It is hard to recall a year with so many novelties to the Brazilian banking system as 2020. From the creation of millions of bank accounts to the introduction of open banking, the local financial system is quickly being reshaped. Another game-changer is PIX, Brazil’s brand-new instant payment system. PIX has just become operational this week — and we will explain what changes it will bring to Brazil’s financial system.
The Central Bank hopes PIX will accelerate the digitization of Brazil’s financial landscape, guaranteeing safer transactions and limiting the so-called “underground economy.” Elsewhere, studies predict that PIX could cut the use of banknotes in Brazil by half over the next 10 years.
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On this episode:
- Marcela Mattiuzzo is a lawyer specialized in antitrust law and data protection at VMCA Advogados, a São Paulo-based law firm — and previously worked as chief of staff to the chairman of Brazil’s antitrust regulator Cade. She holds a master’s degree in law from the University of São Paulo, and was a visiting researcher at Yale Law School.
Background reading:
- Will 2020 see the overhaul of the payments market in Brazil? Laís Martins answers.
- This year, Brazil became the latest country to launch a digital currency plan.
- The Central Bank moves to digitize the Brazilian economy — but the country’s transition from printed to digital money is harder than it looks.
- The pandemic has brought millions into Brazil’s banking system, in what is arguably the world’s biggest financial inclusion program.
- At the same time regulators are going digital, Brazil made the counterintuitive move of launching a BRL 200 banknote.
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