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Brazilian authorities suspend WhatsApp payments

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Re: Brazilian authorities suspend WhatsApp payments

#41

Post by danilocesar »

raverbashing wrote: post #28
centimeter wrote: post #19

Earlier quoted context omitted.

> 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.

I wouldn't say cheaply... Unless you have a digital-only account or has a high-class account (like VanGogh,Personalitté, etc) it's cost almost 9 BRL for a inter-bank transfer.

Re: Brazilian authorities suspend WhatsApp payments

#42

Post by danilocesar »

soneca wrote: post #25
centimeter wrote: post #19

Earlier quoted context omitted.

> 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.

As a Brazilian living in Canada, I can say the same.

Re: Brazilian authorities suspend WhatsApp payments

#43

Post by kawera »

cheez wrote: post #37
vslira wrote: post #29

Earlier quoted context omitted.

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.

And now PIX will never be implemented.

PIX is in test and will be available to all brazilians from october. Several payment operators are implementing it's protocol.

Re: Brazilian authorities suspend WhatsApp payments

#45

Post by rydre »

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.

Facebook a multi hundred billion $ company vs much smaller companies in Brazil. I would think that the government here did the right thing. Let your home grown companies grow first, then let them compete openly with foreign companies.

If companies are people, then companies in many 3rd world countries are children. You don't let adults hit children until they grow to be adults.

Re: Brazilian authorities suspend WhatsApp payments

#46

Post by f00zz »

danilocesar wrote: post #42
soneca wrote: post #25

Earlier quoted context omitted.

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.

As a Brazilian living in Canada, I can say the same.

As a Brazilian living in Brazil I'm surprised that anyone would expect a service provided by the Brazilian government to be efficient, or even work at all.

This Pix thing seems to cover more than inter-bank transfers, people are expected to use it for QR code-based mobile payments for instance.

Re: Brazilian authorities suspend WhatsApp payments

#47

Post by harpratap »

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…

> This new WhatsApp feature, to me, looked like a bold attempt to kill PIX at launch.

I don't think so. FB is using UPI in India, they could have used PIX too. Looks like Brazilian government was just a bit late to the payment party and FB had already implemented something in-house in the meantime.

Re: Brazilian authorities suspend WhatsApp payments

#48

Post by haolez »

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…

As a Brazilian, I am not pleased. This will become just another tool for the government to create artificial difficulties and sell solutions to its closest "friends". Standards have been created without any government's help since forever.

Re: Brazilian authorities suspend WhatsApp payments

#50

Post by dgellow »

randiantech wrote: post #16
danilocesar wrote: post #14

Earlier quoted context omitted.

lack of users might be the case. WhatsApp is ridiculous popular in Brazil, but not that relevant in north america.

This. I was surprised a year ago or so when I last travel to US that Wap was not ubiquitous like in pretty much the rest of the world.

In south east Asia it's mostly Line and WeChat.
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