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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

#271

Post by piva00 »

carlosjobim wrote: post #180
forty wrote: post #27

Earlier quoted context omitted.

Is it much more worrying than having Visa being able to do that? Especially when you see how the US is going downhill, I think it'd rather take the risk of having to deal with hypothetical local fascist state.

> Is it much more worrying than having Visa being able to do that? Yes, of course it is. How could anybody think otherwise? What is the worst thing Visa can do and what is the worst thing Visa has done? What is the worst thing the government can do and what is the worst thing the government has done?

Sell your data to interested 3rd parties? Because anything else a government can do through their own systems they can require Visa to do as well, so seems like Visa with a profit motive has the potential to misuse the data even more than a government.

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

#272

Post by StefanBatory »

ty6853 wrote: post #240
jowea wrote: post #214

Earlier quoted context omitted.

1. I'm not sure but I'm gonna guess no. Aren't Americans notoriously hard to offer banking services to due to anti-money laundering regulations? 2. Yes, it's quite easy Wasn't the Fed going to launch their own take on UPI with FedNow?

America via FATCA requires foreign banks to snitch out all US persons, without any warrant or accusation of crime, to the American IRS, either directly or through exchange agreement for same information through their reporting to the foreign government. The requirements are fairly simple, but the liability is extreme so that most banks across the world generally are loathe to do this unless you have some kind of resi…

I remember when I was creating my first bank account, I had to sign under a lot of papers stating that I am not an American citizen and that I'm not lying because of this.

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

#273

Post by jowea »

catsma21 wrote: post #244
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…

> its a bank transfer why can't we just use qr codes with ibans in that case?

You can use QR codes with your Pix address. I don't see why it would matter that much? I think the IBAN system is mostly used in Europe.

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

#274

Post by lucasoshiro »

djrj477dhsnv wrote: post #255

How do people pay for illicit drugs, prostitution, bribes, etc.?

This post is about how Brazil created a universal payment technology that most richer countries don't even dream to have. And a technology that works, is free, easy to use, and become part of reality of country that, despite having several tech companies, isn't exactly recognized (yet) as big player in the tech scenario.

And you keep repeating these old-fashioned stereotypes?

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

#275

Post by AlienRobot »

mhluongo wrote: post #11
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-...

>Does it work internationally?

Does crypto? You may have heard of this thing called "tariffs" lately. Even purchases of software licenses are tariffed in Brazil[1]. The average person purchasing goods with crypto is just going to ignore this and several similar laws.

If you say crypto works to transact internationally, keep in mind: so does TF2 hats.

1: https://www.machadoassociados.com.br/en/2021/05/brazilian-fe...

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

#276

Post by throwaway473825 »

DanielHB wrote: post #185
panick21_ wrote: post #127

Earlier quoted context omitted.

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…

Yes BankID is the real MVP of digital systems, I heard some talks about the EU making one valid for the whole block. Hopefully it will fix all the countries.Everything is done through BankID in swedish-only institutions. Put house on sale? bankid. Book a doctor appointment? bankid. Login to bank? Bankid. Open bank account? bankid. Sign contracts? bankid. Heck I moved my pension (like a lot of money) to a different in…

>Yes BankID is the real MVP of digital systems, I heard some talks about the EU making one valid for the whole block.

Sweden is actually in a pickle here. The dominant but private BankID doesn't satisfy all security requirements for the EU's digital identity wallet. It just isn't profitable.

The government is now working on a public government eID with a higher security standard, but many Swedes might still be left out since adoption will take some time.

This is one of many reasons why eIDs shouldn't be run by for-profits corporations, and sadly nothing would likely have happened without pressure from the EU.

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

#277

Post by cesarb »

silexia wrote: post #247

Do not put your money into Pix because Brazil's government has become extremely authoritarian and anti democratic, including jailing political opponents.

> Do not put your money into Pix

You do not "put your money into Pix", your money is in your bank account. Pix is just a bank transfer mechanism; if you have a Brazilian bank account, you can send and receive through Pix.

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

#278

Post by krunck »

pjc50 wrote: post #126
TaurenHunter wrote: post #39

Earlier quoted context omitted.

> Cryptocurrencies don't stand a chance. ...except for inflation.

Bitcoin being down 10% in the last week doesn't promise price stability.

That's because Wall Street investors use it as a hedge against their traditional investments which, as you know, are not so stable right now.

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

#279

Post by leereeves »

Xunjin wrote: post #235
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…

The world needs to implement Pix. I truly believe that is a system which can replace SWIFT with just a intermediary, with a virtual currency that exchange rate between the 2 countries in the operation, this way the world can have a freedom outside dollar and really fast transactions.

I'd hate to see a system like that where I live, because the government will abuse it. We've already seen Canada freeze bank accounts of protestors, and US officials put protestors on the no fly list.

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

#280

Post by tumsfestival »

silexia wrote: post #247

Do not put your money into Pix because Brazil's government has become extremely authoritarian and anti democratic, including jailing political opponents.

Oh boy here we go, the bolsonaristas are here to claim that Bolsonaro and his cronies definitely didn't try to overthrow the current government in favor of a military dictatorship and that there's definitely not a mountain of evidence pointing in that direction. Nope, it has to be some deep state commie conspiracy of course.
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