new modalities such as Pix Parcelado (Pix in installments) and Pix Automático (automatic recurring Pix), the payment method is ready to go international. Its model, which is open source, is being copied by countries such as Uruguay and Colombia. As Central Bank president Gabriel Galípolo said in an interview with UOL, “Pix has the potential to integrate payments with international instant payment systems. Today, technology is no longer an obstacle to that connection.”

More on the resolution

For more details on this update, see Resolução BCB nº 443 (BCB Resolution No. 443) of December 12, 2024, available on the Central Bank of Brazil’s official website.