Brazil’s Set to Launch Instant Payment Platform

Brazil’s Set to Launch Instant Payment Platform

The Central Bank of Brazil (BCB) plans to roll out a new instant payment platform dubbed ‘PIX’ in November.

The system will provide payments across the clock through internet banking, ATMs and mobile apps.

According to a press release published today on the BCB website, the payment platform will facilitate transactions.

“They will be performed with a QR Code or by entering simple information such as cell phone number, email or taxpayer identification (technically called a key, nickname or proxy identifier),” the paper reads

All financial institutions operating under the umbrella of BCB should provide their 500,000 active customers with the needed facilities to use the PIX system.

For his part, BCB President Roberto Campos said the system aims to outperform the DLT-based payment systems.

He added:

“Pix came from a need for people to have a payment instrument that is both cheap, fast, transparent and secure, If we think about what has happened in terms of the creation of Bitcoin, cryptocurrencies and other encrypted assets, it comes from the need to have an instrument with such characteristics.”

PIX facilitates tax payment

Under the agreement between the central bank and the National Treasury Secretariat, concluded this month, Brazilian citizens and businesses can easily pay federal taxes as of November 2020.

The central bank added:

“In line with the ongoing technological revolution in the banking industry, PIX will encourage digitization of payments and enhance financial inclusion, while reducing operational risk and the difficulties related to the use of cash.​”

Cryptolydian earlier reported that the European Central Bank (ECB) plans to actively develop its central bank digital currency (CBDC) to facilitate cheaper and quicker payments for individuals and corporates.

The move is also aimed at overcoming an expected decline in the use of cash.

Christine Lagarde earlier pointed out that ECB seeks to make sure that all institutions cope with the fast changing financial industry.

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Rabea Maguid 551 Articles
Rabea Maguid is a journalist completely obsessed with crypto industry. He holds B.A. from Al-Azhar University, and has a background in journalism and economics. Rabea Maguid likes to think about the future in a positive way, and sees blockchain as a potential driver of deep societal change.