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The Brazilian government created an instant payment system that doesn't depend on payment processors. You can send money to anyone in seconds using their tax id
by elzbardico 5y ago
The Brazilian government created an instant payment system that doesn't depend on payment processors. You can send money to anyone in seconds using their tax id number or their phone numbers, it clears in seconds.
It is named PIX.
All banks implemented it, so, no matter what is your bank you're able to do payments from your smartphone using your banks app.
It is so popular and easy to use that even street merchants accept it.
- franga2000 5y agoAwesome! We need more countries implementing systems like that. Once that happens, an international or at least EU standard is hopefully soon to follow.
- lagadu 5y agoI thought this was ubiquitous in Europe already: both countries I call home (Denmark and Portugal) have each had their own for a long time now.
- franga2000 5y agoNot in my experience, although I haven't done an insane amount or traveling. I've seen local payment systems in a handful of countries, but I don't remember any that were commonly used at POS. I know of a handful, for example, built by a few banks or a mobile network operator, but those have little market penetration due to only working with those providers or their partners (but of course not their largest competitor).
- yjftsjthsd-h 5y agoHow do they deal with fraud/theft?
- elzbardico 5y agoWell, the same you do with Credit Cards or other forms of electronic transfer of debts. In most banks you must first authenticate your smartphone app by going to an ATM where you use your card and some sort of biometrics to authenticate along with your pin. The app can only be used after this first "machine" authentication. There are also customer-customizable limits, the usual anti-fraud controls. Of course, there is a lot of scams involving people with less instruction, but it is not substantially different from the levels in other types of transfer/payment.
- matheusmoreira 5y agoVery badly. It is now extremely common for criminals to force people to log into the bank app and transfer out all liquid assets, no doubt to bank accounts created with stolen identities. What happens after? I'm not sure. I assume the victim has to prove that a crime occurred in order to reverse the transactions.
- elzbardico 5y agoNo different from what could be done and was done before with debit cards, credit cards and standard wire transfers. Don't give fuel to the FUD.