Brazil's government-run payments system has become dominant

Sweden has had a similar system for several years before PIX in Brazil. It is also integrated with the digital ID system (BankID). The main difference is that the Swedish system is ran through a private organization managed by all the major banks (and the central bank) in conjunction. So the central bank doesn't have direct access to the transaction data technically.

While the Brazilian system is only interacted directly through your bank application, the Swedish application is a separate application tied to your bank account in the backend. Given the... quality of bank apps this is a huge plus. The Swedish Swish app is MUCH easier to use because it only does one thing. My Brazilian mother does not know how to send PIX because her bank app is very confusing and the PIX option is just one of many.

The BankID system of Sweden though is even more impressive than money transactions, pretty much everything government related (including healthcare, taxes, etc) and most private institutions (bank apps, Swish, digital contract signatures) is done through the unified BankID login.

People raised concerns over privacy, but the main problem really is that since these systems cut out the middle man (Visa/Mastercard) and have no fees you also have no fraud protection which is something to keep in mind when using them. Once you send the money it is gone, the banks will not give it back to you even if you got scammed. It creates a whole sort of scam industry in both countries.

https://en.wikipedia.org/wiki/Swish_(payment)

https://en.wikipedia.org/wiki/BankID

>have no fees

Both Swish and BankID have fees. After all, they're run by for-profit corporations.

Those apps also reduce competition in the banking sector since they're controlled by a few banks which generally have very high fees on their other services.

What's even worse, since BankID is private, there's no individual right to get it, and I've personally experienced banks abusing their oligopoly (buy this extra service or you won't get BankID from us).

The Swedish situation is a nightmare which nobody should try to emulate. Fortunately, the Swedish government has finally announced plans to introduce a public government eID, although 20 years too late.

I have never heard a single person complaining about BankID really. The only downside is the huge risks, especially for older people. We basically took control of an elderly family members bankid to avoid them being scammed.

This is something they really need to work on, just add an optional extra layer or cool-down, to slow everything down. You dont necessarily HAVE to have your transactions be immediate, waiting a few days would have been fine in our cases.