Business

Bolsonaro promises tool that will “revolutionize financial transactions”

In live, Bolsonaro promised functionality

In live, Bolsonaro promised “revolutionary” functionality on Pix AP Photo/Eraldo Peres)

  • Bolsonaro’s speech was made during the president’s Thursday live;

  • Pix has some features to release this year;

  • Bolsonaro described the new tool as “fantastic”.

On Thursday, the 5th, the president of Brazil, Jair Bolsonaro, said that a “fantastic” new financial tool will soon be launched, which will “revolutionize” the country’s banking scenario.

“There’s something new there. The Central Bank has already launched PIX loot and PIX troco and there will be something fantastic to be launched in the coming days, which will revolutionize transactions and business in Brazil”, said the president in his live broadcast.

Bolsonaro did not offer further details on what it is, or when it will be released to the public, but based on the president’s statements, it can be speculated that it is a new feature of Pix, the Central Bank’s instant payments system.

If this is the case, the president may be referring to one or more of the many Pix features that are coming out this year, such as Pix Guaranteed, Pix Offline or Pix International.

Pix Guaranteed

Pix Garantido is a payment method for payments on Pix. Currently, this payment method already exists, but it is offered by banks, and not by the Central Bank. For now, it is only offered by some retail stores, where it is possible to pay in up to 4 installments, with weekly late fees.

In the case of the Central Bank’s Pix Garantido, the service will be different, but it is not known exactly how. It is expected that, for example, it will be possible to split transactions to any other user of the Pix system, not just trades.

Pix Offline

Since the launch of Pix, the Central Bank has shown that it wants to implement a system that allows the transfer of funds when the user is without internet access, that is, “offline”. It is not yet known how this would be achieved. Some ideas point to the use of QR Codes, or the use of NFC (near field communication) payments.

Pix International

One of the Central Bank’s desires is to be able to offer the possibility of sending and receiving money remittances abroad instantly, without having to resort to hiring companies for these services.

The municipality has been planning to launch this feature since the Pix’s conception, but was waiting for the approval of the new foreign exchange legislation, which only happened at the end of last year.

For this to be done, however, it will be necessary for the BC system to communicate with other instant payment systems that already exist in the world, such as in China, India, United Kingdom, Mexico, Japan and Chile.

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