Brazilian authorities suspend WhatsApp payments

Post by throwaway3975 » Wed, Jun 24, 2020, 2:58 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…

Post by aprdm » Wed, Jun 24, 2020, 3:15 PM UTC

sktrdie wrote: post #24

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?

Post by agustif » Wed, Jun 24, 2020, 3:18 PM UTC

Post by cheez » Wed, Jun 24, 2020, 3:28 PM UTC

vslira wrote: post #29

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.

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.

Post by onli » Wed, Jun 24, 2020, 3:43 PM UTC

comechao wrote: post #30

diegoholiveira wrote: post #26

Earlier quoted context omitted.

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.