alt Hacker NewsInteresting it have "lower processing costs". It could be free at all like Brazilian PIX... but certainly it wouldn't be liked by Visa and Mastercard.
People in Brazil can simply generate a one time PIX code or use own key and instantly receive. It is now the most used payment mode for more than a hundred million people... this is why Trump attacked the Brazilian financial system as unfair with North American payment systems.
Yes, it can have no cost, receiver can have no cost, payer need not to have a hidden cost at price tag and it can save billions of dollars and make products and services circulate more, warming economy , reducing unemployment and avoiding money dump to external countries for the local enterpreneurs.
Canada already has Interac e-transfer for p2p which is largely free (banks are allowed to charge, but in practice they don't charge consumers).
E-transfer was launched 17 years before Pix so it runs on email addresses as an identifier. In my experience most people use e-transfer more often than cash for person to person and many small businesses like farm stands, etc.