The case went viral on social media and on the news at the turn of the year: a woman used the message field of the Pix to try to get back together with her ex-boyfriend. The initiative was treated as a joke by people at the time, but, for the president of the central bank, Roberto Campos Neto, is a “clear example” that society demands the union of social networks with means of payment and financial services.
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“Society used a payment system as a messenger. This shows that society has this intrinsic demand to mix social media with payments and finances,” Campos Neto said on Tuesday, 30, in a live hosted by the Daycoval bank.
“It is a more important wedding that I see and that I think some people are not paying attention to,” he said.
In the same panel, the president of the Central Bank anticipated that the use of WhatsApp to make payments, it would soon be approved by the regulatory authority, which happened in the late afternoon. And he explained the vision he has for the means of payment of the future (or the present), as a union of purposes for users.
“I call it the gold rush. It’s basically bringing together three major strands: the content strand, the messaging strand and the payments strand,” said Campos Neto.
“It is possible to have content, messaging and payments, and we will have WhatsApp, which will soon be approved in Brazil to make payments; in India, Google doing the same thing, and there are several other systems trying to do the same thing.”
“Why is this important? Because in a world of producing data, saving data and analyzing data, what the marriage of finance and social media does is – thinking of a vertical process – allowing you to advertise a product, sell the product, pay for the product and, through algorithms and artificial intelligence, know what the customer thought of your product. “
More data than any bank today
“The amount of data that can be produced in this process is unmatched by anything that any bank has today,” compared the BC president, who said he was a scholar on the subject a few years ago.
“It’s the marriage I see happening, from finance to social media. And regulators need to understand how to cope and how to regulate and what it means for society in terms of pricing and competition.”
Campos Neto said that this process was already underway and was intensified by the pandemic. “We realized that the crossing of the pandemic involved the intensification of the use of technology, because the social distance leads people to make a greater use of technology, in commerce and communication, for example,” he said.
“We understood that not only could we not delay our schedule but we had to anticipate it, as we did. The Pix project started three months earlier precisely because we understood that there was this demand from society.”
According to him, this demand involves two characteristics: that it is inclusive and sustainable. “And technology is a major player in these two dimensions,” he said. The Central Bank, therefore, sought to speed up the regulation part, without, however, neglecting data protection.
He also commented on the issue of the interconnection of banks and fintechs. “In this movement of Pix and open banking, we are going to have a great segmentation”, he affirmed, developing this reasoning next.
He stated that there have been three major waves in the world recently: (1) it has become much easier to produce data, with computing advancing in the cost-benefit ratio; (2) it was much easier to save data, with the ability to save to the cloud at much lower costs than in the past; and (3) more recently, it has become much cheaper to analyze data.
“If it is cheaper to produce, if it is cheaper to store and if it is cheaper to analyze, the entire pricing business is now based on the ability of companies to use this data for the benefit of the customer and for extracting greater margin”, says Campos Grandchild.
Inflation deserves special attention
The president of the Central Bank also commented on the predominant theme in the debate on global macroeconomics, including Brazil. “We have never seen so much stimulus, so coordinated and so quickly as we have today,” he said.
“In Brazil too, when inflation was running very low, we imported the concept that inflation was dead,” said Campos Neto, referring to the assessment of some managers and economists.
“There is a temptation to always do more locally, to make the economy catch up and help the neediest [por meio do aumento de gastos], but there must be a perception that this fiscal cost is differentiating us in a way that, through the curve of expectations, has contributed to this inflationary movement “, said Campos Neto.
“In the case of Brazil, we should be especially careful given our most recent inflationary memory and the fact that this is the most perverse tax that exists. The Central Bank will be very attentive to inflation,” he added.