• The instant payment system will work seven days a week, 24 hours a day;
• Instant payments in Brazil are expected to reduce cash transactions and bring even more agility and cost savings to general financial and commercial operations.

In an interview with Estadão, also published by Gazeta do Povo, the Brazilian Central Bank President Roberto Campos Neto promised a system of instant payments for 2020, even before the United States.

“Fed [Federal Reserve] has just announced that it will have an instant payment system by 2023 or 2024. We will have it by 2020,” he said during a public hearing in the House of Representatives.

ALSO READ: Fewer rules to test out new businesses, products, and services. Here comes the Brazilian sandbox

According to Campos Neto, the instant payment system will work seven days a week, 24 hours a day.

The regulation and implementation of instant payments in Brazil, currently underway within the BC, is expected to reduce cash transactions and bring even more agility and cost savings to general financial and commercial operations.