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Brazil's Pix payment system faces pressure from Visa and Mastercard
381–390 of 397 posts
Re: Brazil's Pix payment system faces pressure from Visa and Mastercard
#382[flagged]
@dang thats @pizza_man socket puppet vibe coding handles and code..
Re: Brazil's Pix payment system faces pressure from Visa and Mastercard
#383The only problem I actually face with Pix in Brazil is: Some stores only accept Pix and don’t want Visa or cash. As a tourist, you end up unable to access a lot of things because, well, we don’t have Pix. While I was in Brazil, some thugs with pistols came into a bar where I was. They forced people to send a Pix payment to a specific account, and their money was gone. In the credit card era, I guess the companies, in…
> While I was in Brazil, some thugs with pistols came into a bar where I was. They forced people to send a Pix payment to a specific account, and their money was gone. Sorry, don't mean to be rude, but your story doesn't track for many reasons. First, PIX keys are associated to formal bank accounts. If what you described happend, that account was blocked by the bank likely within the hour after the 'robbery'. And "st…
> Sorry, don't mean to be rude, but your story doesn't track for many reasons. First, PIX keys are associated to formal bank accounts.
> If what you described happend, that account was blocked by the bank likely within the hour after the 'robbery'.
> And "stealing" accounts from other people in a way that allows you to withdraw cash from is exceedingly difficult and uncommon.
There you have the straw man ou front man accounts, when the bank comes to act, they have 96 hours to handle the case, the accounts are already empty. I am not sure, but maybe some Brazilians can confirm if my story is impossible or not. I am not from there. I just saw it happening and people explained me that the money was gone forever. I am definitely not confusing PIX for some kind of crypto transfer.
Re: Brazil's Pix payment system faces pressure from Visa and Mastercard
#384Re: Brazil's Pix payment system faces pressure from Visa and Mastercard
#385[flagged]
Re: Brazil's Pix payment system faces pressure from Visa and Mastercard
#386[flagged]
sad to see people reaching this level of emotional instability.. you should try some meditation or even learning some programming language. peace.
Re: Brazil's Pix payment system faces pressure from Visa and Mastercard
#387[flagged]
Re: Brazil's Pix payment system faces pressure from Visa and Mastercard
#388Earlier quoted context omitted.
When I tell that I used to withdraw cash at the ATM in one bank, cross the street, deposit the CASH in another bank ATM people think I am crazy. But I was doing monthly that circa 2014, all to avoid paying ~3 USD transfer fee (what was called a DOC/TED). In Brazil your employer kinda chooses which bank they use and you kinda have to open a bank account with them to get paid, but it is hardly worth it to move your cre…
Sorry that you wasted time but - it was wasted time! "Salary portability" is ensured in Brazil by the Banco Centra, at least since 2006. Employees can receive salary in any bank account they choose, even if their employer processes payroll through a different bank. The original bank must automatically transfer the funds to the employee’s choice of account without charging a transfer fee: https://www.bcb.gov.br/meubc/…
I am aware of that, which is why I said "kinda" but that was my first job out of uni and I didn't want to create a fuss.
Re: Brazil's Pix payment system faces pressure from Visa and Mastercard
#389Earlier quoted context omitted.
The entire problem solved by Pix is an artificially created obstacle put in place so banks can charge for something they do for free. The article doesn't mention China's digital renminbi, but it is similar, including the aspect of being offered by the country's central bank. Rather than this looking like "Alien tech" in the US, it's just another example of things in the US looking more like stone age tech to the rest…
“Money transfer” is, at the end, a database transaction. It’s a solved problem - no aspect of what is needed is unsolved. It’s just that there are billion dollar entrenched companies that do not want sending money to be as easy as a click.
It’s a distributed transaction, which is what makes it complicated. You need to atomically remove money from an account in one database and add money to an account in a totally separate database.
There’s a bunch of weird corner cases that come with that. What if the receiving account ID doesn’t exist, or the recipients bank flags the transaction, or the sender closes their account before the recipients bank has applied their end of the transaction.
I think some of these transfer systems are simpler because they’re global so both records are in the same database. Transactions can be technically atomic rather than organizationally atomic (ie atomicity is present in the technology, rather than approximated by processes).
Re: Brazil's Pix payment system faces pressure from Visa and Mastercard
#390Earlier quoted context omitted.
I suggest you go read the SFN messaging manuals from BCB if you truly want to understand how interbank communication works. It is very well documented. You clearly don’t know what you are talking about since you are conflating the STR (transfer reserve system) with TED (one of the many settlement methods in STR)
Obviously there's several other ways to send money. I'm talking about the popular ones... The others are niche-systems. And yes, in TED only the final settlement were done by BCB.
Ultimately, this is all irrelevant.
The goal with Pix was not to increase the total amount of value tranfered, but the amount of small micro-transactions, increasing fluidity and bypassing unecessary bureacratic processes.
TED still wins by raw value, but that amount is irrelevant. It is what is left after the small-fry micro-transactions were liberated from complicated, archaic systems. Those small-fry transactions provided a lot of fluidity to the market, which is the realm in which Visa and Mastercard were supposed to act (incresing consumption) but were unable to compete due to their own legacy devices. They really need to catch up with the competition: those systems and their culture are ancient relics.