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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

#181

Post by cauefcr »

vitorgrs wrote: post #166
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...

i hope this kills our notarization cartel, damn.

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

#182

Post by jt2190 »

vitorgrs wrote: post #156
jt2190 wrote: post #114

Earlier quoted context omitted.

> 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?

This is really not a issue in Brazil. Consumers laws are strong. I actually prefer to use Pix for exact this reason, because I can get the refund in 1 second, literally (already did with Amazon). While with credit cards that's not the case.

So the merchant is assuming more risk because the customer can take back their money... How long does the merchant need to wait before they're certain the payment they have received can't be taken back?

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

#183

Post by 0rzech »

pzmarzly wrote: post #154
omega___ wrote: post #52

Earlier quoted context omitted.

It's supported by polish banks for PLN accounts, but I don't think there's a requirement to be a citizen to open an account. I know Revolut also allows using it, if you create a PLN account in it.

Revolut will only offer BLIK if your address is in Poland, it's not enough to just open a PLN subaccount. Same with Wero, it is only shown for customers in Germany and France IIRC. I have no idea why they did it like that, the backend clearly supports them all.

PSP S.A. is expanding abroad, so perhaps BLIK will be available in more countries in some time: "In September, the first BLIK transaction was made in Slovakia, and BLIK Romania S.A. received authorization from the National Bank of Romania to operate in the country. In November, the Polish Payments Standard transformed into a joint stock company, to support the execution of its strategic goals." [1] [2]

BLIK has one ugly caveat, though: it has no chargeback procedure.

[1] Year 2024.

[2] https://www.blik.com/en/about-us#id-15ce9a61-2597-11f0-8657-...

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

#184

Post by 0rzech »

slaw wrote: post #168
omega___ wrote: post #24

Earlier quoted context omitted.

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.

Also, Mastercard is one of PSP S.A. [1] shareholders.

[1] Polski Standard Płatności S.A. - Polish banks' joint venture, which created and operates BLIK.

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

#185

Post by SomeUserName432 »

pavlov wrote: post #45
SomeUserName432 wrote: post #23

Earlier quoted context omitted.

> with practically zero fees We pay 2.50 EUR for a SEPA transfer, it's ridiculously expensive. We need local integrations for every market to cut costs.

Where in Europe are you getting charged that much? Usually SEPA payments are completely free for consumers. And I believe there’s a EU-mandated fee cap which is much less than 2.50 €. But if you have a business account, things are different.

Business account, invoicing in Scandinavia.

We clearly need to look into other banks.

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

#186

Post by vitorgrs »

jt2190 wrote: post #182
vitorgrs wrote: post #156

Earlier quoted context omitted.

This is really not a issue in Brazil. Consumers laws are strong. I actually prefer to use Pix for exact this reason, because I can get the refund in 1 second, literally (already did with Amazon). While with credit cards that's not the case.

So the merchant is assuming more risk because the customer can take back their money... How long does the merchant need to wait before they're certain the payment they have received can't be taken back?

If is online, over the phone, etc., you can return or cancel for any reason within 7 days. And this also include services. For example, if I sign up with a new ISP, I can cancel it within that 7-day period (even if it have a 1 year contract).

If it's in-person you bought something, technically you can only return up to 30 days for non durable goods, and 90 days for durable goods, if there's some problems with the product, or a reason etc.

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

#187

Post by xinayder »

iury-sza wrote: post #111
mvieira38 wrote: post #66

Earlier quoted context omitted.

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

And it was only breached because criminals approached an IT guy from the affected bank and offered him R$5000 to hand out the passwords used to login to their internal systems. Once the hackers were inside, they had control of bank accounts and started moving money around.

So no, it wasn't a breach to BCB, neither it was caused by system insecurity, but rather, human error in a downstream implementation.

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