June 22, 2020 / 7:55 PM / 12 days ago

UPDATE 1-Brazil instant payments system to allow cash withdrawals from retailers

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BRASILIA, June 22 (Reuters) - The Brazilian central bank’s new instant payments platform will allow customers to withdraw cash at commercial retailers, central bank president Roberto Campos Neto said on Monday.

Details on how this will work are to be discussed at a forum in August, Campos Neto said in a virtual conference, ahead of the payments platform’s launch in November.

With this, customers will be able to make withdrawals in stores, as an alternative to banks and ATMs.

“This facility aims to increase efficiency through recycling cash in the retail system, expanding use of this network and fostering competition,” Campos Neto told the PIX Forum by videoconference.

The instant payments system is known as PIX, and will be a convenient payment method for businesses, retailers and individuals, Campos Neto said.

“It can also further reduce logistical and operational costs ... (and) it can generate extra business for retailers, and open new doors for PIX participants,” Campos Neto said.

Central bank director Joao Manoel Pinho de Mello said a significant number of entities have applied to join the PIX network, including banks, payment institutions, fin techs, finance companies, and cooperatives.

Campos Neto said that some 980 institutions will offer the PIX from November onwards, with 120 participating directly and 860 indirectly. (Reporting by Marcela Ayres; Writing by Jamie McGeever; Editing by David Gregorio and Andrea Ricci)

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