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Brazil's Pix payment system faces pressure from Visa and Mastercard

elciudadano.com

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Re: Brazil's Pix payment system faces pressure from Visa and Mastercard

#181

Post by GoblinSlayer »

reese_john wrote: post #137
vitorgrs wrote: post #116

Earlier quoted context omitted.

There's Pix contactless payment. Both Samsung and Google wallet support. Samsung added a few weeks ago. Google added 1 or 2 years ago. You can actually pay QR Code Pix now with Samsung by just opening the camera too. Apple refuses to implement Pix on Apple Pay, and regulatory agencies are trying to change that... Pix integration with Google Pay it's just amazing. Imagine the situation in the US as if every app or web…

USD is a hard currency unlike the BRL. It is not supposed to move that fast by design. Google “Regulation E”. Brazil has no such strong provisions for protecting unauthorized transfers out of your account

>strong provisions for protecting unauthorized transfers out of your account

What's with people complaining that they can't terminate transfers out of their accounts?

Re: Brazil's Pix payment system faces pressure from Visa and Mastercard

#182

Post by Sukram21 »

kristjank wrote: post #166
usrnm wrote: post #48

Earlier quoted context omitted.

IBAN works pretty ok as an identifier when you need that. Bank transfers between Dutch banks are almost instant anyway

It is instant provided your financial institution works within the SEPA Instant transfer system

Since last year, all EU banks have to support SEPA Instant Transfer, both receiving & sending, at the same price as a usual transfer (Instant Payments Regulation 2024/886)

Re: Brazil's Pix payment system faces pressure from Visa and Mastercard

#183

Post by ptman »

Pooge wrote: post #104
raron wrote: post #90

Earlier quoted context omitted.

Wero is just another private company trying get their cut of payment fees. You can do the same thing with SEPA Instant Payment (or some member states outside of the Eurozone have their own similar thing). I don't see why Wero should exists, their business model seems like "trying to get money for the same service you can get for free".

I couldn't have said it better. I don't understand what they solve. We need instant, free SEPA transfers around the clock. Switzerland is not part of SEPA but IBAN is used so it is trivial to send payments to foreign accounts that have an IBAN. I always say that the day Trump decides to block Visa/MasterCard outside the US is the day we get instant payments and finally get rid of cards.

SEPA instant already exists. I think it guarantees sub-10s transactions. Unfortunately it is not the default.

Re: Brazil's Pix payment system faces pressure from Visa and Mastercard

#184

Post by AnAfrican »

matheusmoreira wrote: post #93
cloche wrote: post #46

> 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.

[flagged]

Not really.

All financial institutions are surveilled and regulated. There's a reason Patio 11 describe the industry as an "arm of the government".

But furthermore, his argument is not about surveillance (which he accepts when he describes the central bank as the regulator) but about the competition.

It's the very idea of something being provided as a public good that is considered "anormal" and "anti-competitive" here.

Re: Brazil's Pix payment system faces pressure from Visa and Mastercard

#185

Post by ptman »

Sukram21 wrote: post #182
kristjank wrote: post #166

Earlier quoted context omitted.

It is instant provided your financial institution works within the SEPA Instant transfer system

Since last year, all EU banks have to support SEPA Instant Transfer, both receiving & sending, at the same price as a usual transfer (Instant Payments Regulation 2024/886)

If only https://en.wikipedia.org/wiki/EPC_QR_code supported a sepa instant bit so that one could just show a qr code, scan it with whatever payer banking app and authorize the sepa instant payment.

Re: Brazil's Pix payment system faces pressure from Visa and Mastercard

#186

Post by Zardoz84 »

WinstonSmith84 wrote: post #152

I can see that Visa and Mastercard are freaking out, not because Pix can take over their business model, but because it can give ideas to other countries doing the same. I've spent three months earlier this year in Brazil and never used Pix once. Not because I didn't want, but because I couldn't, or let's be honest: my time was not worth the hassle. To be able to pay with Pix, one needs to get a CPF (Brazilian Tax ID…

on Europe there is talks about using Spanish's Bizum as the oficial European replacement for Visa/MasterCard

Re: Brazil's Pix payment system faces pressure from Visa and Mastercard

#187

Post by markvdb »

ginko wrote: post #164
melting_snow wrote: post #158

Earlier quoted context omitted.

> but because it can give ideas to other countries doing the same This is happening right now in Europe. You have systems like Blik, Twint, Swish etc. I know that at least Blik is working on making it possible for international payments.

What's needed in Europe is federation of the existing systems, not one winner taking it all.

EPA [0] and EPI [1] are doing that.

[0] https://en.wikipedia.org/wiki/European_Payments_Initiative

[1] https://en.wikipedia.org/wiki/European_Payments_Alliance

Re: Brazil's Pix payment system faces pressure from Visa and Mastercard

#188

Post by markvdb »

laurencerowe wrote: post #70
pimeys wrote: post #67

Earlier quoted context omitted.

I think the biggest reason is sovereignty: we cannot risk US cutting our payment system if they for example don't give Greenland for them. I think this is the biggest reason to ensure you can pay with a local system in shops and restaurants.

That's a very reasonable concern, though given how central Visa and Mastercard are I suspect it is probably necessary to regulate their structures within the EU so that intra-EU payments are not reliant on non-sovereign infrastructure.

Regulating US companies operating in the EU still leaves a kill switch in untrusted hands. It doesn't solve issues like the https://en.wikipedia.org/wiki/Nicolas_Guillou problem.

Re: Brazil's Pix payment system faces pressure from Visa and Mastercard

#189

Post by 0x1ceb00da »

jeroenhd wrote: post #151
dd_xplore wrote: post #143

Earlier quoted context omitted.

In some setups UPI doesn't even internet! Just an SMS is sufficient

I can see the usability aspect, but using an insecure protocol like SMS for something like payment sounds like an absolutely awful idea. RCS might work as it's a bit more secure (and more importantly: doesn't have a 2G/3G compatible version that criminals might trivially abuse); it even has an optional money sending API in its protocol.

People who are using upi over sms don't have a lot of money. Scamming them isn't worth the trouble.
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