Brazilian Federation of Banks points out that ‘pix is free and has actually functioned as an instrument that has contributed to the financial inclusion’
The Brazilian Federation of Banks (Febraban) spoke on Friday (18) on the US government accusations of “unfair practices” in. “We believe that the observation made by USTR is more due to incomplete information about the objectives and operation of the Pix,” says document from the institution, referring to the office of the Commerce Representative (USTR), which made the accusations, at the request of the US President,.
“We have a good expectation that, within the public hearing system opened by USTR, the contributions of the Central Bank of Brazil, the members of the Brazilian banking system, including the American banks, will help clarify the restrictions raised in the initial document of that US agency,” says Febraban. The federation document points out that Pix is a “public payment infrastructure, not a commercial product”, which favors the competition of the payment system. It is an “open and non -discriminatory model”, with the participation of banks, fintechs and national and foreign institutions, notes FEBRABAN. “Therefore, there is no restriction on the entry of new participants, whether of any size and/or origin, provided they operate in the national market, as it is a local and reais payment system.”
The Pix was created by the Central Bank and developed with “wide cooperation” of banks and other financial system institutions, emphasizes Febraban. “This means of payment is a platform that is available to all residents in the country, Brazilians and foreigners, individuals and companies, whose sole requirement is the opening of a bank account, fintech or a payment institution.”
For individuals, Febraban points out that the free Pix acts effectively as an instrument that has contributed to financial inclusion, “reducing the cost and expanding the scope of the payment system, which was already quite efficient in our country.” For companies, Pix helps in “efficiency, facilitating the receipt and collection process, especially in low values operations”. To show the success of Pix, Febraban points out that there are already 168 million users (practically the entire adult population in Brazil). There are R $ 2.5 trillions moved per month in about 6.5 billion transactions. The system has over 858 million registered pix keys.
*With information from Estadão Content
Posted by Nicolas Robert
