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lubien | 4 years ago

Worth mentioning Brazil has new transfer method called Pix that takes mostly 10 seconds to exchange money to another bank account and you only need the other person/company ID or email or phone number or a random key (the account owner choose which ones they want to allow). It came just a few years ago but basically everyone has it now since it's a payment method directly coming from the Central Bank and all banks implemented it by now. It's pretty easy to generate a QR code and bill someone but you can also set it up on your website in a way that you can check when it's paid programatically. Worth mentioning: it's free of costs except if you're a company that want to use the REST API. By the way, they even use GitHub to discuss things and document their API, really nice

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blntechie|4 years ago

I believe UPI of India and Pix of Brazil actually cross absorb features from each other which is nice to see.

UPI is getting from 1st December a way to send payments by phone number or random number(key) which I believe are partly inspired from Pix. Earlier phone number lookup was a layer on top of the UPI built by the fintech companies and now it will be part of the base system.

Now that UPI's operator NPCI is focusing on cross border transactions, some day Pix and UPI can interoperate. UPI is already integrated with Singapore's payment system and similarly in discussions with few other countries.