Brazil’s Pix Payments Are Killing Cash. Are Credit Cards Next?
In just three years, Brazil’s hugely popular Pix payment system has become the country’s favorite way to pay, replacing cash and wire transfers in many cases and now threatening the dominance of credit cards in the booming e-commerce sector.
The instant payments designed by Brazil’s central bank are a boon to online retailers, helping with cash flow in a sector with tight margins, while undercutting the legacy business of banks and fintechs built on existing credit card infrastructure.
Photo courtesy of Erik (HASH) Hersman.
Source: Reuters (link opens in a new window)
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