Brazil's government-run payments system has become dominant
171–180 of 789 posts
Re: Brazil's government-run payments system has become dominant
#172This is were many central banks have failed. It is the job of the central bank to ensure payments can be made by everyone and to stabilize the currency.
As payments have shifted from cash to digital this control has shifted to private sometimes foreign entities with their own view of what payments are permitted and which aren't.
Re: Brazil's government-run payments system has become dominant
#173Earlier quoted context omitted.
The Brazilian government is a *very* corrupt authoritarian oligarchy. I would take any US company over that any day.
Yet we, a developing "third-world" country, have a better functioning payment system than the US, where it takes days, or even weeks, for a wire transfer to land, and you pay a huge amount of fees for that. Cases in point: - To transfer money to a broker, I need to pay around $5 in transfer fees via ACH or wire - I want to change the custody of my stock market assets from one broker to another, and it will cost me $7…
> To transfer money to a broker, I need to pay around $5 in transfer fees via ACH or wire
I suggest switching to a better bank. This is unreasonable, my ACH transfers are free.
> I want to change the custody of my stock market assets from one broker to another
$75 sounds like a bargain, given the complexity it involves: https://www.bitsaboutmoney.com/archive/how-acats-transfers-w...
But anyway, I recently transferred some assets between brokers. It was free because the sending broker's fee to transfer assets out only applies when transferring the whole account. The receiving broker is happy to receive the assets, and shouldn't be charging any fee.
Re: Brazil's government-run payments system has become dominant
#174Hopefully ECB’s TARGET Instant Payment Settlement (TIPS) service will enable the same widespread adoption. With a price of 0.002 euro per transaction it’s guaranteed to become the most convenient solution.
Doesn't pretty much every country in Europe already have such a service?
They are mostly based on previous generations SEPA DD and CT. Italy’s Satispay as example. ECB TIPS further improves on that.
Re: Brazil's government-run payments system has become dominant
#175I've been living in Brazil for the last 20 years. Pix revolutionised the way we transact in Brazil. I've used Pix to pay for things that cost only cents, and I have a friend who bought her house using Pix. The system just works for any transfer amount. And it's so easy to use. Its speed is truly baffling, and so is its reliability. Never have I failed to make a Pix payment because of downtime. I never cease to be ama…
Brazil is amazing. I bought a coconut from an old man who was walking barefoot on the beach using my phone.
Re: Brazil's government-run payments system has become dominant
#176Earlier quoted context omitted.
Why do you assume a government-run monopoly is inefficient? You should try to take a train in Switzerland sometime. Its government run and I guarantee you will be mind blown over its efficiency.
You should take one in Portugal, where it’s also government run…
I made no assumption that government run organisations are necessarily efficient. The comment I responded to implied that government monopolies are inefficient by their nature, which I would argue against.
Re: Brazil's government-run payments system has become dominant
#177Hopefully ECB’s TARGET Instant Payment Settlement (TIPS) service will enable the same widespread adoption. With a price of 0.002 euro per transaction it’s guaranteed to become the most convenient solution.
This seems to be more akin to Wero, the German-French system to replace both debit cards and online payment platforms.
Re: Brazil's government-run payments system has become dominant
#178I've been living in Brazil for the last 20 years. Pix revolutionised the way we transact in Brazil. I've used Pix to pay for things that cost only cents, and I have a friend who bought her house using Pix. The system just works for any transfer amount. And it's so easy to use. Its speed is truly baffling, and so is its reliability. Never have I failed to make a Pix payment because of downtime. I never cease to be ama…
While I agree cryptocurrencies don't stand a chance, my experience with qr systems has been a mixed bag. The country I live in has a fairly good qr code payment system. But there was one day when the largest bank went down and that was chaos (cash very much has a role to play). We also supposedly have linkage with India's UPI. Unfortunately, it was impossible for me to actually use that linkage thanks to the way upi…
QR codes are problematic. First of all, you can’t really verify it with your naked eye. It can take you to a fake site that looks just like the original. Using phone numbers is vastly superior.
Re: Brazil's government-run payments system has become dominant
#179Sweden has had a similar system for several years before PIX in Brazil. It is also integrated with the digital ID system (BankID). The main difference is that the Swedish system is ran through a private organization managed by all the major banks (and the central bank) in conjunction. So the central bank doesn't have direct access to the transaction data technically. While the Brazilian system is only interacted dire…
In Spain we have Bizum, which is also a independent payment system run by all the local banks.
Re: Brazil's government-run payments system has become dominant
#180Earlier quoted context omitted.
Interestig, but this is also worrying to know that the government now knows exactly what you bought, where, when, and for how much. They can also (if there's a rogue government) create fake transactions to implicate you in things you haven't done
Is it much more worrying than having Visa being able to do that? Especially when you see how the US is going downhill, I think it'd rather take the risk of having to deal with hypothetical local fascist state.
> Is it much more worrying than having Visa being able to do that?
Yes, of course it is. How could anybody think otherwise? What is the worst thing Visa can do and what is the worst thing Visa has done? What is the worst thing the government can do and what is the worst thing the government has done?