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Brazil central bank creates working group on regulating instant mobile payments

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Brazil central bank creates working group on regulating instant mobile payments

Banco Central do Brasil has established a working group along with about 90 private and public institutions to help it create regulations for the country's instant payment network for cellular phones.

The central bank wants to create a system for the instant payment sector, or any real-time transfer of electronic funds, which should be available 24/7, and can be peer-to-peer, person-to-business, or business-to-business.

Banks, government agencies, fintech startups and payment service companies are among the participants in the working group, according to the publication.

The group is expected to submit a report on the subject by August and complete its project in November, the central bank said.