All new Registrations are manually reviewed and approved, so a short delay after registration may occur before your account becomes active.
Meet PIX, the perfect gateway - only in Brazil.
Short presentation:
PIX is the Brazilian instant payment. The means of payment created by the Central Bank in which resources are transferred between accounts in a few seconds, at any time or day. It's practical, fast and safe. Pix can be made from a current account, savings account or prepaid payment account.
PIX currently works 24 hours a day, 7 days a week, WITHOUT ANY DELAY to pay or receive payments. Chargeback almost impossible.
Payments between individuals do not incur any fees, there is also no fee for receiving on business accounts, but to receive automatically as a PayPal-style gateway you will need to hire a third-party provider.
Fees are as low as 1%, directly with my payment institution I pay only 10 US cents (converted price) to RECEIVE any amount from 1 usd for example or 1 million dollars.
It is open source, the Brazilian central bank makes its code available on GitHub.
PIX recently broke a record and exceeds 100 million transactions in one day. Every day credit and debit cards are less used in Brazil.
Another point I'd like to talk about in this post is about installment payments in Brazil, something I've never seen in another country (I'll write about it in another topic).
Video in English about the PIX:
https://youtu.be/IsBv7ya8lOM
After several international trips, I realized how backward other countries are in the economic issue of paying or receiving payments. For more than 10 years in Brazil I have never used a banknote again, I have always used digital payment methods and now with the PIX it is enough to simply read a qrcode, approach the cell phone with NFC or simply send the payment through a PIX key informed by the seller.
Another video:
https://youtu.be/SGU8Agb5u64
Comments
This is just WeChat Pay or Interac eTransfer.
Most countries have one of these, it's literally just the US that doesn't
This is new in Brazil? Instant payments? Before PIX, you need to wait hours/days?
In Indonesia we have instant payments since ages ago. $0.16 - $0.5 fixed fee, instant to all banks/ewallets.
and now we have a national QR system, all banks + ewallets (equivalent of paypal/venmo/cash) interconnect with each other and can send/receive money instantly through QR.
Contactless adoption is really low here, so VISA/Mastercard contactless mostly exists on credit card only.
Brazilian here.
The difference is that you can choose which financial institution you can use.
Many financial institutions were born and started to offer a much better service than the old banks. And former banks began to improve their service.
--
Security problems appeared, where it was necessary to define a limit for transactions at night.
Even then, people are hijacked for several days and their accounts are wiped clean.
https://www.bbc.com/portuguese/brasil-62045088
This sounds similar to UPI system in India, which is also open source, older and moreover decentralized and accepted NOT only in India.
https://en.m.wikipedia.org/wiki/Unified_Payments_Interface
uh, sweet CBDC, eeeeeeeeeeeeeeee