It is something like Polish Blik / Chinese WeChat payment system, I understand?
yes! Nice to know that polish also have one!
Brazil's government-run payments system has become dominant
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Re: Brazil's government-run payments system has become dominant
#82WhatsApp is omnipresent for communication in Brazil, and WhatsApp Pay was ready before Pix, but the government blocked the launch to launch Pix first.[1] I rarely see this mentioned. [1] https://www.reuters.com/article/technology/brazil-suspends-w...
It's a question of national security not to let Meta eat that cake, and Brasil made the right choice. Tangentially related, I've heard talk of EU alternative to VISA and Mastercard, which I also believe is the right direction.
These systems are not a direct alternative to Visa/Mastercard. They offer no credit and give no fraud protection and no way to revert transactions (ie you can never get your money back once you send it).
Although they can replace a lot (most?) of existing transactions that are currently done through credit cards, there is still a place for them.
Re: Brazil's government-run payments system has become dominant
#83Earlier quoted context omitted.
> Pix can't facilitate cross-border micro payments. No reason it couldn't. Bizum (mobile payments in Spain) started with just Spain but can now be used for payments across & to/from Spain, Italy, Portugal, and Andorra. Bizum is also a member of European Mobile Payment Systems Association which I think will eventually lead to all members being able to make transfers to other members, but that might a somewhat dream ra…
All Eurozone countries, all bu one an EU member (and that one is very small has a very close trade deal with the EU) so not really cross border except from a certain legalistic angle. The practicalities are very different from transferring between say Brazil and the US.
> so not really cross border except from a certain legalistic angle
Is this a joke? Of course it's cross-border, it crosses international borders. It works because the countries involved put in the work to make it easy. The fact that you can't use Pix in the US has no bearing.
Re: Brazil's government-run payments system has become dominant
#84Earlier quoted context omitted.
>Cryptocurrencies don't stand a chance. They protect against tracking and provide anonimity. That might be valuable.
For 0.001% of the population.
To be fair, you don't know when you might need this. Crypto's useful in authoritarian countries as a means of financing activities the dictator doesn't want you to partake in, like independent media funding, or to move savings to another country in case of a "sudden" foreign currency operation restrictions.
Re: Brazil's government-run payments system has become dominant
#85Re: Brazil's government-run payments system has become dominant
#86I wonder will the SEPA instant work like this.
Yes, I believe that is the goal: https://www.ecb.europa.eu/paym/integration/retail/instant_pa...
But I think adoption is slow because everyone in the EU already has credit cards and fees are not paid by consumers.
Re: Brazil's government-run payments system has become dominant
#87I've been living in Brazil for the last 20 years. Pix revolutionised the way we transact in Brazil. I've used Pix to pay for things that cost only cents, and I have a friend who bought her house using Pix. The system just works for any transfer amount. And it's so easy to use. Its speed is truly baffling, and so is its reliability. Never have I failed to make a Pix payment because of downtime. I never cease to be ama…
Can you elaborate on the technicals? Is it a phone app? Does it work through QR codes or NFC? Is there a Pix "card"?
You can have several unique keys, a few are unique to the whole system (like your phone number, Physical Persons Register (CPF)), but you can have several randomly generated per bank. Usually you tell someone your phone number, otherwise the random generated string is a big string, and you actually show them a QR code so they can transfer to your account, and vice-versa.
Re: Brazil's government-run payments system has become dominant
#88I've been living in Brazil for the last 20 years. Pix revolutionised the way we transact in Brazil. I've used Pix to pay for things that cost only cents, and I have a friend who bought her house using Pix. The system just works for any transfer amount. And it's so easy to use. Its speed is truly baffling, and so is its reliability. Never have I failed to make a Pix payment because of downtime. I never cease to be ama…
Can you elaborate on the technicals? Is it a phone app? Does it work through QR codes or NFC? Is there a Pix "card"?
You use your bank's phone app. You can scan a QR code or you can send money to someone if you know their "id string", like a phone number, an email or a random string of numbers - you choose the "id string" format you want, and you can have different "ids" linked to different bank accounts. There are no physical cards.
Re: Brazil's government-run payments system has become dominant
#89> Pix has spiced up Brazil’s fusty banking sector, but it gives the central bank a worrying amount of power I think a largely prefer a government-run payment system than an US company monopoly.
I don't think it is a realistic option in the US, at least in the current climate.
There are so many powerful and influential anti/small-government that are rabidly opposing anything made by the government, and offered to the people.
The argument is always the same:
- "It will stifle innovation"
- "It is unfair to business"
- "It will make people dependent on the government"
- "It will give government more access to spy on the citizens"
and the list goes on.
For decades the American people have been told that anything the government touches will be expensive, inefficient, and lead to a more taxes. Private sector knows best, and all that.
And it is especially bad right now. You had MAGA-influencers outright rejoicing that DOGE had laid off the 18F team, spreading the gospel that free (government-run) tax tools are an abomination.
Re: Brazil's government-run payments system has become dominant
#90I've been living in Brazil for the last 20 years. Pix revolutionised the way we transact in Brazil. I've used Pix to pay for things that cost only cents, and I have a friend who bought her house using Pix. The system just works for any transfer amount. And it's so easy to use. Its speed is truly baffling, and so is its reliability. Never have I failed to make a Pix payment because of downtime. I never cease to be ama…
Can you elaborate on the technicals? Is it a phone app? Does it work through QR codes or NFC? Is there a Pix "card"?
It's a protocol. You make payments through your bank app. You can make payments directly, basically a bank transfer, or through a QR code.