Brazil's central bank says its Pix system is not a threat to payments companies
By Reuters
August 28, 20253:37 AM GMT+8
Great article here. Brazil built a banking API for transfers and now Visa and other foreign companies are packing a sad because they can’t get a slice of every transaction. Turns out the Government solution is way better than existing APIs.
Some more quotes in next toot, or read entire article.
By cutting out intermediaries, Pix has squeezed revenue from card networks such as Visa and Mastercard, card processors including Cielo, StoneCo, PagBank and Getnet, and banks that once charged more for traditional transfers.
"The market is good for competition and innovation, but less effective when the goal is to provide a public good through private effort," he noted, emphasizing that the market tends to undersupply interoperability, resulting in concentration, low innovation and high prices
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