During the Brazil Investment Forum in Sao Paulo, Brazil, Roberto Campos Neto spoke about credit cards, the crypto market, and his Pix platform.
The president of the Central Bank of Brazil, Roberto Campos Netwas blunt and definitive in predicting the end of the Credit cards as they are known.
He assured that they will cease to exist when they are replaced by the new digital financial services that are being implemented from the banking sector and the fintech.
It was time when he highlighted the central bank project that has been implemented, OpenFinance.
In this way, it foresees that instead of different applications to control the financial statements, there will be an “integrator” in each mobile that will replace what already exists.
“This system eliminates the need to have a credit card. I think credit cards will cease to exist at some point soon,” Campos Neto said, noting that banks have already started using pixel to offer credit.
Launched in 2020, Pix has been very successful in Brazil with its real-time digital transfer and payment service, surpassing the use of credit and debit cards in its country.
Pix is the platform launched by the Central Bank of Brazil for transfers and digital payments
Campos Neto commented that he is not in favor of a strong regulation of crypto assets, but added that he is concerned about the concentration of custody in just 4 global companies. The same for transactions, where he assured that only “one or two platforms that have 20-30% of the market.”
Pix for the entire region
On the other hand, Campos Neto will meet with the president of the Central Bank of Colombia, Leonard Villarso that the Andean country can “copy” its Pix platform.
“I have spoken with the president of the Colombian central bank, who wants to do exactly like Pix,” Campos Neto said, adding “I think we can start to internationalize Pix in Latin America. Many Brazilian banks have branches in Latin America.”
With information from Reuters and Bloomberg Linea