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Brazil's government-run payments system has become dominant

(www.economist.com)
666 points jcartw | 2 comments | 08 Apr 25 10:59 UTC | HN request time: 2.96s | source
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SwiftyBug ◴[08 Apr 25 11:48 UTC] No.43620583[source]▶
I've been living in Brazil for the last 20 years.

Pix revolutionised the way we transact in Brazil. I've used Pix to pay for things that cost only cents, and I have a friend who bought her house using Pix. The system just works for any transfer amount. And it's so easy to use.

Its speed is truly baffling, and so is its reliability. Never have I failed to make a Pix payment because of downtime. I never cease to be amazed by how fast money arrives in my Brazilian account when I make a withdrawal directly from my EUR wallet on Wise. I receive a push notification from my Brazilian bank before Wise finishes running the animation of confirmation of withdrawal. It's like magic.

And it's so widespread that nowadays I don't even question whether someone accepts Pix. When I get in a taxi, no matter how old the driver is, it's certain that they take (and prefer) Pix.

I've even had homeless people ask me for Pix instead of change on multiple occasions.

Cryptocurrencies don't stand a chance.

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oulipo ◴[08 Apr 25 11:55 UTC] No.43620630[source]▶
Interestig, but this is also worrying to know that the government now knows exactly what you bought, where, when, and for how much. They can also (if there's a rogue government) create fake transactions to implicate you in things you haven't done
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forty ◴[08 Apr 25 12:04 UTC] No.43620706[source]▶
Is it much more worrying than having Visa being able to do that? Especially when you see how the US is going downhill, I think it'd rather take the risk of having to deal with hypothetical local fascist state.
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carlosjobim ◴[08 Apr 25 13:20 UTC] No.43621494[source]▶
> Is it much more worrying than having Visa being able to do that?

Yes, of course it is. How could anybody think otherwise? What is the worst thing Visa can do and what is the worst thing Visa has done? What is the worst thing the government can do and what is the worst thing the government has done?

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1. maeln ◴[08 Apr 25 14:42 UTC] No.43622359[source]▶
Visa has to respect whatever laws apply in the country they operate in. So if the police want Visa info on whoever, provided that a legal framework cover this issue, Visa has to give it. It makes 0 difference if the payment system is government-operated or not. In any democratic country, the police would need the approval of a judge whether the service is public or a private company. And in dictatorship, the government will get the data or ban you from doing business in the country anyway.
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2. 34679 ◴[08 Apr 25 15:10 UTC] No.43622696[source]▶
I can think of at least one difference. If the government wants to lie about credit card transactions, Visa has to go along with it.