PIX: explaining a state-owned Fintech
Abstract This paper aims to explain the Brazilian Central Bank’s (BCB) decision to create and operate a new instant payment system: PIX. Understanding that “digital financialization” can take different forms, this study sheds light on the factors that led to the BCB’s choice to launch a “state-owned...
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| Format: | Article |
| Language: | English |
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Editora 34
2023-11-01
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| Series: | Brazilian Journal of Political Economy |
| Subjects: | |
| Online Access: | http://www.scielo.br/scielo.php?script=sci_arttext&pid=S0101-31572023000400874&lng=en&tlng=en |
| _version_ | 1797628794301841408 |
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| author | Mario G. Schapiro Pedro Salomon Bezerra Mouallem Eric Gil Dantas |
| author_facet | Mario G. Schapiro Pedro Salomon Bezerra Mouallem Eric Gil Dantas |
| author_sort | Mario G. Schapiro |
| collection | DOAJ |
| description | Abstract This paper aims to explain the Brazilian Central Bank’s (BCB) decision to create and operate a new instant payment system: PIX. Understanding that “digital financialization” can take different forms, this study sheds light on the factors that led to the BCB’s choice to launch a “state-owned Fintech”. The analysis considers three complementary factors. Firstly, the BCB’s institutional trajectory has made it protective of its perimeter of power. Secondly, the ideas shared by transnational networks support the active role of central banks in managing instant payment issues. Thirdly, the interests of traditional banks were not significantly impacted to the extent that they would oppose the creation of PIX. Through examining BCB documents and secondary literature, this study provides a first-hand account of the motivations and circumstances that led to the creation of PIX in Brazil. |
| first_indexed | 2024-03-11T10:44:12Z |
| format | Article |
| id | doaj.art-9458219c24214bc59a663afd6abf2a12 |
| institution | Directory Open Access Journal |
| issn | 1809-4538 |
| language | English |
| last_indexed | 2024-03-11T10:44:12Z |
| publishDate | 2023-11-01 |
| publisher | Editora 34 |
| record_format | Article |
| series | Brazilian Journal of Political Economy |
| spelling | doaj.art-9458219c24214bc59a663afd6abf2a122023-11-14T07:47:02ZengEditora 34Brazilian Journal of Political Economy1809-45382023-11-0143487489210.1590/0101-31572023-3470PIX: explaining a state-owned FintechMario G. Schapirohttps://orcid.org/0000-0003-4136-4516Pedro Salomon Bezerra Mouallemhttps://orcid.org/0000-0002-2549-230XEric Gil Dantashttps://orcid.org/0000-0003-4666-4796Abstract This paper aims to explain the Brazilian Central Bank’s (BCB) decision to create and operate a new instant payment system: PIX. Understanding that “digital financialization” can take different forms, this study sheds light on the factors that led to the BCB’s choice to launch a “state-owned Fintech”. The analysis considers three complementary factors. Firstly, the BCB’s institutional trajectory has made it protective of its perimeter of power. Secondly, the ideas shared by transnational networks support the active role of central banks in managing instant payment issues. Thirdly, the interests of traditional banks were not significantly impacted to the extent that they would oppose the creation of PIX. Through examining BCB documents and secondary literature, this study provides a first-hand account of the motivations and circumstances that led to the creation of PIX in Brazil.http://www.scielo.br/scielo.php?script=sci_arttext&pid=S0101-31572023000400874&lng=en&tlng=enFinancializationdigital financializationPIXpayment systemsCentral Bank of Brazil |
| spellingShingle | Mario G. Schapiro Pedro Salomon Bezerra Mouallem Eric Gil Dantas PIX: explaining a state-owned Fintech Brazilian Journal of Political Economy Financialization digital financialization PIX payment systems Central Bank of Brazil |
| title | PIX: explaining a state-owned Fintech |
| title_full | PIX: explaining a state-owned Fintech |
| title_fullStr | PIX: explaining a state-owned Fintech |
| title_full_unstemmed | PIX: explaining a state-owned Fintech |
| title_short | PIX: explaining a state-owned Fintech |
| title_sort | pix explaining a state owned fintech |
| topic | Financialization digital financialization PIX payment systems Central Bank of Brazil |
| url | http://www.scielo.br/scielo.php?script=sci_arttext&pid=S0101-31572023000400874&lng=en&tlng=en |
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