Banco do Brasil

History

2023: Start accepting tax payments in cryptocurrency

On February 10, 2023, one of the largest and oldest, banksBrazil Banco do Brasil, reported that its customers can now pay tax fees with. cryptocurrencies

The service is shared with Bitfy - a blockchain solutions company that invests in a corporate venture capital program. It is noted that the new initiative allows expanding the use of services and access to an ecosystem of digital assets with national coverage. At the same time, high safety requirements will be observed.

On February 10, 2023, one of Brazil's largest banks announced that its customers can now pay tax fees using cryptocurrency

As of early February 2023, the new system was only available to users of the Bitfy app. It works approximately the same as when paying for services or goods using a barcode. All the user needs to do is choose the cryptocurrency he wants to pay, get the code to confirm the payment and confirm the transaction. It is said that the conversion of funds and calculation take place almost instantly.

The introduction of this technology, as noted, strengthens the position of the Bank of Brazil in the implementation of modern financial solutions. In addition to providing citizens with a convenient and easily accessible way to pay taxes, this initiative can change the banking landscape as a whole. Thanks to the new project, Brazilians who own cryptocurrencies will be able to pay taxes, fees and government duties using their digital assets.

The new digital economy is a catalyst for a future full of benefits. This program allows you to expand the use and access to an ecosystem of digital assets with national coverage under the conditions of reliability and security of Banco do Brasil, "said Lucas Schoch, founder and CEO of Bitfy.[1]

2018: Launch of ATM withdrawal service via WhatsApp

In January 2019, Brazil's oldest bank launched a service that allows account holders to withdraw cash via WhatsApp. Banco do Brasil became the first credit institution in the country to offer such a service.

As part of the service, users do not need to use a bank card to receive money at an ATM. To start a transaction, the customer adds the bank's phone number to their contact list and requests cash withdrawals. Then chat boat the bank, working on the basis of the system, artificial intelligence IBM Watson sends a request for the required amount, and the user is sent PIN code to confirm the transaction. After checking, the bot sends a code that must be entered at the ATM within 24 hours. At the beginning of 2019, the withdrawal of funds within the service is limited to 300 reais (about 5.5 thousand). rubles

In Brazilian ATMs, you can now withdraw money through WhatsApp. No cards needed

The transactions are based on an artificial intelligence platform and have end-to-end encryption, the bank said. If human intervention is required, the client will be redirected to the agent.

Thanks to the introduction of the new service, the number of Banco do Brasil services that are provided through WhatsApp has reached 15. Through the app, users can perform a variety of transactions including money transfers, Iban code request, cell top-up, card issue, checking current account balance, savings balance, receiving savings report, investment fund report, card tracking, and invoicing. To check the balance, the confirmation code is sent to the client using push- or SMS-notifications, for other transactions a password is required.

The bank has also been consulting on WhatsApp and Twitter since June 2018.

As of the third quarter of 2018, Brazil ranked fourth in terms of WhatsApp penetration, with 56% of the population using the app, according to Statista. In this indicator, it is second only to Saudi Arabia, Malaysia and Germany.^[2][3]

Notes