"We don't want a WeChat" – Central Bank of Brazil vs. Whatsapp Pay

Tuesday 21st July 2020
12:50 PM UTC

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Does the participation mandate require “receive” or does it require both “receive” and “send”? I would think some institutions do not offer mobile banking to end-users, e.g., a trade finance bank or large commercial bank that supports merchant services only.

Hello Miller, thank you for your question. Good point!

The participation mandate does require “receive” and “send”.

Use cases go beyond mobile banking – they include online banking, e-commerce, and cash withdrawal for example. The system will also support transactions that do not involve consumers, such as B2B, G2B, B2G. For that reason, our sense is that any financial institution with more than 500 thousand accounts of any type (as long as these are used to move money between parties) would be mandated to join PIX.

I hope I have managed to clarify. Feel free to reach out with any questions.