Brics evaluate integrating payment systems like Pix

The matter should be discussed at the next summit between September 12th and 13th. If it receives the bloc’s approval, Pix could join the list of instant payment systems to be used in commercial transactions in these countries, a situation that could intensify the crisis between the government of Luiz Inácio Lula da Silva (PT) and the American Donald Trump.

“Cross-border payments are an area of ​​interest for all of us, including the BRICS countries, as we believe there is great potential to reduce costs,” Malhotra said at an event in Mumbai. According to the president of the Indian bank, there are several options for the plan to get off the ground, but they are still in the debate phase, including CBDCs (digital version of a country’s currency) and integrations between fast payment systems.

The Central Bank of Brazil (BC) announced in recent days its intention to expand Pix’s area of ​​activity, which could reduce fees and accelerate international remittances and purchases, according to a new report from the country’s main monetary authority.

The BC’s projection comes amid new tariffs imposed by the US on Brazil, which included Pix among the commercial practices considered unfair in the bilateral relationship.

The Office of the US Trade Representative (USTR) assessed in the investigation that the fact that the Central Bank accumulated the roles of regulator of the financial system and owner and operator of Pix would favor the Brazilian system to the detriment of American companies that offer the same type of electronic payment service.