Brazil’s New Instant Payment System PIX Will Boost Fintechs, Say Experts

RIO DE JANEIRO, BRAZIL – In a debate on the scenario of fintechs in Brazil, held on Thursday, October 22nd, as part of the Future of Money event by EXAME, experts on the subject mentioned PIX as a system that could revolutionize this market.

“PIX will unlock many things, not only for PicPay but for the market, for the fintechs environment as a whole, and users are the ones who have most to gain,” said Anderson Chamon, co-founder of the payment company.

“At PicPay, we look at Pix very favorably. It will enable a massive inclusion of the market. Currently, around half of the Brazilian population has no access to basic financial services and is still very connected to paper money. PIX will enable the inclusion of a large part of these people and, in my opinion, basic financial services are essential services”, he completed.

André Maciel, SoftBank partner, agrees with the positive impact of PIX on the market, but also mentions the gains the new system will produce for the government:

“PIX will change the market, also because it is strongly encouraged by the Central Bank of Brazil. In India, the local central bank even removed part of banknotes from circulation, and the digitalization that occurs with this is beneficial for the financial system as a whole, and it is also beneficial for the government, which is no fool and knows that digitalization greatly increases tax collection,” he commented.

Fred Pompeu, BTG Pactual partner and in charge of boostLAB, also mentioned Open banking as an innovation capable of improving the ecosystem for fintechs in Brazil:

“Open banking will allow access to data that will represent a breakthrough for fintechs. Currently, large banks have a sort of monopoly on data, precisely because of this very large concentration of consumers. From the moment that you have access to data that used to be concentrated in a reduced number of players, you can expand and make the market even more competitive than it is today.”

Open banking and PIX will be the subject of another live debate in the Future of Money series. The talks will be held next Thursday, October 29th, at 6 PM – to learn more about the Future of Money series of debates and lectures, free to register, click here: [https://lp.exame.com/futureofmoney/]

Source: Exame

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