Brazil's Central Bank launching instant payment system Pix to increase financial inclusion and competition.

From Cointelegraph

August 30, 2024 10:20 PM:

Brazil’s Central Bank announced plans to launch a new instant payment system, Pix, which will allow users to make transactions 24/7, 365 days a year. This move is intended to increase financial inclusion and competition in the country’s payment sector.

Pix is set to launch on November 16, with all financial institutions required to participate in the system. Users will be able to make payments through the system using QR codes, phone numbers, or email addresses, with transactions expected to be completed in 10 seconds or less.

The Brazilian government hopes that Pix will reduce the country’s dependence on traditional payment methods like cash and debit cards, making transactions quicker and more efficient for all users. The system is expected to compete with existing services like TED transfers and debit cards.

Some members of the crypto community believe this could trigger a domino effect, with other countries potentially following Brazil’s lead in creating their own instant payment systems to modernize their financial sectors. This move by Brazil’s Central Bank is seen as a step towards increasing financial innovation and digitalization in the country.

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