Comment by dormento | Hacker News Reader

Comment by dormento | Hacker News Reader

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Brazilian here.

- no card

- technically not a specific app, its a payment method that any app with a checkout flow (for example) can chose to implement.

- you register some id with your financial institution of choice (any of CPF - equivalent to SSN, CNPJ - for businesses, phone number, email or a randomly generated key).

- keys are fully portable, as in you can revoke em or change the bank institution they're associated with any time.

- you can generate a QR code on the spot so the person paying can just scan it

- transfer is pretty much instant (under 5s seems to be the norm)

- no NFC (so works with any crappy phone)

- since its a bank transfer, and since bank transfers are insured up to 200k (afaik), its pretty safe.

> you can generate a QR code on the spot so the person paying can just scan it

You can also generate a R$0,00, print it and leave to the other person input how much will be transferred.

PS: Pix is so trivial to us that only in places like HN we can see how amazing it is

Brazilian banking system is quite well developed for a long time. Let's see if Pix being ubiquitous can help the country better develop economically, with better wealth distribution, innovation and high-paying jobs

> - no NFC (so works with any crappy phone)

It is possible to pay using NFC now

There's NFC support now... You can now use Pix inside Google Pay (with NFC or QR code etc as well).

Technically Google Wallet. There is no GPay app in Brazil.

> its a bank transfer

why can't we just use qr codes with ibans in that case?

That's something I've wondered for a long time. Especially know when real time bank transfers aren't allowed to cost more than regular bank transfers (usually free), there's really no point in creating a seperate system.

But it seems to me like banks don't really want to make bank transfers more comfortable for small transactions.

Because the underlying "account" is not necessarily a Bank Account.

You can use QR codes with your Pix address. I don't see why it would matter that much? I think the IBAN system is mostly used in Europe.

I guess that's because pretty much nobody in Brazil knows what an IBAN is

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