Global

Brazil Counts Success with Pix Payments Tool

FT

...Pix is now the most common form of payment in the region’s largest economy by number of transactions, accounting for 29 per cent of transfers in 2022, according to central bank data on non-cash methods.

Tags: Brazil

Global

Use of Pix [Brazil] in Purchasing Goods and Services More Than Doubles in 2023

Valor Investe

"According to a survey by Itaú Unibanco, the market segment stands out, with 17% of transactions; payment of water and telephone bills has made strong progress. The instant payment method is most used in the food segment , which corresponds to purchases in markets, with 17% of total transactions carried out in the period."

Tags: Brazil

Global

Privacy, Market Maturity Hurdles Facing Brazil's CBDC [DREX] Rollout

Reuters

"Maintaining privacy and increasing understanding of blockchain technology are primary issues to solve before Brazil's central bank digital currency (CBDC) is ready for widespread use, the central bank's coordinator of the project said on Tuesday. Named DREX, the digital real is set for a first phase launch aimed at financial institutions in May 2024, though postponed from an initial planned launch in February."

Tags: Brazil

Global

Matera Brings AI to Instant Payments, Acquires Brazilian AI Leader Cinnecta

Business Wire

Matera, maker of world-class instant payments, QR code and digital ledger technology, today announced its strategic acquisition of Cinnecta, a leading-edge AI company renowned for its solutions in customer retention, loyalty and enhancing digital experiences.

Tags: Brazil

Global

SETL Joins Groundbreaking Digital Real Pilot Project in Brazil

EIN News

"Blockchain technology leader SETL, a notable member of the Colendi Group, proudly announces its selection for participation in the landmark Digital Real Pilot project, spearheaded by the Central Bank of Brazil."

Tags: Brazil

Global

Brazil c.Bank to Unveil Plan to Eliminate Revolving Credit Card in 90 Days

MarketScreener

"Brazil's central bank governor Roberto Campos Neto on Thursday announced plans to unveil within the next 90 days a solution aimed at tackling high rates charged on revolving credit card lines, seeking to effectively end this credit modality."

Tags: Brazil

Global

Brazil's Central Bank Launches Digital Currency Plan

MercoPress

"Brazil's Central Bank (BCB) Monday announced a new digital currency for South America''s largest country, which will be called “Drex” and is not expected to reach account holders before late 2024, Agencia Brasil reported."

Tags: Brazil

Global

International Companies Begin Preparations for Pix Recurring Payments Introduction in Brazil

The Fintech Times

"As Pix gears up to introduce a new recurring payments service that enables consumers across Brazil to pay for products and services like subscriptions, bills and gym memberships, international companies are also beginning to ready themselves for increased market competitiveness."

Tags: Brazil

Global

Lessons Learned From Brazil's PIX for US FedNow Program [Video]

Bank Info Security

"Brazil's instant payment system, PIX, is second only to India's UPI in number of transactions. As the United States prepares for the launch of FedNow, Carlos Kazuo Missao, head of innovation in the Americas at GFT, shares his experience with PIX and some important lessons U.S. banks can learn from Brazil."

Tags: Brazil

Global

Tap to Pay on iPhone Coming Soon to Brazil Following UK Launch

9to5Mac

"Apple announced on Thursday that Tap to Pay on iPhone is now available to users in the UK. For those unfamiliar, the feature turns the iPhone into a payment terminal, so vendors can use their phone to accept contactless payments. Now it seems that Tap to Pay is coming soon to Brazil as well."

Tags: Brazil UK

Global

Pix in Argentina! Brazilians Will Be Able to Use This Payment Method Soon

Melhores Destinos

"A company specializing in payments is taking the Brazilian Pix to Argentina! With this, it will be possible for tourists who travel from Brazil to the neighboring country to use the tool when paying for their purchases."

Tags: Argentina Brazil

Global

'Super App' is Being Implemented, says BC President

Finsiders

"The Central Bank (BC) is designing a 'super app' to bring together, in an integrated manner, all financial products and services. The project is in the “initial phase of implementation”, revealed Roberto Campos Neto, president of the organ, in an event promoted yesterday (12) by the Institute for the Development of Retail (IDV) ."

Tags: Brazil

Global

Brazil’s President Signs Law Aimed at Having Central Bank Regulate Crypto Firms

Cointelegraph

"The decree authorizes the central bank to regulate and supervise virtual asset service providers, and ensures the country's securities regulator will continue to handle many tokens."

Tags: Brazil

Global

Inswitch and Banco Rendimento Join Forces to Enable Brazilians Worldwide to Make Payments with PIX

PR Newswire

"Inswitch, a global leader in embedded finance technology, in collaboration with Banco Rendimento, one of the most dynamic banks in Brazil, have come together to launch a major offering of payment methods, allowing Brazilians traveling abroad to use the PIX system for purchases and payments as if they were in Brazil, throughout Latin America."

Tags: Brazil

Companies Global

Spotify Brazil Expands Payment Methods With PIX

Spotify

"Today, we’re adding PIX, the most used payment method in Brazil, as a payment method for Spotify Premium . Getting access to on-demand ad-free offline music streaming in Brazil has never been so easy. Now, users can pay once and recharge whenever they want—without automatic renewal."

Tags: Brazil Spotify

Global

PIX Grows in 2022 and Becomes the Main Market Instrument, with 29% of Transactions, says BC

G1

"PIX, an instant payment system, gained market share in payment instruments and reached 29% of all transactions registered in 2022, against 16% of the total in 2021. The information was disclosed by the Central Bank this Wednesday (31) ."

Tags: Brazil

Global

Warren Buffet-Backed Nubank, Visa, Mastercard to Join Brazil’s CBDC Pilot

Forkast

"Banco Central do Brasil, the central bank of Brazil, has selected 14 institutions to participate in the pilot run of the country’s central bank digital currency (CBDC) named Real Digital."

Tags: Brazil

Global

As Financial Institutions and Service Providers Prepare for FedNow, Matera Provides Glimpse of the Future of Instant Payments

Business Wire

Matera, maker of world-class instant payment and QR code technology for financial institutions, today released a special report detailing adoption of Brazil’s highly successful Pix system of instant payments. Pix by the Numbers provides key insights for U.S. financial institutions (FIs) as they prepare for the impending FedNow launch in July.

Tags: Brazil

Global

Financial Regulators Take Mercado Pago Back to Earth After its Tear Through Latin America

Insider Intelligence

"Mercado Libre, the Argentinian ecommerce empire, says it will invest billions of dollars into its Brazilian business in 2023. Much of that investment will go to Mercado Pago, its fintech business, which has been increasing its reach in financial services. In 2022, Mercado Libre’s fintech operations, which include Mercado Pago, accounted for 44.9% of the company’s net revenues of $10.54 billion. The background: Expansion throughout Latin America in banking and payments, which includes the rollout or growth of savings, investment, and consumer credit products, is core to the company’s strategy."

Tags: Brazil Latin America

Global

Brazil’s Central Bank Allows Firms to Participate in Digital Real CBDC Pilot

CoinGeek

"Brazil’s central bank has officially launched its central bank digital currency (CBDC) pilot, allowing financial institutions to propose new projects for the pilot. Banco Central do Brasil announced that it would select 10 commercial banks meeting specific criteria for the CBDC pilot. The banking regulator disclosed that in the second stage, participating institutions would be increased to up to 20."

Tags: Brazil

Global

Visa’s Blockchain Based Innovations Can Take Small Businesses to the Next Level

Business Wire

"Visa, a world leader in digital payments, was one of nine finalists tasked with exploring innovative blockchain-based use cases for the Real Digital (Brazil’s central bank-issued digital currency, or CBDC) as part of the most recent LIFT Challenge. The company partnered with Agrotoken, Microsoft, and Sinqia to develop its submission."

Tags: Brazil

Companies Global

Visa Develops Financial Solution For Small Businesses Adopting The Brazilian Real Digital

Coinidol

"Visa has announced the development of a programmable financial platform for Real Digital - a digital currency of the Central Bank of Brazil (CBDC) that is scheduled for launch in 2024. According to the local media report , the service is based on Universal Payment Channel technologies and uses Microsoft's transaction verification."

Tags: Brazil Visa

Global

InComm Payments Expands Brazil Operations with New Technology Development Hub

PR Newswire

"InComm Payments, a leading payments technology company, today announced the launch of InComm Payments Brazil Technology Ltda., an information technology (IT) hub dedicated to developing payments solutions for industries including retail, financial services, mobile payments and more."

Tags: Brazil

Global

Central Bank’s Pix Gains Ground Against Debit Cards in Online Shopping

Valor International

"At a time when the payments industry is discussing changes to boost the use of debit cards for online shopping, the Central Bank’s instant-payment system Pix has reached an all-time high as more online stores accept it, while debit cards have lost ground, according to a new study by consultancy Gmattos. The study shows that 93.2% of Brazil’s largest online stores accept Pix."

Tags: Brazil

Global

Brazil Meal Payments Overhaul Delayed by Central Bank Standoff

Reuters

"Fresh competition in Brazil's lucrative meal voucher market must wait, according to people familiar with discussions between the Finance Ministry and central bank, which disagree about how to regulate a new system in time for its scheduled launch in May. A law passed in September under former President Jair Bolsonaro allows workers to move their meal credit between providers and spend it at any participating restaurant. But under new President Luiz Inacio Lula da Silva, government efforts to regulate such a "portable" and "interoperable" system have stalled."

Tags: Brazil

Global

Brazil Announces Pilot for Digital Currency Seeking to Leverage Financial Services

PR Newswire

"Brazil's central bank announced the start of a digital currency pilot project on Monday, aiming to replicate the success of its instant payment system Pix to popularize financial services in the country. According to Fabio Araujo, coordinator of the initiative at the bank, the public use of the digital currency should begin at the end of 2024, after the completion of the testing phase - which will include buying and selling of federal public bonds among individuals - and its subsequent evaluation."

Tags: Brazil

Companies Global

Brazil Central Bank Greenlights Meta's WhatsApp Merchant Payment System

Reuters

"Brazil's central bank on Thursday approved Meta Platforms' payments launch for small and medium-sized business in Brazil via its messaging application WhatsApp, building on the app's existing local peer-to-peer payment system. The approval comes as Meta seeks to use the Brazilian market as a key test space for business messaging, an area that has assumed greater urgency as Meta's core advertising business has stalled."

Tags: Brazil

Global

Brazil Legalizes Crypto Payments, ‘Setting the Stage for Greater Bitcoin Adoption’

Cryptonews

“The President of Brazil Jair Bolsonaro signed a bill making bitcoin (BTC) and other cryptoassets a legal and regulated payment option in the country – and this move, an expert says, “sets the stage for greater bitcoin adoption.” Bolsonaro signed a bill into law that established the country’s official and complete framework for the trading and use of “virtual currencies” in Brazil, per the federal government’s official journal. The bill, previously approved by Congress, was signed on Wednesday and published on Thursday.”

Tags: Brazil

Global

Brazil Central Bank to Launch its Digital Currency in 2024

Reuters

“Brazil’s central bank aims to launch its digital currency in 2024 after a closed pilot program next year with financial institutions, bank president Roberto Campos Neto said on Tuesday, adding that the project had received international attention. Speaking at an event hosted by the news website Poder 360, Campos Neto said the design of the central bank’s digital currency would encourage banks to tokenize their assets, with considerable efficiency gains.”

Tags: Brazil

Global

Brazil Approves Bill Regulating Use of Bitcoin as Payment

Bitcoin Magazine

“Brazilian lawmakers have approved a complete regulatory framework for the trading and use of cryptocurrencies in the country. Voted on Tuesday evening in Brasilia, the country’s capital, the new rules recognize bitcoin as a digital representation of value that can be used as a means of payment and as an investment asset in the South American nation. The bill applies broadly to a sector which it calls “virtual assets,” and now only needs the President’s signature before it becomes law. It does not make bitcoin or any cryptocurrency a legal tender in the country. The bill tasks the executive branch with selecting government bodies to oversee the market. The expectation is that the Central Bank of Brazil (BCB) will be in charge when bitcoin is used as payment, while the country’s securities and exchange commission (CVM) will be the watchdog when it is used as an investment asset. Both the BCB and the CVM, along with the federal tax authority (RFB), helped lawmakers craft the overhaul legislation.”

Tags: Brazil