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RIO DE JANEIRO, BRAZIL - The Central Bank announced this week that it will advance from November to October the launching of a service that will revolutionize the payments market in Brazil. It is called PIX, the instant payments and transfers system between digital wallets that will work 24 hours a day at zero cost to the end consumer.

It may be the end of TED and DOC, the transfer instruments currently used by large banks with hourly limits, but it will also be a rebalancing of power in the Brazilian financial market. In the end, who gains, and who loses . . .

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