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Brazil's government-run payments system has become dominant

(www.economist.com)
666 points jcartw | 1 comments | 08 Apr 25 10:59 UTC | HN request time: 0.515s | source
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Galatians4_16 ◴[08 Apr 25 12:40 UTC] No.43621046[source]▶
Despite a global move towards a cashless society, 54% of Brazilians now opt for cash withdrawals.¹

2024 has seen a surprising reversal, as cash usage makes an unexpected comeback, defying predictions that the world was moving toward a cashless society. With rising cybersecurity threats, concerns over financial privacy, and economic instability, consumers and businesses are increasingly turning back to physical currency as a preferred transaction method.²

¹) https://www.riotimesonline.com/brazil-news/brazils-shift-bac...

²) https://www.adeptswipe.com/cash-makes-a-shocking-comeback-as...

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guax ◴[08 Apr 25 13:46 UTC] No.43621731[source]▶
I believe it's more related to economic crisis and informal work (tax evasion). Brazil is very cashless for normal transactions.
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1. jowea ◴[08 Apr 25 14:40 UTC] No.43622340[source]▶
Yeah there was a big thing where the government announced some new rules relating to reporting transactions to the local IRS equivalent. I believe that's the main reason for the fall in Pix usage.