Pune, India, 24 October 2017: WiseGuyReports announced addition of new report, titled “The Cards and Payments Industry in Brazil: Emerging trends and opportunities to 2020”.
The report provides an in-depth analysis of market trends in the Brazilian Cards and Payment Industry. It provides value and volume for many major performance indicators in the industry including credit transfer, payment card, cash, direct debit and check during the review period.
The study of the report analyzes various payment card markets operating in the industry and provides detailed information on transactions, transaction costs, and volumes of the transaction over the period of review and forecast-period (2016-2020). It gives information about the country’s competitive landscape, which includes the market share of the issuing and the plans.
Brazil is one the largest e-commerce market in Latin America growing rapidly and steadily. Growing income of consumers every year and boom of the digital environment. The purchasing ratio among the users is increasing. The majority of consumers make their payment via cards and various other payment modes. The mobile payment and wallet are emerging in Brazil market.
The Brazil consumers most probably use the credit card for payments for shopping due to easy installment. But there is more demand for the local credit card rather than an international card. So it would be great opportunities for major international players to enter the market.
In order to increase credit card usage, the National Commission for Democracy has taken several measures in the form of fees and interest rates to reduce credit card transactions. Most recently, in January 2017, the crawling lines offered by credit card issuers were banned.
In the new regulation, when a credit card holder enters a revolving credit pattern and cannot repay the loan within the first 30 days, the bank should provide a credit option to pay the remaining outstanding interest rates. The card issuers had given the term of April 3, 2017, to comply with the rules.
The establishment of digital banks, there is a possibility of a speed increase towards electronic payments in Brazil. Fintech Company Controin Brazil started its mobile-sole bank Neon in July 2016.Identifying faces to gain access to their account and additional transactions including transfer and payment.
When customers sign up, biometric authentication with their own photos must be enrolled in their mobile phone, which will be used for future certification.
Earlier, in September 2014, the first mobile bank service was launched across the country which enabled customers to conduct banking transactions through their mobile phones.
Visa launched by the visa checkout service in Brazil in October 2015. Visa Checkout is a payment solution that stores users ‘payment and shipping details, provides quick checkout on partner partners’ websites or apps. Similarly, MasterCard launched its master pass payment solution in Brazil in July 2015.
Alternative payment solutions cover in the report are PayPal, Masterpass, Visa Checkout, Samsung Pay, Boleto Bancário, Oi Paggo, MercadoPago, and Stelo.
Wise Guy Reports is part of the Wise Guy Research Consultants Pvt. Ltd. and offers premium progressive statistical surveying, market research reports, analysis & forecast data for industries and governments around the globe.
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