As a Brazilian that moved to Canada, and used both systems. Pix is way more advanced than Interac. The UX is better, the adoption is way higher. I have paid cab drivers in Brazil with Pix, since transfers are instant. It is used by MANY as a substitute for cash. With Interact, there is a time delay sometimes, which makes it not work that well for live payments like this.
There are also more use cases covered. Instead of you having to type all the info of you are paying, they can print out a code for you, with the value/their info. So you can just copy/paste/read qr code. This allows business to use Pix to handle internet payments very easy, during checkout, they just generate a Pix code, that you pay and it confirms your payment in a couple of seconds.
It is also something that the Central Bank of Brazil setup, so there is no profit motif except for fees charged only to business that use it, to cover operating costs. Every single bank that I'm aware of in Brazil quickly implemented it.
Company I work for (Clicksign, a Brazilian e-signature company) also uses PIX for signatory verification. We just make a 10 cent charge on a signatory and when he/she pays we get a callback and now we have valid and up to date information that confirms they are who they say they are.
Basically a better e-mail token verification: you know the person actually has access to their bank account and is not an impersonator.
We were actually the first to do that, but the advantages of an instant payment system are endless. This same thing could be done for many other use cases.
A credit card generally is meant to give a person credit. In third world countries, lots of people are poor, and do not have access to credit. The credit cards that they do have access to charge absurdly high interest rate, and most working class people should probably stay away from them.
There’s that and also credit cards are usually paid, a monthly or yearly, so not everyone has them. Pix is free so penetration is much higher.
The degree of fraud with credit cards is huge in Brazil, so for us it wouldn’t bring about trust in a legal setting: someone could’ve just cloned your card and signed a document in your stead, without you ever knowing. Pix has the added benefit that the person needs to physically hold the phone, input the bank passcode and/or biometrics, in order to pay it.
There are also more use cases covered. Instead of you having to type all the info of you are paying, they can print out a code for you, with the value/their info. So you can just copy/paste/read qr code. This allows business to use Pix to handle internet payments very easy, during checkout, they just generate a Pix code, that you pay and it confirms your payment in a couple of seconds.
It is also something that the Central Bank of Brazil setup, so there is no profit motif except for fees charged only to business that use it, to cover operating costs. Every single bank that I'm aware of in Brazil quickly implemented it.