Brazil’s online state-owned real-time payment system pix plans to introduce WhatsApp payment


According to reports, Brazil’s central bank on Monday announced the launch of a new instant payment platform. The platform hopes to speed up and simplify the transaction process, promote competition in the financial industry, and attract large technology companies such as Facebook and Google to become new competitors in the market.
Brazil’s new state-owned instant payment system, called pix, allows individual and corporate users to transfer money 7×24 hours a week without the need for debit or credit cards. The system is free to individual users.
“The way of payment is changing dramatically,” Roberto Campos Neto, Brazil’s central bank governor, said at an online news conference. Society needs fast, low-cost, safe, transparent and open products. ”
The goal of the move is to introduce competition into a highly centralized banking system. Currently, Brazil’s top five banks, including ITAU Unibanco and Banco Santander Brasil, hold about 80% of Brazil’s bank assets and deposits.
Brazil’s central bank charges lower fees for transfers and payments through pix, hoping to introduce more competition. Red, ITAU’s card processor, said on Monday that it would not charge businesses using pix for the first six months.
According to the latest research of Aowei consulting, pix may account for 22% of Brazil’s e-payment by 2030. Last year, Brazilian debit and credit card payments totaled R $1.8 trillion (US $382 billion). As users accept pix, the bank may lose part of its fee income.
Netto said the new platform, which went online at 9:30 a.m. local time on Monday, could be used to buy anything from food to cars.
According to the Central Bank of Brazil, there are 72 million registrations on pix platform, with 30 million individual users and 1.8 million enterprise users.
Netto also revealed that Brazil’s central bank is in talks with large technology companies such as Google and Facebook to develop the Brazilian payment market. “WhatsApp will soon implement point-to-point payment. I had a lot of communication with their CEO. He told me that by working with us, the process is faster than in other countries. Our only concern is that we need to meet all audit standards to ensure that the system is competitive. ”
Currently, about 750 companies have signed up with pix to accept and provide instant payment services. Uber said it had started accepting pix payments to attract users without bank accounts. In the future, pix will also add new features, such as cash back and payment on schedule. Most credit cards already offer such services.