A successful instant payment system launched by Brazil’s central bank two years ago suddenly became a major talking point in this year’s election as President Jair Bolsonaro tries to present a positive agenda a month ahead of the vote.
(Bloomberg) — A successful instant payment system launched by Brazil’s central bank two years ago suddenly became a major talking point in this year’s election as President Jair Bolsonaro tries to present a positive agenda a month ahead of the vote.
“Let’s talk about Pix,” the incumbent says in a campaign ad now running on social media, referring to the system currently used by more than half of Brazilians.
He smiles amid images of people making payments through the mobile app at markets and street stalls. The camera then cuts to a woman who says the platform is the “best thing” Bolsonaro did for the country.
Pix was launched by the now autonomous central bank led by Roberto Campos Neto 10 months into Bolsonaro’s first year in office.
Although its final development and branding took place between 2019 and 2020, the platform is the result of a “long evolutionary process,” a spokesperson for the bank said in a statement, when asked for comment.
Read More: Brazil Has 110 Million Using Central Bank’s Mobile Money System
Pix became popular so quickly because it allows Brazilians to send and receive money instantaneously through a system that’s free and relatively easy to navigate.
It is particularly important for small business owners who can cash their profits immediately, without having to wait for days until credit card purchases get cleared.
It’s not the first time Pix is cited during the presidential campaign.
When several bank executives signed a letter rejecting baseless allegations of potential voter fraud raised by Bolsonaro, the president’s team said they were just angry because financial institutions had lost billions of reais in fees per year with the new payment system.
While Bolsonaro’s marketing team says they will keep touting Pix during the campaign, the central bank’s union says he deserves no credit for it, arguing that the incumbent had largely dismissed the system before the campaign started.
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