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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

#261

Post by nicolinox »

panick21_ wrote: post #127
DanielHB wrote: post #55

Sweden has had a similar system for several years before PIX in Brazil. It is also integrated with the digital ID system (BankID). The main difference is that the Swedish system is ran through a private organization managed by all the major banks (and the central bank) in conjunction. So the central bank doesn't have direct access to the transaction data technically. While the Brazilian system is only interacted dire…

I work in Swiss banking. We also have such a system for payments. Its very popular and used by most people. I keep saying they should use it as SSO, if you can authenticate payments you damn well can authenticate login requests. It makes no sense to go to an online shop, log-in with your shop account or google, and then when you pay, authenticate the payment with TWINT. And banks could even use it to login to their e…

Revolut is simplifying this, also in Switzerland. You checkout with the "Pay with Revolut" option. It's instant, magic and safe. You don't need to copy card details, just authorise the push notification.

I have also used it on airline websites, Aer Lingus and Wizz Air.

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

#262

Post by owebmaster »

lucasoshiro wrote: post #238
dormento wrote: post #109

Earlier quoted context omitted.

Brazilian here. - no card - technically not a specific app, its a payment method that any app with a checkout flow (for example) can chose to implement. - you register some id with your financial institution of choice (any of CPF - equivalent to SSN, CNPJ - for businesses, phone number, email or a randomly generated key). - keys are fully portable, as in you can revoke em or change the bank institution they're associ…

> you can generate a QR code on the spot so the person paying can just scan it You can also generate a R$0,00, print it and leave to the other person input how much will be transferred. PS: Pix is so trivial to us that only in places like HN we can see how amazing it is

Brazilian banking system is quite well developed for a long time. Let's see if Pix being ubiquitous can help the country better develop economically, with better wealth distribution, innovation and high-paying jobs

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

#263

Post by marcosdumay »

lukev wrote: post #129

Pix is super interesting. I have two questions to which Google wasn't able to provide quick answers: 1. Is there an easy way for a US resident to sign up for a Pix-enabled account (e.g. at a Brazilian bank?) 2. Can Pix be used easily for online payments? If both are true, it seems like it could be used as a drop-in replacement to crypto for small-value transactions which are currently infeasible in the US due to tran…

On #1, Bank of America operates in Brazil so maybe they offer it.

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

#264

Post by djrj477dhsnv »

xinayder wrote: post #124
afarah1 wrote: post #101

Earlier quoted context omitted.

WhatsApp Pay is available today in Brazil. The official reason for blocking the launch was missing paperwork, but word on the street at the time was that it was to favor Pix. This is all mentioned in the Retuers article. The reasons for favoring Pix are left for one to speculate. You say national security, the other says financial surveillance and control over the population. Time will tell.

I'd much rather let the Central Bank handle my instant payments, than Meta.

Why? Your own government can do a whole lot more to you than a foreign corporation.

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

#265

Post by jowea »

auadix wrote: post #194
weinzierl wrote: post #103

Earlier quoted context omitted.

Is there any way to use Pix as a tourist without Brazilian tax number or permanent residence. Technically a pre-paid option should be possible, but I could not find anything about something in that vein.

You don't need a permanent residence, but to use PIX you have to get an ID called CPF. This is your IRS number, as you said, tax number. It's easy to get but it takes time, you can have one as national from different country.

This is true but the next step is a Brazilian bank account.

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

#266

Post by alephnerd »

nguyenkien wrote: post #243
alephnerd wrote: post #165

Earlier quoted context omitted.

Yep! And Napas247 was co-developed by Vietnam and South Korea (edit: Only VN - confused Shinhan's support for development work)! The point is there is a steady decoupling towards non-Visa/MC payment systems outside the US and EU, and it wouldn't be too surprising if a number of these systems begin supporting inter-operability within the next 10 years.

Sorry, I can't find anywhere mention it co-develop with South Korea. Can you give source to this?

Good callout! I'm wrong on that one. I was under the assumption it was co-developed with Shinhan but that was wrong.

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

#267

Post by lucasoshiro »

felipc wrote: post #115

Pix has really spurred up small local businesses. It's so much easier to buy digitally from local stores now, or even just a person starting up a business because it required no setup, no fees or anything. If I need to buy a gift for someone from a store at the mall, for example, I just text them, they send me pictures with the options, I pay instantly via pix and they send the product through local delivery. The who…

Do you have numbers showing that causation or at least a correlation?

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

#268

Post by kylebenzle »

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…

Love that you tell us how amazing the government run digital currency but end it with a throw away statement about how the open source version will never "stand a chance". Just like how no one uses Linux and Firefox died 20 years ago.

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

#269

Post by jowea »

bberrry wrote: post #168
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…

Have you had any significant issues with scams? In my home country we have a huge problem of scammers calling and tricking elderly people to transfer their savings with a similar instant payment app.

Yeah it is a thing, lots of different scams to watch out. And being held at gunpoint and made to send a transfer is also a concern.

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

#270

Post by AlienRobot »

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.

Until this line I forgot crypto was even competing!

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