Brazil Pushes to Slash Bank Bureaucracy With Digital Pay System
- Project of central bank chief Campos Neto launches Monday
- PIX allows for instant transfers, cutting fees and red tape
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Brazil’s Central Bank is betting a new instant payment system will put an end to decades of mistrust and bureaucratic mazes that have kept 45 million Brazilians at bay from the banking world.
The so-called PIX is a project of central bank head Roberto Campos Neto, and officially launches on Monday. It allows for transfers to be carried out 24/7, using just a QR code -- similar to China’s WeChat --, or via the phone’s contact list. The transfer of funds is also much cheaper for both parties, and is being presented as an alternative for cash, credit and debit card payments.