The payments industry in every country needs to evolve over time. In Brazil, the launch of instant payments is nigh.
Instant Payments in Brazil
Most countries in the Western world use some sort of instant payments network.
It offers many benefits to regular consumers, as well as corporations and financial institutions.
Launching such a network cannot happen overnight, however.
In Brazil, instant payments will go live in November of 2020.
Prior to this happening, there are a lot of changes that need to be made.
A new centralized settlement infrastructure is currently under development.
It is up to other financial service providers to integrate this new solution as quickly as possible.
With a fixed deadline in place, time is of the essence.
Any institution with over 500,000 active customer accounts will be forced to take part in this new project.
This new scheme is known as PIX, which provides instant payments on a 24/7/365 basis.
These payments can be completed either online, via mobile devices, or through bank ATMs.
There will be support for QR codes, phone numbers, email address, and taxpayer identification.
It is also believed that PIX will be used to pay federal taxes.
This functionality will also go live in November of 2020.