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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

#31

Post by azlev »

brainwad wrote: post #22
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…

Credit cards give me cashback, worldwide acceptance and peace of mind. The country I live in, Switzerland, has a very widely accepted QR-based payment system... but credit cards (in mobile wallets) are more convenient, safer, faster. The only time I use the QR codes is when a merchant doesn't have a card terminal.

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.

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

#32

Post by ivape »

henry700 wrote: post #28
brainwad wrote: post #22

Earlier quoted context omitted.

Credit cards give me cashback, worldwide acceptance and peace of mind. The country I live in, Switzerland, has a very widely accepted QR-based payment system... but credit cards (in mobile wallets) are more convenient, safer, faster. The only time I use the QR codes is when a merchant doesn't have a card terminal.

The cashback you are given back is taken from a fraction of the fee levied on merchants by the Payment Processing company they use. The only thing holding this system together is the lobby (also funded by a part of the aforementioned fee on merchants) by the Payment Processing industry to uphold laws that prohibit more expensive payments for more expensive payment methods, and also the extensive marketing (funded by…

But, who do you get to call in a world like that? I think the West really likes customer service and security.

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

#33

Post by miltava »

brainwad wrote: post #22
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…

Credit cards give me cashback, worldwide acceptance and peace of mind. The country I live in, Switzerland, has a very widely accepted QR-based payment system... but credit cards (in mobile wallets) are more convenient, safer, faster. The only time I use the QR codes is when a merchant doesn't have a card terminal.

Yes. But credit cards have high costs for the merchant. Thats why they get to give us cashback. It depends on the country, but the cut rate goes from 1% (in europe) to 3% in Brazil.

And the merchant gets the money after a long time. It is possible to advance the payment but the rates are much higher (10%+).

So, i dont think we can even think of credit cards as instant payment. And it has mich higher costs that, in the end, go back to the consumers.

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

#34

Post by henry700 »

rescbr wrote: post #21
diego_moita wrote: post #11

Earlier quoted context omitted.

> There were reports that Apple doesn't want to implement on Apple Pay... No surprise. 1. Apple is irrelevant in 3rd world countries. It is a luxury brand for millionaires. Doesn't have mass appeal. 2. If Apple were to implement it they wouldn't be able to get away with the huge margins they charge.

> Apple is irrelevant in 3rd world countries. It is a luxury brand for millionaires. Doesn't have mass appeal. Apple has 9% market share in Brazil. This is not irrelevant. It’s not a luxury thing for millionaires, but rather a status symbol for the middle class. There’s this whole market of iPhone leasing plans where you get a new phone whenever Apple releases a new one, banks offering 21x installment payment plans t…

You're right, except for the last sentence. Lack of financial literacy has some levels. One could refuse to use Credit Cards because they don't perceive the benefits (point programs or cashback) they could individually attain, but one can also refuse to use Pix because "I only have to pay my credit card invoice once at the end of the month and can spend without worries during the month" (which is even dumber, but is the reality we're living on).

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

#35

Post by miltava »

azlev wrote: post #31
brainwad wrote: post #22

Earlier quoted context omitted.

Credit cards give me cashback, worldwide acceptance and peace of mind. The country I live in, Switzerland, has a very widely accepted QR-based payment system... but credit cards (in mobile wallets) are more convenient, safer, faster. The only time I use the QR codes is when a merchant doesn't have a card terminal.

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.

It’s more like 3% if you receive the money after 30 data and 10% if you get it in the best day.

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

#36

Post by henry700 »

ivape wrote: post #32
henry700 wrote: post #28

Earlier quoted context omitted.

The cashback you are given back is taken from a fraction of the fee levied on merchants by the Payment Processing company they use. The only thing holding this system together is the lobby (also funded by a part of the aforementioned fee on merchants) by the Payment Processing industry to uphold laws that prohibit more expensive payments for more expensive payment methods, and also the extensive marketing (funded by…

But, who do you get to call in a world like that? I think the West really likes customer service and security.

Suspicious transactions are a legitimate use-case for payment processing. If you don't fully trust who you're buying from, the scam preventions, chargebacks, refunds etc. work fine. But buying lunch or small chocolates, cigarretes etc with credit cards is INSANE.

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

#37

Post by closewith »

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.

Vipps and MBPay are a pale shadow of Pix. No aliases, no mandatory participation, much lower merchant fees, and instant settlement not dependent on the merchant bank.

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

#38

Post by miltava »

ivape wrote: post #32
henry700 wrote: post #28

Earlier quoted context omitted.

The cashback you are given back is taken from a fraction of the fee levied on merchants by the Payment Processing company they use. The only thing holding this system together is the lobby (also funded by a part of the aforementioned fee on merchants) by the Payment Processing industry to uphold laws that prohibit more expensive payments for more expensive payment methods, and also the extensive marketing (funded by…

But, who do you get to call in a world like that? I think the West really likes customer service and security.

Why do you think PIX doesn’t have customer service or security? It’s regulated by the central bank but operated by private companies.

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

#39

Post by dandellion »

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.

Is it only available in Polish złoty for Polish citizens? Or could I, from a different EU country, open an account and use it to pay for games on Steam? My guess would be no, but it's worth asking.

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

#40

Post by orbisvicis »

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…

> There is no other use case for crypto, only this.

I'm sorry but last few months have done nothing if not demonstrate the need for crypto currency, aka digital cash. It may not be ready, but it is likely the only path forward. In the meantime Monero is relatively stable, sufficiently anonymous, and has comparatively low transaction fees.

The monopoly of existing payment processors cannot continue. They have a stranglehold on fees and issue cards that promote economically harmful activities. They and contactless payment processors sell your data. And now they control what you can and can't purchase.

Enter national digital currencies such as as the proposed CBDC. Fear-mongering sites making such outlandish claims [1]. So I do a bit of research, and find [2]... wait, what?

"In addition, it [full anonymity] would make it virtually impossible to limit the use of the digital euro as a form of investment – a limitation that is essential from a financial stability perspective."

Suddenly I trust [3] so much less. The technical controls required to implement inventory limits would just as easily enable expiration dates and automatic devaluation, or whatever overreach governments deem necessary down their slippery slope.

1. https://www.financemagnates.com/fintech/payments/cash-with-a...

2. https://www.financemagnates.com/fintech/payments/cash-with-a...

3. https://becid.eu/facts/fact-check-is-the-central-banks-aim-f...

Where does Pix fall in this spectrum?

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