Brazilian Central Bank President Roberto Campos Neto indicated that he “believes that credit cards will soon stop working due to the growth of an open funding system that allows the exchange of customer financial data with various institutions.”
“Thanks to the open finance system implemented by the central bank last year, users will control all aspects of their financial life with a single mobile tool, rather than multiple applications from different banks,” Neto said.
He explained that “the new system will allow the development of cash management products for individuals and users so that they can choose between making payments using the BEX instant payment system using debit or credit,” adding: “This system eliminates the need for a loan . map, and I think that over time it will cease to exist. What soon”.
Launched by the central bank in 2020, BEX enables real-time transfers and payments and is used by a large number of Brazilians, exceeding the country’s credit and debit card transactions.
Source: El Iktisad
