> In the UK, I have low-cost, fast, reliable, accessible money transfers. Basic bank accounts are free, and come with reliable free instant transfers to any other UK bank. That may not be reality in all countries, but it is in many.
It is also a reality in Brazil. Last month the government and the banks released a standard money transfer protocol (PIX) which superseeds the other protocols (similar to ACH in USA). Cheap, instant payments 24h a day regardless of the bank are a reality here today.
Hence I don't see FB having much success in Brazil with this product.
Any person with a CPF, our individual taxpayer registry identification, can use PIX. Non-permanent residents of Brazil are included in this category.
As for international transfers, the Central Bank is looking at simplifying existing regulations in order to allow international transfers as late as 2023
It is also a reality in Brazil. Last month the government and the banks released a standard money transfer protocol (PIX) which superseeds the other protocols (similar to ACH in USA). Cheap, instant payments 24h a day regardless of the bank are a reality here today.
Hence I don't see FB having much success in Brazil with this product.