Brazil's Instant Payments Double on Black Friday
Hey Payments Fanatic!
Brazil's instant payment system Pix has recorded a 120.7% increase in transaction value during Black Friday 2024, reaching 130 billion reais ($21.60 billion) compared to 58.9 billion reais in the previous year, according to central bank data. The system also achieved a new single-day record with 239.9 million transactions, up from 136.3 million in 2023.
Pix, launched by Brazil's central bank four years ago, has now surpassed the combined volume of credit and debit card transactions in the country. The Black Friday surge coincided with the distribution of Brazil's annual "13th salary" bonus payment to formal workers, adding to the transaction volumes.
The payment system's Black Friday performance comes amid strong household consumption in Brazil, where the unemployment rate has reached its lowest level on record. The central bank data shows Pix's growing adoption for both person-to-person and person-to-business transactions.
What are your thoughts on the rapid adoption of instant payment systems like Pix? Share your thoughts in the comments below!
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Juan Pablo Jutgla, CEO at PayRetailers, said: “The sports betting industry in Brazil is poised for significant growth, but operators will face increasing pressure to comply with the new regulations. Our enhanced Pix solution helps operators strike the right balance between ensuring compliance while maintaining an optimal user experience.”
Daniel Niezgoda, CTO at PayRetailers, added: “As Pix becomes central to Brazil’s financial system, the need for seamless payment processing paired with compliance automation has never been greater. Our enhanced Pix solution offers real-time account validation and intelligent routing, streamlining operations while reducing risks and ensuring efficiency.”
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GOLDEN NUGGET
The European Commission has put forward proposals on the future of EU payments by modernizing the PSD2 legislation into PSD3👇
A series of developments have triggered the need for changes:
► The spectacular growth of electronic payments in the EU (30% in the 4 years until 2021 to 240€ trillion in value)
► New Fintech players entering the market or taking significant space (i.e. kevin., Satispay, Nuvei...)
►Open Banking (account information and payment initiation) opening up new use cases
► Innovation - Instant payments (SEPA), contactless (Tap to Pay by Apple + others) and QR codes taking a central stage
► PSD2 inefficiencies
The proposals can be summarized into 6 main blocks:
1️⃣ Open Banking improvements:
► New requirements for dedicated data access interfaces
► Banks will no longer need to maintain two data access interfaces
► Open banking providers to be given contingency data access
► All providers (banks and PSPs) to set up a "dashboard" for consumers to view, control (and be able to revoke) data access rights
► Obligation to provide access to financial data beyond payment account data
2️⃣ Fraud mitigation:
► Extend refund rights for fraud victims
► New mandatory system to match IBAN numbers with account names
► Stronger customer authentication rules
► A legal basis for PSPs to share fraud-related information between them
3️⃣ Fairer competition between banks and the 1000+ non-bank PSPs to drive down prices:
► Allow PSPs to access all EU payment systems
► Secure payment and e-money institutions' (there are 800 and 270 respectively) access to a bank account
4️⃣ Simplification:
► Merging e-money institutions (EMIs) with payment institutions (PIs) under one regime
► All payment rules applicable to PSPs will be contained in a directly applicable regulation
5️⃣ Improve the availability of cash in shops and via ATMs, by allowing retailers to provide cash services to customers without requiring a purchase and clarifying the rules for independent ATM operators
6️⃣ Improve consumer rights (i.e. when funds are blocked, improve transparency on account statements and ATM charges)
It's important to note that on top of PSD3 the above will be implemented by a Payment Services Regulation (PSR). The difference is that the former (PSD3) needs to be transposed into the national laws of all EU Member States, whereas the latter (PSR) is an EU Regulation, which will apply directly across all member states.
The PSR will regulate both Open Banking and PSPs, with the intention to create a more coherent, single legal framework across the EU that will, in turn, reduce the fragmentation coming from national legislations
Source: Deutsche Bank, European Commission and Panagiotis Kriaris
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