The President of the Central Bank says that the internationalization of the Brazilian instant payment system is a continuous process
The president of Central bank, Roberto Campos Netosaid on Monday 2 that the internationalization of the Brazilian instant payment system, the Peevesit is an ongoing process, but now Brazilian citizens can pay for purchases made in Orlando (USA), Argentina, Uruguay and other countries.
“The internationalization of PIX is a continuous process. Today, if you are in Orlando you can buy with Pix, if you are in Uruguay and Argentina you can buy with Pix”, said Campos Neto when asked during the Brazilian Foreign Exchange Association event Brokers (Abracam) on when Pix will be internationalized.
He recalled that the Argentine government recently asked the Brazilian monetary authority if local banks could not use Pix as a form of integration between the two countries. Campos Neto said the system is opening up to other BCs. For him the important thing is to promote this model which has worked very well in Asia.
Furthermore, when asked how the monetary authority views the possibility of an increase in fraud through Pix, as predicted by economists, Campos Neto played down this risk. According to him, through Pix we always talk about fraud, but we forget that the system is replacing cash and other niches that had other fraud processes.
“What we understand ultimately is an advantage, when we look forward, because at the end of the day, when fraud is digitized, it has to go through a system. So, today, what we have is a fraud system that basically uses rental accounts or orange accounts, transit accounts and that is where we need to focus,” the BC president said.
According to Campos Neto, “if we think that in the end we will live in an ideal world, where there is no rent bill, nor the orange bill nor the ticket invoice, in practice if someone commits a fraud they will have to deposit the result of that fraud on the his account and therefore the capacity for fraud is limited”.
What BC has done, according to Campos Neto, is give the user the flexibility to make a customized Pix by understanding their needs. “If you don’t want to make a payment to a person who is not on the agenda, you can freeze the amount, time to do something more subjective.”
The second thing that the BC, according to Campos Neto, is doing is attacking the issue of orange accounts because “at the end of the day, if there are no orange accounts, where does this money go? It has to go to some account.” For him, for example, if orange accounts were mapped and the openings of these accounts were anticipated by artificial intelligence, the volume of fraud would be much lower than in the old system.
Source: Terra
Rose James is a Gossipify movie and series reviewer known for her in-depth analysis and unique perspective on the latest releases. With a background in film studies, she provides engaging and informative reviews, and keeps readers up to date with industry trends and emerging talents.
