The Brazil P2P (Peer to Peer) Payments Market is expecting around 15.1% CAGR during 2021-26, cites MarkNtel Advisors in their research report. The market growth owes primarily to the rapidly expanding acceptance of debit & credit card payments among small merchants, the mounting preference for online banking among customers, and the development of digital banks. Furthermore, digital & mobile wallets have gained increased momentum & would continue to outperform other payment options throughout the forecast period. In addition, banks have increasingly integrated online payment systems into their mobile banking apps, which has resulted in an increase in mobile proximity payments.
In the near future, P2P payment services & mobile apps are expecting immense popularity across Brazil, which would increase the proportion of online transactions using these methods. Furthermore, the Brazilian government that has launched an instant payment system 'Pix' to accelerate & simplify transactions would also contribute significantly to the overall market growth over the forecast years, further states the research report, “Brazil P2P (Peer to Peer) Payments Market Analysis, 2021.”
Smartcard/NFC Transactions to Dominate the P2P (Peer to Peer) Payments Market
Of all transaction modes, Smartcard/NFC (Near field communication) transactions are projected to dominate the market with the largest share in the coming years. With banks actively issuing chip cards, coupled with the increasing prevalence of mobile apps like Google Pay, Samsung Pay, etc., Smartcard/NFC transactions are increasing significantly across Brazil. Moreover, Brazil observed rapid growth in credit & debit card transactions during 2021, mainly due to the Covid-19 pandemic.
Furthermore, a key contributor to market growth is the surging adoption of smartcards across Brazil's transport systems and by smaller retailers is another critical aspect driving the market. The other transaction modes segmented in the market include Short Message Service (SMS) & Mobile Apps.
Money Transfer & Payment to Flourish in the Brazil P2P (Peer to Peer) Payments Market
Money Transfers & Payments acquired the majority share in the Brazil P2P (Peer to Peer) Payments Market. The utilization of payment methods like credit & debit cards, money transfers & payments made via mobile apps, SMS, & smart cards has tremendously increased, especially after the Brazil Central Bank launched the instant payment system, 'Pix.'
Moreover, online payments have also observed a surging trend, owing mainly to the pandemic as customers increasingly use the internet for grocery shopping, money transfers, etc. Hence, these aspects indicate the burgeoning use of P2P platforms for money transfers & payments, reveals MarkNtel Advisors in their research report, "Brazil P2P (Peer to Peer) Payments Market Analysis, 2021."
Leading Companies in the Market
According to MarkNtel Advisors, the leading players in the Brazil P2P (Peer to Peer) Payments Market include Boleto Bancario, Boleto Flash, PragBrasil PIX, PEC Flash, Samsung Pay, Google Pay, and WhatsApp Pay.
Key Questions Answered in the Study