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Brazil's government-run payments system has become dominant

economist.com

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Re: Brazil's government-run payments system has become dominant

#11

Post by mhluongo »

SwiftyBug wrote: post #8

I've been living in Brazil for the last 20 years. Pix revolutionised the way we transact in Brazil. I've used Pix to pay for things that cost only cents, and I have a friend who bought her house using Pix. The system just works for any transfer amount. And it's so easy to use. Its speed is truly baffling, and so is its reliability. Never have I failed to make a Pix payment because of downtime. I never cease to be ama…

> Cryptocurrencies don't stand a chance.

Does it work internationally? Does it send USD as well, or only the real?

If it solves th same problems, why is Brazil considering banning self-custodial USD stablecoins? And why has there been an ongoing discussion about launching mBRL, and stablecoin pegged to the real?

https://www.pymnts.com/cryptocurrency/2024/brazil-considers-...

Re: Brazil's government-run payments system has become dominant

#12

Post by dguest »

coliveira wrote: post #6

Yes, now in Brazil you can hardly find anyone not using Pix. It is all digital and free. Even in Argentina and Paraguay, many local merchants are now accepting Pix.

Is there anything preventing a merchant in e.g. the US from using Pix?

Re: Brazil's government-run payments system has become dominant

#13

Post by oulipo »

SwiftyBug wrote: post #8

I've been living in Brazil for the last 20 years. Pix revolutionised the way we transact in Brazil. I've used Pix to pay for things that cost only cents, and I have a friend who bought her house using Pix. The system just works for any transfer amount. And it's so easy to use. Its speed is truly baffling, and so is its reliability. Never have I failed to make a Pix payment because of downtime. I never cease to be ama…

Interestig, but this is also worrying to know that the government now knows exactly what you bought, where, when, and for how much. They can also (if there's a rogue government) create fake transactions to implicate you in things you haven't done

Re: Brazil's government-run payments system has become dominant

#14

Post by marcodiego »

I'm a Brazilian. Everything here can be paid through pix. It's very convenient, fast reliable and, for a country like ours where walking on the streets with money is a risk, safe.

There's only one reason I don't use it: there's no FLOSS app (AFAIK) to use it.

Something as common as the dominant payment system should not depend on proprietary software.

Re: Brazil's government-run payments system has become dominant

#18

Post by yetihehe »

SwiftyBug wrote: post #8

I've been living in Brazil for the last 20 years. Pix revolutionised the way we transact in Brazil. I've used Pix to pay for things that cost only cents, and I have a friend who bought her house using Pix. The system just works for any transfer amount. And it's so easy to use. Its speed is truly baffling, and so is its reliability. Never have I failed to make a Pix payment because of downtime. I never cease to be ama…

> I receive a push notification from my Brazilian bank before Wise finishes running the animation of confirmation of withdrawal. It's like magic.

After I had to add a special animation for one email system so that user was sure that "the core functionality of encrypting" was indeed working (it took milliseconds in reality), your experience doesn't surprise me that much. But, in my "IoT" system we have a mix of devices. Our service can handle most requests in sub millisecond, but some devices (gprs) need at least minimum 1 second (20sec is still within time limit) to respond only because of slow connectivity. And then I have a parking ticket machines where you press button, wait 2 seconds, it beeps, then after 2sec it changes screen to "printing ticket", then after 2s you get the ticket, where everything can be a local action (free ticket without payment). Technology is wild.

Re: Brazil's government-run payments system has become dominant

#19

Post by m00dy »

SwiftyBug wrote: post #8

I've been living in Brazil for the last 20 years. Pix revolutionised the way we transact in Brazil. I've used Pix to pay for things that cost only cents, and I have a friend who bought her house using Pix. The system just works for any transfer amount. And it's so easy to use. Its speed is truly baffling, and so is its reliability. Never have I failed to make a Pix payment because of downtime. I never cease to be ama…

> Cryptocurrencies don't stand a chance.

Pix can't facilitate cross-border micro payments.

Re: Brazil's government-run payments system has become dominant

#20

Post by JusticeJuice »

marcodiego wrote: post #14

I'm a Brazilian. Everything here can be paid through pix. It's very convenient, fast reliable and, for a country like ours where walking on the streets with money is a risk, safe. There's only one reason I don't use it: there's no FLOSS app (AFAIK) to use it. Something as common as the dominant payment system should not depend on proprietary software.

> Something as common as the dominant payment system should not depend on proprietary software.

Name one dominant payment system worldwide that doesn't? Banks are proprietary, credit cards are proprietary, paypal, crypto is all proprietary.

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