Ruptly
"Brazilians are embracing homegrown mobile payment platforms, despite threats from Washington of sanctions over any rejection of established US payment platforms. The PIX instant payment system has established itself as a financial alternative for millions of Brazilians, thanks to instant and free transfers. Footage recorded in Rio de Janeiro on Tuesday shows citizens using PIX payment terminals at multiple stalls in a market. According to Myrian Lund, Financial planner and teacher at Fundacao Getulio Vargas, PIX represents a ‘national solution’ developed by the Central Bank in 2020 and adopted by all banks in the country as a local alternative. "In this way, payment methods that originate abroad, outside the country, are restricted. Therefore, brands such as Mastercard, Visa, PayPal, Apple Pay and Google Play are restricted. That is, US payment methods that generated significant income from transactions and exchange of funds between people," she explained. Myrian Lund pointed out that this payment method is mainly intended for low-income people, but that its future is assured. "Let us be clear: PIX is here to stay," she stated. She also noted that "The United States could retaliate against PIX", after last week, the Office of the United States Trade Representative (USTR) published its annual report in which companies from the country expressed concern over alleged preferential treatment by the Central Bank of Brazil. "Brazilians adopted PIX because bank transfers used to have fees. With PIX, there were no fees of any kind. So Brazilians embraced and adopted PIX. And that is why today they even feel more proud of PIX than of the Brazilian national team," said merchant Marcos Andrade. Last year, Washington launched an investigation into Brazil’s trade practices, considered "potentially unfair", including the instant payment system. According to the Central Bank, more than 170 million people have carried out transactions with PIX, representing 80% of the population in Brazil."
Go to News Site