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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

#161

Post by [deleted] »

vouaobrasil wrote: post #141
azlev wrote: post #31

Earlier quoted context omitted.

Bear in mind that Brazil is a poor country. Cashback and worldwide acceptance is not what 90% brasillians need. You are right about convenience, but here, 1% fee makes a huge difference to make both ends meet. You can give alms with pix, to show how widespread pix is.

Brazil is actually a pretty rich country. It's just that the wealth is exceptionally highly concentrated at the top. Brazil has enormous resources and potential, but all that potential gets sucked up by the big boys in their club. Although I know what you mean, it's important to distinguish Brazil from a genuinely poor-all-over country where there is not much wealth anywhere. Even in poor or average neighbourhoods in…

[deleted]

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

#162

Post by vitorgrs »

ivape wrote: post #30
c0wb0yc0d3r wrote: post #25

Earlier quoted context omitted.

It’s a shame that it isn’t used.

I just learned about this. Looks like this system is only available to banks, and they would have no incentive to break the old system by being quick to implement this. If the Federal Reserve provided this directly to individuals, then we'd have a lot of new payment apps that bypasses the middle network (that would be a paradigm shift).

The point about Pix, it's that Central Bank made it mandatory to all banks with over 500k clients if I recall (smaller banks already wanted of course).

Besides the branding (which tbh it's a big deal), also made guidelines requirements on how the banks needed to implement. Exactly so they couldn't hide or made it worse to use.

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

#163

Post by vitorgrs »

vitorbaptistaa wrote: post #109
klysm wrote: post #95

Visa and MasterCard are shaking in their boots and will scratch and bite on their way down to kill anything like this in the US.

This has already started with Trump's tariffs: https://valorinternational.globo.com/foreign-affairs/news/20... > While the system is not named directly, a document from the Office of the United States Trade Representative (USTR) says that “Brazil also appears to engage in a number of unfair practices with respect to electronic payment services, including but not limited to advantaging its government-developed electro…

Earlier this week, Brazil VP Geraldo Alckmin (who is also a Development, Industry, Trade and Services Minister) meet to talk about tariffs with several big tech executives and also a "big tech" lobbyist. Worth to point out that.... Visa was there.

- Igor Luna, Legal Consultant of the Brazilian Digital Economy Chamber

- Nuno Lopes Alves, General Director of Visa

- Gustavo Lage Noman, Vice President of Government Affairs at Visa

- Márcia Miya, Government Affairs Manager at Apple

- Gustavo Dias, Head of Legal and Institutional Relations Latin America

- Yana Dumaresq, Director of Public Policy at Meta

- Daniel Arbix, Legal Director at Google

Igor Luna were doing heavy lobby against social network regulation that happened.

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

#164

Post by stefantalpalaru »

renrutal wrote: post #72
jabjq wrote: post #62

Earlier quoted context omitted.

The best instant payment system is cash. It allows the merchant to skip the taxes too. Unbeatable.

Cash is a hassle. It requires everyone to have change. You need to count the money, the cashier needs to count the money and store it. The line behind you gets longer. The end of day close-out process is longer. Brazilians also generally don't like to walk with cash in their pockets. Only politicians usually do it, but in their underpants. The pros is that cash is analog, no battery, internet connection or digital sy…

[dead]

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

#165

Post by ianburrell »

c0wb0yc0d3r wrote: post #25
ivape wrote: post #20

Earlier quoted context omitted.

Thanks, just learned about this in the states: https://www.federalreserve.gov/paymentsystems/fednow_about.h...

It’s a shame that it isn’t used.

It is brand new, released in 2023. It is a backend protocol, it requires every bank to implement the protocol. And there are some big changes compared to ACH, like having to present requests to the user. Or how to deal with reversals.

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

#166

Post by vitorgrs »

diego_moita wrote: post #9

I believe the greatest story behind Brazil's Pix, India's UPI and Kenya's Mpesa is the emergence of a lot new forms of money. We will have strong national currencies supported by these payment systems, destroying Visa and Mastercard and hurting PayPal, Apple Pay and Google Pay. These systems have a lot more potential than most people imagine (e.g.: micro lending , even for illiterate people). We will have "gangster m…

About Pix, I think people forget really how useful it can be to different things.

You can sign documents with Pix! ClickSign and others support it. You can just send 1 cent, and this can be one of the possibilities to sign documents!

https://ajuda.clicksign.com/article/558-assinando-um-documen...

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

#167

Post by lastdong »

rcruzeiro wrote: post #17
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…

Systems like these are very common in Europe. Here in Norway, you can pay for almost anything, anywhere with Vipps. It works very similarly to Brazilian Pix. Another system I have used in the past is the Portuguese MBWay which although similar to Pix and Vipps, doesn’t seem to be as widely adopted as the former.

Interesting these platforms have existed for so long now (MBWay from 2014 and Pix 2016 if I’m not mistaken). I recall, back when it was launched, explaining it to friends in other countries (ie. UK) how good it was, not only the seamless payment network shared with friends, but also to be able to spin virtual cards with fixed value for online payments, and getting a puzzled reaction, “is that even legal?”

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

#168

Post by slaw »

omega___ wrote: post #24
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…

Poland has the fantastic BLIK system: https://en.wikipedia.org/wiki/Blik Used country-wide, it's popular enough that global stores allow using it, like AliExpress or Steam.

BLIK contactless payment uses Mastercard network.

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

#169

Post by SideburnsOfDoom »

weberer wrote: post #150
SideburnsOfDoom wrote: post #120

Earlier quoted context omitted.

> In Finland, I have to use Visa everywhere Why? Finland is in SEPA.

I have never seen a store offering any payment method called "SEPA". After reading up on it, it just looks like some protocol to do bank transfers between countries, and it requires exchanging IBAN numbers. I do pay rent and some bills via direct bank transfer, but that's it. Its nothing like this Brazilian payment alternative.

Yes, that's correct it's a protocol, it's under the hood. You won't see a SEPA Branding (or "Faster Payments" in the UK).

It's for bank transfers between accounts, which could be in the same country, or not. If you do a bank transfer of e.g. a 3-digit sum, and it arrives the same day, that's SEPA. If it's in a few seconds, that's SEPA Instant (1).

The grandparent post about "these capabilities" - specifically in comparison to the US FedNow -seems to cover more than just point-of-sale, right? Although that is mentioned in the SEPA Instant use cases.

1) https://www.europeanpaymentscouncil.eu/what-we-do/sepa-insta...

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

#170

Post by throw-the-towel »

ivan_gammel wrote: post #140
guhcampos wrote: post #134

Earlier quoted context omitted.

We also have the same problem: technically, PIX is only inside our borders. The thing is our borders are huge! In practice, people have started to accept it in Portugal, Argentina, Uruguai and some other places where people tend to have accounts both in their countries of residence and Brazil.

Russia is bigger and has its own system of instant payments SBP, which has now completely substituted Visa, Mastercard etc and has some presence in 8-9 other countries (depending on whether you count Abkhazia as a country or not) with 50 foreign banks supporting it.

Russia is bigger in area but not in population.
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