Brazilian Central Bank to launch an instant payment system to compete with crypto

The central bank of Brazil is all set to launch a near-instant payment system, which is seen as an alternative to tackle the technological benefits of crypto.

The central bank of Brazil is set to roll out an instant, 24/7 payment system enabled via QR codes. The central bank revealed that the system named PIX would be operational in November this year. The system will allow users to send and receive payments instantly via cell phone. 

 

“PIX will make it faster and easier to carry out transactions.”

The bank said that the system, dubbed as PIX would be operational in November this year. The system would allow users to send and receive payments instantly via cell phone. The central bank said in the statement that PIX would make it faster and easier to carry out transactions, which will be performed with a QR code or by entering simple information such as cell phone number, email, or taxpayer-identification. 

 

PIX is reportedly a response to crypto

Roberto Campos Neto, president of the Central Bank of Brazil, told the crypto news platform, Livecoins, that if we think about what has happened in terms of the creation of cryptocurrencies, PIX comes from the need to have an instrument with such characteristics. The central bank of the USA, Federal Reserve, is also developing a real-time payment and settlement service. Several other countries are also developing similar systems to compete with cryptocurrencies. 

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Jai Pratap
Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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