Brazilian authorities suspend WhatsApp payments • Hacker News Board

Re: Brazilian authorities suspend WhatsApp payments

#21

Post by radmuzom » Wed, Jun 24, 2020, 2:39 PM UTC

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?

Pretty sure you are viewing it from an American perspective. India has had a government created smooth efficient money transfer service for >17 years now. There are multiple systems - all created by the government - and they work perfectly almost all of the time.

Re: Brazilian authorities suspend WhatsApp payments

#22

Post by comechao » Wed, Jun 24, 2020, 2:42 PM UTC

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.

Re: Brazilian authorities suspend WhatsApp payments

#23

Post by diegoholiveira » Wed, Jun 24, 2020, 2:44 PM UTC

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?

> You really think the Brazilian central bank is going to make a smooth, efficient, and cheap money transfer service

They will not do a transfer service, they will provide a specification that must be follow in order to provide instant payments and transfers.

To be honest, our central bank is pretty good in create such specifications.

Re: Brazilian authorities suspend WhatsApp payments

#24

Post by sktrdie » Wed, Jun 24, 2020, 2:46 PM UTC

Why do services like whatsapp need support for this? We have URLs people!

Here I just send an URL to my friend via whatsapp. They click on the link. The site takes care of giving user whichever payment method they desire. User pays. That's it.

From a user's perspective to pay I just have to click a link. And to get paid I just send a link. How easier can it get?

Re: Brazilian authorities suspend WhatsApp payments

#25

Post by soneca » Wed, Jun 24, 2020, 2:46 PM UTC

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?

As a Brazilian living in the US I can tell you that the TED system is already a smooth, efficient, and cheap money transfer service compared to the solutions here in the US.

So I have total confidence that they are capable of creating a better yet version of it.

Re: Brazilian authorities suspend WhatsApp payments

#26

Post by diegoholiveira » Wed, Jun 24, 2020, 2:50 PM UTC

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.

PIX will not be a service to end-users, it'll create a standard where any service can offer instant payments and transfers.

It will increase competition in the long run because if you want to open a payments fintech, you don't need to go in every bank or other fintech to do agreements about how your app will communicate with then, you just use the PIX to communicate with everyone.

Re: Brazilian authorities suspend WhatsApp payments

#27

Post by doublesCs » Wed, Jun 24, 2020, 2:51 PM UTC

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?

Has worked elsewhere. Here in the UK, money transfer is mind boggingly fast, and free.

Re: Brazilian authorities suspend WhatsApp payments

#28

Post by raverbashing » Wed, Jun 24, 2020, 2:53 PM UTC

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?

Brazilians can already do inter-bank money transfers using their bank accounts apps cheaply.

Pix is an improvement over those systems (shorter processing times - as in seconds instead of minutes) and checks are almost nonexistent.

Re: Brazilian authorities suspend WhatsApp payments

#29

Post by vslira » Wed, Jun 24, 2020, 2:54 PM UTC

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.

GP's point (which I believe is naive, I suspect foul play from competitors, especially big banks) is that FB was trying to corner the market through network effects before an open standard took hold and the Central Bank acted to stop that from happening.

Re: Brazilian authorities suspend WhatsApp payments

#30

Post by comechao » Wed, Jun 24, 2020, 2:57 PM UTC

diegoholiveira wrote: post #26

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.

PIX will not be a service to end-users, it'll create a standard where any service can offer instant payments and transfers. It will increase competition in the long run because if you want to open a payments fintech, you don't need to go in every bank or other fintech to do agreements about how your app will communicate with then, you just use the PIX to communicate with everyone.

Sure, that's why I used the term "solution". I understand that PIX will be better than what we have today, but there's no reason to block other players and don't allow them to create their own payment solutions or products, based or not on PIX.