The Central Bank of Brazil has announced it will launch an instant payments platform, called Pix, that will speed up and simplify transactions, as well as foster financial sector competition and tempt in new players such as big techs Facebook and Google.
Pix, a state-owned instant payments system allows consumers and companies to make money transfers 24 hours a day, seven days a week, without requiring debit or credit cards. It is also free of charge for individuals.
“Huge changes are underway in payments. Society demands something that is fast, cheap, safe, transparent