Brazil's Pix set for next leap with launch of recurring payments
(Reuters) - Brazil's wildly popular instant payment system Pix is poised for another leap with the launch of a new recurring payments feature this month, central bank officials said on Wednesday.
Since its launch in late 2020, Pix has rapidly become the leading payment method in Latin America's largest economy, surpassing cash as well as debit and credit cards. Last year it handled more than 26 trillion reais ($4.61 trillion) in transactions.
Initially slated for launch last October, the new feature will go live on June 16, allowing users to authorize recurring charges with a single consent, according to the central bank, which developed and operates Pix.
That will allow for automatic payments of utilities, phone bills, school tuition, gym memberships, and digital or streaming services via the new "Pix Automatico" tool.
"'Boleto' will be overtaken by Pix Automatico when it comes to automatic payments," said Renato Gomes, the central bank's financial system organization director. Boleto is the traditional slip method, which moved 6.2 trillion reais last year, according to banking federation Febraban.
Speaking at a central bank event in Sao Paulo to present the feature, Gomes added that existing automatic debit services via banks are also likely to be disrupted by the new tool.
Companies must sign bank agreements to offer automatic debit, a process central bank regulation director Gilneu Vivan described as burdensome for small businesses. Pix Automatico will simplify the process, allowing small merchants to receive recurring payments with ease.
Vivan also noted that nearly 60 million Brazilians do not own a credit card, a group that will now be able to access subscription-based services previously limited to cardholders.
A study by payments platform EBANX estimates that Pix Automatico could handle at least $30 billion in e-commerce transactions within its first two years of operation.
($1 = 5.6418 reais)
(Reporting by Marcela Ayres; Editing by Richard Chang)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Star
25 minutes ago
- The Star
Rupert Murdoch's new tabloid to bring New York Post attitude to California
LOS ANGELES (Reuters) -"Headless body in topless bar"-type headlines made famous by the iconic New York Post tabloid could soon greet Californians as Rupert Murdoch's News Corp prepares to expand to the West Coast with its biggest U.S. daily newspaper launch in nearly 15 years. The California Post, to be headquartered in Los Angeles and set to launch in early 2026, said Sean Giancola, CEO and publisher of the New York Post Media Group, which will include the new publication. California news industryexperts say the tabloid would seek to capitalize on the struggles of the incumbent Los Angeles Times, which has shed subscribers and staff. The California Post will offer a familiar mix of what it calls "common-sense journalism," celebrity and entertainment news and sports reporting across multiple platforms, including mobile and desktop, audio, social media and print," Giancola said in an interview. "We already reach 3 million people in the L.A.(market) and over 7 million in California, so there is a base of audience there that already engages in our brand," Giancola said in an interview. Murdoch, the company's chairman emeritus, recognized California as a market opportunity and gave the venture his blessing, said one source with knowledge of the matter. "You don't launch a newspaper without getting feedback from one of the best guys in the business," the source added. The last daily newspaper launched in the U.S. by News Corp, owner of the New York Post and the Wall Street Journal, was the Daily, a digital newspaper for Apple's then-new iPad tablet, in 2011. It folded the following year. A Los Angeles Times spokesperson did not respond immediately to a request for comment on the California Post. POPULIST APPROACH California news industry veteran Jonathan Weber said the state's newspapers adhereto a mainstream approach to journalism, which could present an opportunity for a different kind of voice that reflects this moment in the country's evolution. "Maybe there is room for a sort of pugilistic, more right-wing, kind of sensationalist sort of approach," said Weber, a former Reuters editor and serial entrepreneur who founded the San Francisco Standard and the tech business-focused Industry Standard. "There might be an opening for that." But he said the California Post also faces challenges. The New York Post is popular with readers who buy the tabloid at a newsstandbefore jumping on the subway, whereas Californians tend to drive to work, Weber said. Giancola said the New York Post Media Group has a much broader reach online than through its print edition, via a trio of digital brands including celebrity-focused Page Six, an entertainment -and pop-culture guide, the Decider and its main website. These sites attracted a combined 90 million monthly unique visitors in June, the company said. The Post achieved profitability in 2022 by monetizing these audiences, and running a "lean" news operation, Giancola also has expanded into new formats, including podcasts, video and e-commerce. "L.A. and California - like a lot of geographical areas in the country - are news deserts," said Giancola. "We think we can come into L.A. with the same formula and really cover California in a bespoke way." Ken Doctor, the California-based CEO of Lookout Local, a community journalism organization, said the New York Post could simply rebrand the tabloid for California and boost its readership and advertising. It could also fill a void for a niche set of readers in a state that is dominated by left-wing politicians but where 38% voted for President Donald Trump in the last election. "There is a place for a culturally conservative publication, and one that is populist and fits the populist times," said Doctor. Los Angeles Times owner Patrick Soon-Shiong has said he plans to bring in more conservative voices as he seeks "balance" to correct what he perceives as a left-leaning bias ahead of an initial public offering of the publication within the next year. The loss-making 143-year-old newspaper laid off more than 20% of its newsroom staff in January 2024. (Reporting by Dawn Chmielewski in Los Angeles and Juby Babu in Mexico; Editing by Ken Li and Jamie Freed)
The Sun
an hour ago
- The Sun
Netherlands first to fund US arms for Ukraine via NATO channel
AMSTERDAM/BRUSSELS: The Netherlands said on Monday it will contribute 500 million euros ($578 million) to purchase U.S. military equipment for Ukraine, becoming the first NATO country to contribute to a new mechanism to supply Kyiv with American weapons. President Donald Trump said last month the U.S. would provide weapons to Ukraine, paid for by European allies, but he did not provide details on how this would work. 'As the first NATO ally, the Netherlands will deliver a €500 million package of US weapon systems (including Patriot parts and missiles),' Dutch Defence Minister Ruben Brekelmans said in a post on X. NATO chief Mark Rutte, a former Dutch prime minister, welcomed the announcement and said he has encouraged other alliance members to participate in the new mechanism, called the NATO Prioritised Ukraine Requirements List (PURL) initiative. 'This is about getting Ukraine the equipment it urgently needs now to defend itself against Russian aggression,' Rutte said in a statement. 'I have written to all NATO Allies, urging them to contribute towards this burden sharing initiative, and I expect further significant announcements from other Allies soon,' he added. The U.S. ambassador to NATO, Matthew Whitaker, told Reuters on Monday that he expected many more countries to announce over the coming weeks that they will participate. 'We're moving as fast as possible,' Whitaker said in an interview at NATO headquarters in Brussels. Asked about a timeline for getting U.S. deliveries to Ukraine under the new mechanism, he said, 'I think we'll see it moving very quickly, certainly in the coming weeks, but some even sooner than that. 'The Dutch are just the first of many. You're going to see a series of announcements in the coming weeks,' he added. NATO said it would coordinate the new initiative, which is funded by European members of the alliance and Canada and will be divided into packages worth approximately $500 million. In a statement, the alliance said, 'Working closely with Ukraine and the United States, the Supreme Allied Commander Europe Alexus Grynkewich will validate packages that correspond to Ukraine's needs, such as air defence, ammunition and other critical equipment for rapid delivery from U.S. stockpiles'. Kyiv welcomed the Dutch decision. 'Ukraine, and thus the whole of Europe, will be better protected from Russian terror,' Ukrainian President Volodymyr Zelenskiy wrote on X. 'I am sincerely grateful to the Netherlands for their substantial contribution to strengthening Ukraine's air shield,' he added. ($1 = 0.8649 euros) - Reuters
The Star
an hour ago
- The Star
Australia awards navy frigate contract to Japan's Mitsubishi Heavy
FILE PHOTO: Australian Deputy Prime Minister and Minister for Defence Richard Marles looks on during his ceremonial reception, in New Delhi, India, June 4, 2025. REUTERS/Anushree Fadnavis//File Photo SYDNEY (Reuters) -Japan's Mitsubishi Heavy Industries will deliver Australia's new A$10 billion ($6.5 billion) navy frigate programme, Australian Deputy Prime Minister Richard Marles said on Tuesday. The frigate contract, expected to be signed by the end of the year, will be the biggest Australian defence purchase since the government agreed to build nuclear-powered submarines with the United States and Britain in 2023, and one of Japan's biggest defence export deals. "Its going to be really important in terms of giving our navy the capability to project, and impactful projection is at the heart of the strategic challenge," Marles said, adding it was "a very significant moment in the bilateral relationship between Australia and Japan". MHI's Mogami frigate was selected over German company ThyssenKrupp Marine Systems' MEKO A-200 in a meeting of the government's national security committee on Monday. The upgraded Mogami-class frigate was capable of launching long-range missiles, and had a range of up to 10,000 nautical miles, compared to Australia's current Anzac Class frigates, which had a range of around 6,000 nautical miles, Marles said. It also operated with a smaller crew than the Anzac class. The government said in 2024 it would spend up to A$10 billion for the general-purpose frigates to replace the Anzac Class. They will be equipped for undersea warfare and air defence to secure maritime trade routes and Australia's northern approaches. It says the first three general-purpose frigates will be built offshore, with the remainder built in Western Australia. The first frigate is expected to be delivered in 2029. ($1 = 1.5456 Australian dollars) (Reporting by Alasdair Pal and Kirsty Needham in Sydney; Editing by Stephen Coates)
