Brazil central bank's instant payments system 'PIX' goes live
- PIX brings financial inclusion, competition in the financial system, and offers new products in addition to efficiency and security.
- According to the central bank, more than 71 million "PIX" registrations have been opened for the service that will allow people and businesses.
BRASILIA: The Brazilian central bank's digital instant payments system "PIX" went live on Monday, with bank president Roberto Campos Neto promising that further online services such as cashback and preprogrammed payments will also be rolled out soon.
In an online presentation to mark the launch, Campos Neto said PIX will make Brazil's financial system more inclusive, increase competition, and make transactions quicker and more efficient for businesses and individuals.
"PIX brings financial inclusion, competition in the financial system, and offers new products in addition to efficiency and security," Campos Neto said, noting that more than 750 companies have signed up. "It will drive competition and lower costs."
According to the central bank, more than 71 million "PIX" registrations have been opened for the service that will allow people and businesses to make bank transfers 24 hours a day.
In the test phase up to Sunday, over 1.9 million transactions worth more than 780 million reais ($145 million) were carried out between different institutions, the central bank said.
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