Brazil’s central bank is about to release a near-instant payment system perceived as another means of tackling the technological advantages of cryptocurrency.

The instant payment system will be powered by QR codes. According to the central bank, the system called PIX would start operating in November 2020. Through the system, sending and receiving instant payments through cell phone will be possible.

The central bank said when PIX starts working in November this year it would make transactions faster and easier. It would work with a QR code or by inputting simple information like cell phone number, email, or taxpayer-identification.

According to the central bank’s president, Roberto Campos Neto, while speaking to the cryptocurrency news outlet known as Livecoins, PIX is a result of the need of having a tool with features similar to cryptocurrencies.

The United States Federal Reserve is likewise creating real-time payment and settlement service. Similarly, some other countries are creating systems to compete with cryptos.