Banco Santander is heavily promoting its newest link service, which allows you to pay for a transfer in installments via Pix. However, the option still raises questions among users.
Pix, an instant transfer service between bank accounts, even from different banks, was launched by the central bank at the end of 2020 and is currently the darling of Brazilian consumers.
Pix, the main method of sending and receiving money in the country, has gained new usage options. This time, financial institutions have started to focus on credit, and Pix offers installment payments. This is what Santander is betting on.
Santander Pix installments: see how it works
The main idea of the service is that even if there is no money in the account, users can send Pix to other people to pay directly into their own Santander checking account.
For example, the transaction follows the same concept as a credit card payment. Beneficiaries will receive the full amount in their account, while Pix, which pays in installments, will be paid in installments over the next few months.
The minimum installment is R$100.00, and you can choose to pay in up to 24 installments, with a two-month grace period for the first installment.
This amount is debited directly from the current account of the user who makes the transfer on the scheduled date of each month, starting at 2.09% per month.
At Santander, the service is intended for individual customers, who can share Pix with other individuals or legal entities.
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Not only Santander has this option
There are other financial institutions that also offer this type of installment plan, such as the PicPay digital wallet.
In the case of fintech, this option allows you to divide transfers made via Pix with your credit card into up to four installments, including fees.
Banco Bradesco also offers credit to individuals through Pix. Other competitors in the market have not yet entered this segment, such as Itaú and Caixa.
The trend is that in the future banks will explore installment credit services through Pix. However, it is always necessary to consider the cost.
