Disclosure: I'm heavily invested in crypto and payment processors, and this payment system sounds awesome!
> then why don't we all start Pix in our countries?
Good question. Maybe some inter-bank tech is already in place in some countries that make it easier/harder.
I've been repeatedly told the Banking system in Brazil is top notch and an early adopter of many innovations. (I have also been told that this is because banking fraud and security are entangled in a very fast-paced arms race)
Maybe its just matter of time. There was a (top) post in HN about how the Fed was starting something that I _think_ is Pix in the US.
I'm not familiar with Pix but from what I've read, it's similar to India's UPI. There are only two real problems with UPI:
1. Card networks have standard dispute resolution process which often involves a temporary credit while the investigation is ongoing. Disputing UPI transactions on the other hand is painful.
2. Banks don't make any money on UPI transactions. And with UPI credit transactions, they are basically giving people interest free loans. And considering there are no transaction fees, this is open for abuse.
The UPI over credit card is primarily there for peer-peee merchant transactions...
Nope. Signing up as a merchant is simply the matter of downloading the business version of GPay or Paytm and submitting minimal KYC documents.
> peer-peee merchant
Did not understand this part.
I think you were talking about registering as a peer-merchant, not a "proper" merchant! MDR etc cannot be charged on peer-merchants[1], and are essentially peers, but with restricted purpose codes that they can accept money for.
[1] https://www.npci.org.in/PDF/npci/upi/circular/2019/Circular%...
Of course, it is possible there might be some bank offering a pix-enabled credit card, but I don't see how they'd have any incentive, precisely because people could start doing that.
FedNow just launched. Interac has something similar (but not identical) in Canada. Faster Payments in the UK. SEPA payments in the EU. NPP in Australia. UPI in India. Much of the world has had a comparable solution to some extent for a while now. Most of this materialized over the last 10 to 15-ish years.
Really the US was the main laggard and that's over now.
I'm far from an expert or even knowledgeable about finance related matters, but isn't one of the things HN (in general) fearful of with respect to CBDC's the centralization aspect with the government. How is this any different, if any?
Pix is great as a payment method for the average person, you use it to split a check and pay for your Uber, but big money still flows mostly via TED and other means.
As for why it doesn't exist in every country: it takes a bit of technical work to get the system working and governments move slowly, for better or for worse.
[1]: https://en.wikipedia.org/wiki/Unified_Payments_Interface
If you're in America then the latest entry is FedNow.
It's almost certainly a bean counter making that decision - and it's theirs to make - not due to some kind of technical inability to make 3DS work. The US is a low fraud rate market that values faster/easier transactions at point of sale over lower absolute fraud, almost certainly because it maximizes total profit.
Generally, a no-fraud environment isn't optimal.
Japan has PayPay which is a privately operated system
And while personally I'm going to be affected by their change in credit card rules, everyone I know uses it with cash to get in on their gatcha mechanics. Everyone is surprised when my payment doesn't have the "roll" to see if you won anything.
The reason a lot of countries don't do this is likely private merchant or banks lobby.
PayIDs weren't available to businesses when last I looked, for whatever reason, but I think the Eftpos network also uses the NPP. So you can certainly use this network to make payments to business, but you need an EFTPOS card, and most of the banks issue Visa or Mastercard network cards instead.
Regulatory capture?