How many words: Did you know Brazil has their instant cryptocurrency payment system?
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Pix was created by the Central Bank of Brazil (BCB) and launched on November 16, 2020. Its primary purpose is to facilitate instant payment transfers for individuals, businesses, and government entities, allowing transactions to be completed within seconds, 24/7, including on weekends and holidays.
The system enables users to send and receive payments using various transactional accounts, such as demand, savings, and prepaid accounts, while minimizing costs by reducing the number of intermediaries involved in the payment process.
Pix aims to enhance user convenience, lower financial costs, increase security, and improve the overall customer experience. Additionally, it promotes financial inclusion by expanding access to digital payment solutions and fostering competition within the retail payments market.