Today’s newsletter has a whole lot of tech! From the Central Bank’s new instant payment system, to delivery drones and their impact on workers, to Google taking heat for their ad system. Also, what to expect for Brazil’s labor market.
Central Bank approves regulations for instant payment system
The Brazilian Central Bank has officially approved regulations for PIX, an instant payment system set to be operational by November 16. Announced in February, PIX will allow transactions to be concluded in no more than 10 seconds — and accounts will be credited instantly, at any time of the day. Currently, transactions can only be processed and credited to recipients during business hours.
Why it matters. The Central Bank hopes PIX will accelerate the digitization of Brazil’s financial system. That would guarantee safer transactions and limit the so-called “underground economy.”
- A study by consultancy Boanerges & Cia — which specializes in finance retail — predicts that PIX may cut the use of banknotes in Brazil by half over 10 years. The study says that just under one-third of all payments in Brazil in 2020 will use banknotes, a rate set to go down to 15 percent by 2030.
- Interestingly, however, the Central...