Read: The USA does not like what they cannot control!!
I am glad to see the EU following Brazil with its own payment system.
Visa/MasterCard/Paypal era is gone!!
Brazil's Pix payment system faces pressure from Visa and Mastercard
91–100 of 397 posts
Re: Brazil's Pix payment system faces pressure from Visa and Mastercard
#92People underestimate how difficult it was to transfer money before Pix, even between local banks. The process was hard to use, it could take days and the fees were huge, depending on your bank. Pix solved all these problems. What happens also is that many sellers provide discounts when using Pix, because you dodge the expensive fees charged not only by Visa and MasterCard, but the fees operators (banks, fintechs) cha…
I worked in a bank in Brazil in the early 2000s. Bank transfers were always easy and relatively quick. At worst, transfers would happen overnight during a national event called bank compensation where all banks would sync up with the Central Bank. Pix solved a bunch of problems and made all of the above quicker and easier, but Brazil has been at the forefront of banking systems for a long time.
Speaking of the forefront the UK has had interbank realtime payments (Faster Payment) since 2008. It also used to have something like Pix, i.e. bank account referenced by user's phone number called Paym from 2014, until it was discontinued due to lack of demand in 2023. Faster Payments is still operational.
Re: Brazil's Pix payment system faces pressure from Visa and Mastercard
#93> Since 2022, Mastercard Brazil’s CEO, Marcelo Tangioni, has voiced his concerns: “Pix is great, beneficial for the industry. What’s not great is that it falls under the Central Bank. It can’t regulate and compete at the same time”. Why not? This is such an American point of view that sounds similar to why the IRS doesn't offer easier tax filing options.
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Re: Brazil's Pix payment system faces pressure from Visa and Mastercard
#94> Since 2022, Mastercard Brazil’s CEO, Marcelo Tangioni, has voiced his concerns: “Pix is great, beneficial for the industry. What’s not great is that it falls under the Central Bank. It can’t regulate and compete at the same time”. Why not? This is such an American point of view that sounds similar to why the IRS doesn't offer easier tax filing options.
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> Pix is already 100% surveilled
And Visa and MasterCard aren't surveiled? Isn't one of their selling points that they surveil every transaction and automatically block anything suspicious? And increasingly, the parameters for suspicious include anything pornographic or even 'pornographic' (see: the bullying of steam to remove explicit games).
At least with Pix, the costs get lower for the end users.
Re: Brazil's Pix payment system faces pressure from Visa and Mastercard
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Re: Brazil's Pix payment system faces pressure from Visa and Mastercard
#96Seems fairly logical for any large country to create something like this. Visa/MC is nice but allows the US to apply undue pressure to individuals. E.g. the US applied financial sanctions on ICC officials in the EU resulting in them losing access to Visa/MC credit cards and banks even those are that are purely EU based.
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Re: Brazil's Pix payment system faces pressure from Visa and Mastercard
#97Read: The USA does not like what they cannot control!! I am glad to see the EU following Brazil with its own payment system. Visa/MasterCard/Paypal era is gone!!
Yup
Americans will be "pro free market" until it's somebody else doing the competition, then they will be very butthurt about it (at best)
Re: Brazil's Pix payment system faces pressure from Visa and Mastercard
#98India's UPI is also extremely quick and easy to use - instant transfers with just the person's phone number or via a QR code or via a UPI id which looks like an email id.
We are talking about 19-20 billion transactions per month.
Apart from UPI, there are other interbank transfers methods such as NEFT, IMPS, RTGS etc. All quite convenient and easy to use.
Re: Brazil's Pix payment system faces pressure from Visa and Mastercard
#99Read: The USA does not like what they cannot control!! I am glad to see the EU following Brazil with its own payment system. Visa/MasterCard/Paypal era is gone!!
Yup Americans will be "pro free market" until it's somebody else doing the competition, then they will be very butthurt about it (at best)
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Re: Brazil's Pix payment system faces pressure from Visa and Mastercard
#100It's surprising that Visa and Mastercard are even private companies. I expected that the government would be in charge of money and not let a group of people impose a 1-3% tax on their population. In the US, credit cards account for "71% of nationwide retail sales dollars". Governments aren't competent enough to do tech stuff well and they would never make something that works in a different country as well as credit…
The US already has a competing payment system for benefits (EBT cards), as do many other countries. Payments themselves are not a technical challenge, no matter who's doing it. The fundamentals are trivial. You move numbers between accounts. It's tackling fraud and dealing with disputes that's a challenge.
Isn't US EBT card on the same payment network as credit cards? That doesn't count as an independent system. The same set of "they" as Visa/Mastercard gets the fee.