“The card environment in Brazil is going to change a lot,” says Campos Neto

Central Bank President Roberto Campos Neto said that the card market will change a lot in the next three to four years. Projecting how the financial system should develop in the future, he listed initiatives that are not yet a reality in Brazil.

Compass Neta defended, for example, offline wallets for small payments, but believed that banks had not yet invested on this front. According to him, people could transfer small amounts and use them without needing to connect.

The BC president also appreciated that Pix, an instant payment tool, should have fewer clicks per transaction and could have more features. He also mentioned the need for digital wallets and stated that there are two companies working on this front.

“Once all your financial data, transactions and everything you do is integrated, it will be stored in a digital wallet and you can monetize it,” he explained. “And we want to add many more features to Pix. The possibilities are endless,” he added. According to him, Pix is ​​already more popular than all other payment methods in Brazil. Last week, the tool reached around 170 million transactions in just one day.

Changes in interest rates on credit cards have become the subject of discussion in the government, as well as between banks and operators of “machines”.

He also stated that Brazil is developing the largest open finance system in existence. It is a platform that enables the exchange of customer information between financial institutions. According to Compass Net, the goal is for users to be able to compare rates from different financial institutions in real time in the future.

Regarding Drex, a true digital project, he said it should be ready within a year and a half. According to him, the Brazilian project is cheaper and easier because it is merely symbolic. In addition, digital real can also use existing rules and BC will not need to create new rules.

In his opinion, if it is possible to connect the digital currencies of the countries, then the same effect will be obtained as a common currency. “Digital currency will bring much greater efficiency to banks,” he predicted. The BC president also acknowledged that Drex is not a “good name” in some languages, but it is too late to change it. “Some Jews said that Drex is a bad name. But it’s not Drake, it’s Drex,” he explained.

Neto Campus is in Miami, USA to receive the Bravo Beacon of Innovation Award for Pix. The initiative recognizes excellence and leadership in business and politics in the West.

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