Brazil ended with a third system: Pix. It boils down to the following:
The money receiver sends the payer either a “key” or a QR code.
The payer opens their bank’s app and use it to either paste the key or scan the QR code.
The payer defines the value, if the code is not dynamic (more on that later).
Confirm the transaction. An electronic voucher is emitted.
The “key” in question can be your cell phone number, physical/juridical person registre number, e-mail, or even a random number. You can have up to five of them.
Regarding dynamic codes, it’s also possible to generate a key or QR code that applies to a single transaction. Then the value to be paid is already included.
Frankly the system surprised me. It’s actually good and practical; and that’s coming from someone who’s highly suspicious of anything coming from the federal government, and who hates cell phones. [insert old man screaming at clouds meme]
Yeah, it’s actually good. People use it even for trivial stuff nowadays; and you don’t need a pix key to send stuff, only to receive it. (And as long as your bank allows you to check the account through an actual computer, you don’t need a cell phone either.)
Perhaps the only flaw is shared with the Asian QR codes - scams are a bit of a problem, you could for example tell someone that the transaction will be a value and generate a code demanding a bigger one. But I feel like that’s less of an issue with the system and more with the customer, given that the system shows you who you’re sending money to, and how much, before confirmation.
I’m not informed on Tikkie and Klarna, besides one being Dutch and another Swedish. How do they work?
Brazil ended with a third system: Pix. It boils down to the following:
The “key” in question can be your cell phone number, physical/juridical person registre number, e-mail, or even a random number. You can have up to five of them.
Regarding dynamic codes, it’s also possible to generate a key or QR code that applies to a single transaction. Then the value to be paid is already included.
Frankly the system surprised me. It’s actually good and practical; and that’s coming from someone who’s highly suspicious of anything coming from the federal government, and who hates cell phones. [insert old man screaming at clouds meme]
This sounds very reasonable and not unlike payment apps I use, like Tikkie or Klarna
Yeah, it’s actually good. People use it even for trivial stuff nowadays; and you don’t need a pix key to send stuff, only to receive it. (And as long as your bank allows you to check the account through an actual computer, you don’t need a cell phone either.)
Perhaps the only flaw is shared with the Asian QR codes - scams are a bit of a problem, you could for example tell someone that the transaction will be a value and generate a code demanding a bigger one. But I feel like that’s less of an issue with the system and more with the customer, given that the system shows you who you’re sending money to, and how much, before confirmation.
I’m not informed on Tikkie and Klarna, besides one being Dutch and another Swedish. How do they work?
Thanks for sharing. Interstellar stuff!
For people in Canada, Pix is like Interac with automatic deposit activated.