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Brazil's government-run payments system has become dominant

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666 points jcartw | 4 comments | 08 Apr 25 10:59 UTC | HN request time: 0s | 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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earnesti ◴[08 Apr 25 12:17 UTC] No.43620818[source]▶
Can you elaborate on the technicals? Is it a phone app? Does it work through QR codes or NFC? Is there a Pix "card"?
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fdgjgbdfhgb ◴[08 Apr 25 12:26 UTC] No.43620905[source]▶
You use your bank's phone app. You can scan a QR code or you can send money to someone if you know their "id string", like a phone number, an email or a random string of numbers - you choose the "id string" format you want, and you can have different "ids" linked to different bank accounts. There are no physical cards.
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aembleton ◴[08 Apr 25 15:42 UTC] No.43623093[source]▶
What happens if you miss-type the email or phone number when making a payment? Is there any confirmation of the persons name?
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1. cesarb ◴[08 Apr 25 16:15 UTC] No.43623424[source]▶
> Is there any confirmation of the persons name?

Yes, and it's a small privacy leak in Pix: it shows the person's name and part of their CPF.

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2. abecedarius ◴[08 Apr 25 16:37 UTC] No.43623684[source]▶
That doesn't sound small?
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3. luisrudge ◴[08 Apr 25 17:10 UTC] No.43624051[source]▶
It helps to prevent scams because you know who the money is going to (not foolproof, of course). CPF in Brazil is not as fragile or sensitive as the SSN in the US. You can't easily wreck someone's life just because you know their name and CPF. CPF numbers are shared pretty much everywhere since it's a unique identification code for a single person. All businesses ask for it when they're generating invoices/receipts etc. You basically use your CPF everywhere and there's virtually no risk in sharing it. That's not to say that identity theft is not a thing in Brazil. It definitely is, however the damage is usually not as bad as the stories you hear in the US and the blame is usually put on the banks / service providers for not doing the proper KYC to verify the documents. It'll be a headache for the person, but usually something that is quickly fixed.
4. vitorgrs ◴[08 Apr 25 22:45 UTC] No.43627203[source]▶
Before Pix, people already needed to put the full number, the CPF, and Bank agency number, so it's an improvement compared to old Brazilian transfers.