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EU creating a digital alternative to VISA/Mastercard, Canada should too. (archive.ph)
submitted 10 months ago by to c/canada@lemmy.ca
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Canada should be doing this too or maybe start accepting Euros to pay taxes. We have to get away from control of US institutions controling our lives.

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[–] 4 points 10 months ago (1 child)

I looked into that the first time I heard about PIX, but from my understanding after reading up on it, PIX is very similar to the existing Canadian Interac/eTransfer system. Both only work in their respective countries and give the easy ability to share money with businesses or each other. But they are based on instant transfer from one bank account to another, and aren't credit-based like Visa/Mastercard.

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  • [–] 3 points 10 months ago* (last edited 10 months ago)

    only in their respective countries

    Not true. My mother (Brazilian) was in Argentina last month and was able to use PIX. But there needs to be a contract between countries for that to work.

    aren’t credit-based

    You’re right. It’s an instantaneous transfer from bank account to bank account. And that’s awesome that it’s not credit based, as people tend to spend much more than they should when using credit cards.

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