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Brazilian authorities suspend WhatsApp payments

bloomberg.com

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Re: Brazilian authorities suspend WhatsApp payments

#101

Post by splintercell »

anthony_r wrote: post #52
plausible wrote: post #17

As a Brazilian, I'm pleased. Our central bank is going to release a platform called PIX. Financial institutions with more than 500.000 clients are required to implement it. Finally we are going to have a standard across banks, and money transfers are going to be less complex, clunky and costly. Of course, other apps have come before. We have apps like PicPay, PayPal and Nubank, just to name a few, that provide instan…

And you're 100% sure that this is not just currency controls because the Brazilian Real is getting killed? From what I can tell - Brazil is going to Argentina, quickly :(

It's absolutely that, and the only competition it killed is for upcoming stablecoin revolution in high inflation countries.

Re: Brazilian authorities suspend WhatsApp payments

#102

Post by A4ET8a8uTh0 »

lykr0n wrote: post #85
gcbw3 wrote: post #84

Earlier quoted context omitted.

What's the alternative? leave facebook do exactly it instead of the government? You speak like the free-for-all tax tools didn't work for you. Do you rather the US model? where you have to pay $100~300 every year for exactly the same tools from a single private company that has a de facto monopoly because of close ties to the government? Also, in the US, a transfer from your checking account (where you get your paych…

> takes two to FIVE business day That's only the case if the credit card services are powered by a 3rd party. Chase, Wells Fargo, USBank, BECU, Alliant CU, BBVA, Citi, M&T, and others are all instant if you're paying from an account at that bank.

I think OP is talking about movement between banks. External transfer ( basically ACH ) between my banks is on average 5 days now. Last time I challenged them on this they used blanket 'fraud protection' as an excuse. When I started depositing cash as a way to deal with it, I got odd looks asking if the money is from my online business.

I dislike banking lately. And I used to be that annoying guy who goes into branch to do some transactions.

Point is, it really shouldn't take that long ( and I know for a fact it doean't ) to settle.

Re: Brazilian authorities suspend WhatsApp payments

#103

Post by Kaze404 »

haolez wrote: post #48
plausible wrote: post #17

As a Brazilian, I'm pleased. Our central bank is going to release a platform called PIX. Financial institutions with more than 500.000 clients are required to implement it. Finally we are going to have a standard across banks, and money transfers are going to be less complex, clunky and costly. Of course, other apps have come before. We have apps like PicPay, PayPal and Nubank, just to name a few, that provide instan…

As a Brazilian, I am not pleased. This will become just another tool for the government to create artificial difficulties and sell solutions to its closest "friends". Standards have been created without any government's help since forever.

Can you name examples?

Re: Brazilian authorities suspend WhatsApp payments

#104

Post by jryle70 »

mixmastamyk wrote: post #61
centimeter wrote: post #58

Earlier quoted context omitted.

What solutions have you tried in the US? Venmo and Cash App are both free and work up to like $2500, at which point you have to deal with government systems like ACH and it gets slow and expensive.

The US banking system is archaic compared to elegant systems like they have in Australia/New Zealand (and probably Europe). No malicious rent-seeking third parties needed in the transaction.

Perhaps you should do a little bit more research. Zelle allows payment between banks (almost) instantly. No fee, since it's a service owned by participating banks, practically all major banks in the US. Zelle processed $187 billion in 2019.

https://www.zellepay.com/get-started

Re: Brazilian authorities suspend WhatsApp payments

#105

Post by webmobdev »

comechao wrote: post #22
plausible wrote: post #17

As a Brazilian, I'm pleased. Our central bank is going to release a platform called PIX. Financial institutions with more than 500.000 clients are required to implement it. Finally we are going to have a standard across banks, and money transfers are going to be less complex, clunky and costly. Of course, other apps have come before. We have apps like PicPay, PayPal and Nubank, just to name a few, that provide instan…

If this is about Pix, and I believe it is, Government is killing competitors. If Pix is better, people will choose Pix, if WhatsApp is better, people will use it. Let's not force people to use a solution and create a monopoly controlled by the Government, again.

> If Pix is better, people will choose Pix, if WhatsApp is better, people will use it.

Yes, let Facebook and Apple invent their own internet too, with no compatibility between them. Let's also allow Ford / GM to create their own roads exclusively for Ford / GM vehicles. /s

This is not businesses we are talking about, it's public infrastructure. And banking is a public infrastructure.

Re: Brazilian authorities suspend WhatsApp payments

#106

Post by Natsu »

centimeter wrote: post #19
plausible wrote: post #17

As a Brazilian, I'm pleased. Our central bank is going to release a platform called PIX. Financial institutions with more than 500.000 clients are required to implement it. Finally we are going to have a standard across banks, and money transfers are going to be less complex, clunky and costly. Of course, other apps have come before. We have apps like PicPay, PayPal and Nubank, just to name a few, that provide instan…

> money transfers are going to be less complex, clunky and costly. You really think the Brazilian central bank is going to make a smooth, efficient, and cheap money transfer service? What reason do you have to expect that to work?

Well, they've done pretty well in the past. I'd worry more about random ATM outages from Banco do Brasil than the standard being bad.

Brazil is pretty far ahead of the USA when it comes to money transfers, though I grant that this is a pretty low bar.

Re: Brazilian authorities suspend WhatsApp payments

#107

Post by marcosdumay »

haolez wrote: post #48
plausible wrote: post #17

As a Brazilian, I'm pleased. Our central bank is going to release a platform called PIX. Financial institutions with more than 500.000 clients are required to implement it. Finally we are going to have a standard across banks, and money transfers are going to be less complex, clunky and costly. Of course, other apps have come before. We have apps like PicPay, PayPal and Nubank, just to name a few, that provide instan…

As a Brazilian, I am not pleased. This will become just another tool for the government to create artificial difficulties and sell solutions to its closest "friends". Standards have been created without any government's help since forever.

> This will become just another tool for the government to create artificial difficulties and sell solutions to its closest "friends".

What are those difficulties you are expecting?

It's absurd that most of the world is hostage of a few credit card operators to do any kind of business. Nearly all the problems one has to receive payment today are caused by those.

Re: Brazilian authorities suspend WhatsApp payments

#108

Post by marcosdumay »

filoleg wrote: post #99
onli wrote: post #39

Earlier quoted context omitted.

Sure there is. The government has the responsibility to create a free market. If a proprietary standard wins, you have a monopoly without competition. If the government standard wins that enables interoperability, no company can block other competitors. Europe did the same and it worked.

> If a proprietary standard wins, you have a monopoly without competition Maybe they should make their government standard good enough that it wins on its own merit then. Imo, the biggest thing this block does is essentially giving the government standard a license be as subpar as they want, because it isn't like a superior non-government standard is even allowed to compete with it anyway.

Ah, I see. There are a few banks that can decide to adopt or not a standard. Yeah, taking the choice from the government to those banks will certainly make everything better.

Re: Brazilian authorities suspend WhatsApp payments

#109

Post by stickfigure »

webmobdev wrote: post #105
comechao wrote: post #22

Earlier quoted context omitted.

If this is about Pix, and I believe it is, Government is killing competitors. If Pix is better, people will choose Pix, if WhatsApp is better, people will use it. Let's not force people to use a solution and create a monopoly controlled by the Government, again.

> If Pix is better, people will choose Pix, if WhatsApp is better, people will use it. Yes, let Facebook and Apple invent their own internet too, with no compatibility between them. Let's also allow Ford / GM to create their own roads exclusively for Ford / GM vehicles. /s This is not businesses we are talking about, it's public infrastructure. And banking is a public infrastructure.

Have a little faith? Compuserve, Prodigy, AOL, and a raft of others tried to make "their own internet" in the 80s/90s and the open system won out.

Re: Brazilian authorities suspend WhatsApp payments

#110

Post by Lt_Riza_Hawkeye »

kawera wrote: post #70
throwaway3975 wrote: post #31

Earlier quoted context omitted.

The Bloomberg article that The Verge is referencing says that WhatsApp plans to implement PIX: https://www.bloomberg.com/amp/news/articles/2020-06-23/brazi...

Good. Then they can deploy their solution using a protocol available to all and not a closed platform made to lock the market. We've had enough of that, didn't we?

WhatsApp was always planning on implementing PIX. But PIX won't be available for at least another six months - so they went with the current system instead while they waited.
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