2mo ago

In Brazil, the free and instant mobile payment system Pix challenges US dominance

www.lemonde.fr

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Davriellelouna @lemmy.world

2mo ago

In Brazil, the free and instant mobile payment system Pix challenges US dominance

www.lemonde.fr /en/economy/article/2025/07/30/in-brazil-the-free-and-instant-mobile-payment-system-pix-challenges-us-dominance_6743880_19.html

11 comments

The faster MasterCard and Visa fall the better
Pix is great. It makes things so much easier. Everyone uses it from the guy selling drinks on the beach to airlines. Previously you had to have a card machine.
The closest we have in the EU would be like Revolut.
- The closest we have in the EU would be like Revolut.
  No, revolut is still just a private bank. The closest is Polish Blik or Spanish Bizum. Those are run by central bank and you identify with your phone number. I never used Blik but in Spain all banking app support Bizum payments. It's also widely used. Most small business accept Bizum. Some online stores also accept it.
  
  Swish in Sweden is exactly like this too - instant payments linked to your phone number, run by the central bank, and literally everyone uses it from street vendors to major retailers (I cant even remember the last time I used cash).
- Wero?
- The closest would be PayByBank, which basically just uses the bank's own instant payment systems. Or stuff like Tikkie would also be similar.
- Payconiq?
I hope the EU also implements its own payment system, the more options the better.
- Wero is becoming the PIX of EU.
Great application of public policy to solve basic, system-wide problems that the private sector solves poorly.
Launched by the Central Bank of Brazil in November 2020, the mechanism became so popular that it has already overtaken credit card and cash transactions.
Transfers carry no extra cost, and the money arrives instantly in the user's account.
In the country with the second-highest rate of online credit card hacking in the world, Pix is also considered the safest means of payment, according to a study by the Central Bank of Brazil in 2024. "If I get mugged, at worst the assailant will steal my phone. My earnings will be safe in my account," explained Eduardo Resende Gonçalves.
a major step forward for banking inclusion for the poorest citizens
Once this first step is taken, the person using Pix has access to a bank account
Of course, such obvious public-sector solutions piss off the US:
Six days after the United States announced new 50% customs duties against Brazil, on July 15, the Office of the United States Trade Representative (USTR) cited the rise of Pix as a reason for opening an investigation into the commercial practices of the South American giant: "Brazil also appears to engage in a number of unfair practices with respect to electronic payment services, including but not limited to advantaging its government-developed electronic payment services."
The closest the US has is something like Zelle through participating banks. Interbank transfers mostly aren't free & instant, yet: ACH transactions between banks take days & are closed on weekends. RTP & FedNow are still not widely adopted.
Paywalled, sadge

11 comments