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Strategies & Market Trends : The Financial Collapse of 2001 Unwinding
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To: Elroy Jetson who wrote (8177)10/27/2021 11:42:33 AM
From: elmatador  Read Replies (1) of 13793
 
Pix works through multiple apps from banks and other digital wallet services. It’s already been used at least once by 110 million Brazilians and about $89 billion has moved through the network. Brazil now registers more instant transfers than the U.S.


The US? the Biggest economy in the world. Yes.



Brazil’s Central Bank Built a Mobile Payment System With 110 Million Users

One year ago the Pix platform didn’t exist. Now half the population uses it, showing just how quickly adoption of digital payments can spread.

One of the goals of the Central Bank of Brazil in launching Pix is to get more people inside the formal financial system. “We want to offer an infrastructure able to meet all the needs of our society, especially in those sectors where needs are not currently met,” Brandt says. But Pix by itself won’t be enough. Brazilians still need a bank account or some kind of payment service to use it, and about 30% still don’t. Initiatives such as Pix “make payments more efficient, especially for those who already have bank accounts, but achieving financial inclusion is a whole different thing,” says Liliana Rojas-Suarez, director for Latin America at the Washington-based Center for Global Development. She says countries in the region also have to address costly regulations and low trust in the financial system.
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