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Brazil central bank to launch Pix installment feature in September

reuters.com

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Re: Brazil central bank to launch Pix installment feature in September

#111

Post by iury-sza »

mvieira38 wrote: post #66
voxleone wrote: post #29

Earlier quoted context omitted.

It may be good, but what does the Brazilian law say[0]? In 2021, Brazil enacted Law No. 14.063, which governs the digitalization of public services. Its Article 16 is clear: “Information and communication systems developed exclusively by the public administration shall be governed by open-source licenses, allowing their unrestricted use, copying, modification, and distribution by all public agencies and entities.” In…

Wasn't BCB breached for a couple hundred million reais this month, as well? Maybe they are trying to keep the code closed because they know it's insecure

> Wasn't BCB breached for a couple hundred million reais this month, as well? Maybe they are trying to keep the code closed because they know it's insecure

It wasn't a BCB breach. The issue was with an integrator. Like a client API built on top of it that provided banking features to fintech startups

Re: Brazil central bank to launch Pix installment feature in September

#112

Post by cynicalpeace »

When I first moved to LatAm, the cashiers always asked how many "cuotas" I wanted to pay. I was initially confused and realized it meant I could take a (interest free?) loan to pay for my purchases in installments.

I never understood how this was common in high interest countries in LatAm, but unheard of in the USA.

Does anyone know? Like actually know, not speculating.

Re: Brazil central bank to launch Pix installment feature in September

#113

Post by iury-sza »

bat_sy wrote: post #54
em500 wrote: post #42

Earlier quoted context omitted.

> This is hands down one of the best instant payment platforms at the moment. Only India's UPI can match it in features, and China and Thailand in adoption. I'm not familiar with Pix or UPI, so out of curiosity, how are they better than Alipay/WeChat Pay (which I am familiar with)?

I can answer for UPI. Unlike AliPay/WeeChat, the central agency (NCPI) only maintains the API. Businesses are free to develop apps on top. In India, there are 50s of apps enabling UPI transactions. You are free to download whatever app you prefer unlike AliPay/WeeChat duopoly.

Same for PIX. It's a payment protocol. Any fintech can build on top and support it.

Re: Brazil central bank to launch Pix installment feature in September

#114

Post by jt2190 »

ozgrakkurt wrote: post #59
jt2190 wrote: post #50

Earlier quoted context omitted.

> … CCs should be an exception, not the norm they are now, with a bunch of embedded costs we all pay for, one way or another. To spell it out, the merchant pays fees to the payment processor and carries risk (chargebacks, etc) and these costs are included (“embedded”) in the purchase price of whatever you’re buying. Moving to instant pay moves these risks to the purchaser, which is probably not ideal for the merchant…

It is just better in my experience. You just scan a QR code and pay. Not much point of using a credit card unless you want to spend money that you don’t have. Or to think you are making “points” by spending more money

> Not much point of using a credit card unless you want to spend money that you don’t have.

This is absolutely not why millions of people use credit cards. To repeat: Immediately handing cash to a merchant carries risk for the purchaser. What if the product is defective, or the order never filled, etc?

Re: Brazil central bank to launch Pix installment feature in September

#115

Post by weberer »

SideburnsOfDoom wrote: post #90
mlinhares wrote: post #76

Earlier quoted context omitted.

Developed countries (like the US) do have these capabilities, there's fed now in the US, but the banks have captured the government apparatus so that the government can't force it to become the default cos they wouldn't be making interest money on the cash they get to hold without instant payments.

The second part "but the banks (in Developed countries) have captured the government apparatus" seems to be true mainly of the USA? As SEPA in the EU, and Faster Payments in UK don't seem to fit that. Unless you have other examples outside of the USA, or a different opinion on SEPA?

In Finland, I have to use Visa everywhere. Banks offer debit cards, but they use the Visa network. Some smaller sellers also accept Mobilepay, but its not very common.

Re: Brazil central bank to launch Pix installment feature in September

#116

Post by crossroadsguy »

anonymousDan wrote: post #73

I wonder what the total value to the Brazilian economy is to keep Visa/MasterCard's cut of so many transactions in Brazil instead of being siphoned offshore.

It's not just that. It's also about - one fine day a nation waking up to Visa/MC "disconnecting" that nation. Why? Well, maybe the mothership nation's leader just felt like it. Who the hell knows. The point is - these nations don't want to find that out. Almost all of these countries have faced such sanctions, blocking, control etc in one way or the other at some point.

Re: Brazil central bank to launch Pix installment feature in September

#117

Post by joseda-hg »

cynicalpeace wrote: post #112

When I first moved to LatAm, the cashiers always asked how many "cuotas" I wanted to pay. I was initially confused and realized it meant I could take a (interest free?) loan to pay for my purchases in installments. I never understood how this was common in high interest countries in LatAm, but unheard of in the USA. Does anyone know? Like actually know, not speculating.

It really will depend on the country

If you're using a credit card, you specify at POS how you want to split the purchase (Number of installments, or cuotas in spanish), if it's free of interest will depend on your deal with the bank (And if the seller has different plans)

It's common for even the worse cards to charge interest at least from the third month onwards, but most banks have special deals with seller of costlier products (I'm pretty sure I could make a car payment with 0 interest (to my card))

Can't comment further, but the US has always seemed particularly backwards regarding their banking: - Needing a third party to allow instant transfers - Mobile POS being weird / Needing to take a card away from a table to charge it - How common checks are - Overdraft fees

Re: Brazil central bank to launch Pix installment feature in September

#118

Post by didibus »

ozgrakkurt wrote: post #59
jt2190 wrote: post #50

Earlier quoted context omitted.

> … CCs should be an exception, not the norm they are now, with a bunch of embedded costs we all pay for, one way or another. To spell it out, the merchant pays fees to the payment processor and carries risk (chargebacks, etc) and these costs are included (“embedded”) in the purchase price of whatever you’re buying. Moving to instant pay moves these risks to the purchaser, which is probably not ideal for the merchant…

It is just better in my experience. You just scan a QR code and pay. Not much point of using a credit card unless you want to spend money that you don’t have. Or to think you are making “points” by spending more money

The thing with a credit card, is that when I buy something online, or it never gets delivered, or turns out to be crap, I can get the credit card company to reimburse me.

And in person, if someone manages to copy it and fraud me, I can also get it resolved and have the credit card company pay me back.

Do these instant payment system offer similar protections?

Re: Brazil central bank to launch Pix installment feature in September

#119

Post by whatevaa »

jt2190 wrote: post #50
ojosilva wrote: post #3

This is hands down one of the best instant payment platforms at the moment. Only India's UPI can match it in features, and China and Thailand in adoption. Most Western countries have had a (somewhat timid) taste of instant payments, but most don't know what it means to just drop credit and debit cards and cash altogether for a system that is not just universally adopted (from apps to flea markets to online payments a…

> … CCs should be an exception, not the norm they are now, with a bunch of embedded costs we all pay for, one way or another. To spell it out, the merchant pays fees to the payment processor and carries risk (chargebacks, etc) and these costs are included (“embedded”) in the purchase price of whatever you’re buying. Moving to instant pay moves these risks to the purchaser, which is probably not ideal for the merchant…

New merchants are then hit with fraudulent chargebacks with ridiculous fees (they are ridiculous for small purchases) and all the benefits of credits cads evaporate for a merchant.

Being more careful with purchases is a net benefit to society in general.

Re: Brazil central bank to launch Pix installment feature in September

#120

Post by SideburnsOfDoom »

weberer wrote: post #115
SideburnsOfDoom wrote: post #90

Earlier quoted context omitted.

The second part "but the banks (in Developed countries) have captured the government apparatus" seems to be true mainly of the USA? As SEPA in the EU, and Faster Payments in UK don't seem to fit that. Unless you have other examples outside of the USA, or a different opinion on SEPA?

In Finland, I have to use Visa everywhere. Banks offer debit cards, but they use the Visa network. Some smaller sellers also accept Mobilepay, but its not very common.

> In Finland, I have to use Visa everywhere

Why? Finland is in SEPA.

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