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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: 0.199s | source
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bestouff ◴[08 Apr 25 11:47 UTC] No.43620573[source]▶
> Pix has spiced up Brazil’s fusty banking sector, but it gives the central bank a worrying amount of power

I think a largely prefer a government-run payment system than an US company monopoly.

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rebanevapustus ◴[08 Apr 25 12:29 UTC] No.43620937[source]▶
The Brazilian government is a *very* corrupt authoritarian oligarchy. I would take any US company over that any day.
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xinayder ◴[08 Apr 25 12:35 UTC] No.43620990[source]▶
Yet we, a developing "third-world" country, have a better functioning payment system than the US, where it takes days, or even weeks, for a wire transfer to land, and you pay a huge amount of fees for that.

Cases in point:

- To transfer money to a broker, I need to pay around $5 in transfer fees via ACH or wire

- I want to change the custody of my stock market assets from one broker to another, and it will cost me $75 to move $60 worth of shares. Meanwhile, in Brazil, this process is free in every broker.

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1. jjice ◴[09 Apr 25 12:23 UTC] No.43631271[source]▶
Isn’t this what FedNow is for in the US? Genuinely curious since I feel like transfers still take days. My assumption is that it’s not fully adopted yet, but my understanding is that the US is in the process of adopting this.

https://en.m.wikipedia.org/wiki/FedNow