Back in November, the Central Bank of Brazil (BCB) had proposed a plan of the new instant payment system. The new platform named as Brazilian Instant Payment Scheme (PIX) will enable peer-to-peer and business-to-business transactions in 10 seconds or less through internet banking, mobile phone, or selected ATMs. The transactions will be performed by using a QR code or providing the information such as mobile number, email, or taxpayer-identification number.