Brazil's Central Bank will be offering a mobile payment system aimed at helping the unbanked. The news was announced yesterday by the bank's president, Alexandre Tombini.
A report by Brazilian newspaper Folha de S. Paolo said the new payment method will enable payments and person-to-person transfers via cellphone. It will also be a part of the central bank's efforts to control inflation.
"In a society where everyone is included in the financial system, the oscillation of interest rates tends to produce stronger consequences in the expansion and retraction of aggregate demand, making it easier to control inflation and reducing the costs of this control," said Tombini in the post.
The article said that rules for the payment system are currently under review and will likely be approved by the Brazilian congress within the next few days.
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