Alfredo Gimenez
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Imagine you traveling without carrying dollars or a credit card, and still paying for everything in the currency of your home country?!!!
This is what BRICS PAY, or Global Pix, will be: a payment system accepted by global commerce where you will always make your purchases in Reais (or in the currency of your country) wherever you are! No dollars and no currency exchange!
And, better yet, NO CREDIT CARD FEES!!!
It may seem impossible, but this is already a reality for Brazilians traveling to Portugal and even to the USA, using Brazil's Pix in physical stores or online. (Right here, at Binance, deposits and withdrawals in Reais are made via Pix).
How it works: when paying for your purchase, the payment machine makes the conversion, and the customer pays in Reais, while the merchant receives the deposit in their local currency, in seconds!
A variation of this system will be used to pay for large purchases in international trade, streamlining processes, bringing speed, and eliminating the mediation fees charged by Swift and banks.
But the most likely scenario is that Global Pix will first emerge in retail, as the need to attract customers and improve the management of small businesses will motivate its rapid implementation, as is already happening with Brazilian Pix around the world.
In Brazil, Pix is already the main payment method for cash purchases, and in September, installment payments via Pix will be implemented, increasing competition with traditional credit cards.
This is what BRICS PAY, or Global Pix, will be: a payment system accepted by global commerce where you will always make your purchases in Reais (or in the currency of your country) wherever you are! No dollars and no currency exchange!
And, better yet, NO CREDIT CARD FEES!!!
It may seem impossible, but this is already a reality for Brazilians traveling to Portugal and even to the USA, using Brazil's Pix in physical stores or online. (Right here, at Binance, deposits and withdrawals in Reais are made via Pix).
How it works: when paying for your purchase, the payment machine makes the conversion, and the customer pays in Reais, while the merchant receives the deposit in their local currency, in seconds!
A variation of this system will be used to pay for large purchases in international trade, streamlining processes, bringing speed, and eliminating the mediation fees charged by Swift and banks.
But the most likely scenario is that Global Pix will first emerge in retail, as the need to attract customers and improve the management of small businesses will motivate its rapid implementation, as is already happening with Brazilian Pix around the world.
In Brazil, Pix is already the main payment method for cash purchases, and in September, installment payments via Pix will be implemented, increasing competition with traditional credit cards.
Disclaimer: Includes third-party opinions. No financial advice. May include sponsored content. See T&Cs.
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