Market Research Report

Brazil P2P (Peer to Peer) Payments Market Research Report: Forecast (2021-2026)

By Transaction Mode (Short Message Service (SMS), Mobile Apps, Smartcard/NFC (Near field communication)), By Location (Remote Payment, Proximity Payment), By Type of Purchase (Airt...ime Transfer & Top-Ups, Money Transfers & Payments, Merchandise & Coupons, Travel & Ticketing), By Application (Retail Payments, Travels and Hospitality Payments, Transportation and Logistics Payments, Others), By Region (North, Northeast, South, Southeast, Central West), By Competitors (Boleto Bancario, Boleto Flash, PagBrasil PIX, PEC Flash, Samsung Pay, Google Pay, WhatsApp Pay) Read more

  • FinTech
  • Aug 2021
  • 103
  • FT33008

Market Definition

A Peer-to-Peer (P2P) payment is the process through which users can transfer funds from their bank account to that of another individual using the Internet. Pay Pal, Venmo, Google Pay, Paytm, Cash App, Amazon Pay, etc., are a few major P2P payment apps that allow users to send money to another person from their bank accounts. These platforms are gaining immense popularity among people of all ages across Brazil.

Market Insights

The Brazil P2P (Peer to Peer) Payments Market is projected to grow at a CAGR of around 15.1 % during 2021-26. The growth of the market is likely to be driven mainly by the surging acceptance of debit & credit cards among small merchants, the rising popularity of online banking, and the burgeoning emergence of digital banks. The market would expand strongly across categories led by mobile commerce, P2P transfer, & bill payments.

Report Coverage Details
Study Period Historical Data: 2016-19
Base Year: 2020
Forecast Period: 2021-26
CAGR 15.1%
Region Covered North, Northeast, South, Southeast, Centralwest
Key Companies Profiled Boleto Bancario, Boleto Flash, PragBrasil PIX, PEC Flash, Samsung Pay, Google Pay, WhatsApp Pay
Unit Denominations USD Million/Billion


In addition, digital & mobile wallets that have gained immense momentum in the previous few years are expected to become more widespread during the forecast period and outperform other payment methods. Furthermore, banks are increasingly integrating online payment platforms into their mobile apps, which would lead to increased mobile proximity payments in the future.

  • In 2020, Brazil Central Bank launched the instant payments platform 'PIX' to speed up & simplify online transactions. The payment system allows companies & consumers to transfer money 24*7 via smartphone, ATMs, etc. Moreover, by 2030, Pix is projected to account for 22% of electronic payments in the country.

Furthermore, since the penetration of mobile wallets has surged in proximity payments, the average value of the transaction is expected to decrease while its volume would increase significantly. As P2P payment services & mobile apps have become more widespread, the proportion of online transactions using these methods is growing with each passing year, and this trend is not showing any signs of slowing down in the near future. Additionally, various efforts by the Brazilian government to promote digital payments through Pix shall also contribute considerably to the overall market growth during 2021-26.

Moreover, P2P payments provide consumers with greater trust, accessibility, and faster, cheaper, & simpler transfer options. Users can make & receive payments from any location just using their cell phones. Being the administrator, each user can also manage his or her own shared sources. As a result, these aspects would lead the Brazil P2P (Peer to Peer) Payments Market to witness significant growth opportunities in the coming years.

Brazil P2P (Peer to Peer) Payments Market Research Report: Forecast (2021-2026)

Key Trend in the Brazil P2P (Peer to Peer) Payments Market

  • Rapidly Emerging E-commerce Sector With the Mounting Adoption of P2P Payment Services

Brazilians are gradually becoming comfortable with digital payments, with mobile wallets being recognized as an excellent payment option for consumers. Due to the increasing popularity of contactless payments, the E-commerce sector in Brazil is gaining immense momentum as retailers are increasingly adopting P2P payment methods to keep up with consumer behavior changes.

Moreover, most consumers prefer to shop at retailers that provide digital & contactless payment options. Further, as consumer behaviors & preferences continue to shift in a rapidly evolving world, contactless payment methods would gain immense popularity due to their convenience, safety, and ease of use.

Impact of Covid-19 on the Brazil P2P (Peer to Peer) Payments Market

Since the Covid-19 pandemic in 2020 that catastrophically impacted most industries of Brazil, online transactions have been breaking records. In recent years, the number of digital payments has increased astronomically, and dozens of countries are adopting new, faster, & convenient payment platforms & technologies. Amidst the pandemic, Brazil witnessed a sudden increase in contactless payment methods owing to the stringent movement restrictions imposed by the government to curb the virus spread. With the lockdown and aversion to cash exchange, e-Wallets gained significant traction for Peer to Peer (P2P) transfers, bill payments, and customer-to-business (C2B) payments. Moreover, due to the rapidly transforming payment ecosystem, the adoption of P2P payments shall continue to increase considerably in the coming years.

Market Segmentation

By Transaction Mode:

  • Short Message Service (SMS)
  • Mobile Apps
  • Smartcard/NFC (Near field communication)

Of these three, Smartcard/NFC transactions dominated the P2P (Peer to Peer) Payment Market in Brazil with the largest share, and the same is expected over the forecast years. It owes to an increasing issuance of chip cards by banks, along with the presence of numerous mobile app-based debit card payment methods like Google Pay, Samsung Pay, etc., which have created a demand for NFC/SmartCards. Moreover, Brazil registered a growth of 18-20% in credit & debit card transactions during 2021, reaching USD442.90 billion. Furthermore, the adoption of smartcards by small retailers & across public transportation is also a key contributor to the overall market growth.

Additionally, the Brazil P2P market has also seen rapid growth in the demand for Short Message Service (SMS)-based payments since it became extremely amidst the pandemic & allowed customers to pay for goods & services remotely. During October- November, the number of transactions through payment links increased by 33%.

By Location:

  • Remote Payment
  • Proximity Payment

Here, Remote Payment acquired a considerable share in the Brazil P2P Payments Market, primarily due to advancements in instant payment platforms & various government initiatives for promoting contactless payments and encouraging consumers to opt for easier & safer payment modes. Furthermore, the launch of P2P payments, the increasing number of instant transactions by consumers, and the extensive presence of leading market players are other crucial aspects projected to contribute to the overall market growth in the coming years. For instance:

  • In 2021, the Brazilian government allowed Facebook to re-launch WhatsApp P2P payments in the country.

By Type of Purchase:

  • Airtime Transfer & Top-Ups
  • Money Transfers & Payments
  • Merchandise & Coupons
  • Travel & Ticketing

Of all purchase types, Money Transfers & Payments captured the majority chunk of the market during 2016-19 and are projected to grow at the highest rate in the coming years. With the launch of various instant payment solutions & the increasing credit & debit card payments, money transfers & payments through mobile apps, SMSs, & smartcards have grown significantly. Additionally, due to the pandemic, online payments have seen a rapid & terrific surge, as consumers increasingly seek out online transactions for grocery shopping, money transfers, etc.

  • In 2020, according to the Brazilian Association of Companies of Credit Cards and Services (Abecs), the payments made with credit, debit, & prepaid cards reached USD 0.38 trillion.

Market Dynamics

Key Driver: Several Government Initiatives for Promoting Contactless Payments

Payments made through digital or contactless mediums essentially contribute to a country's economic development. It helps boost productivity, increases tax revenue, improves transparency, provides new opportunities for end-users, and expands financial inclusions. Recently Brazil has witnessed numerous initiatives implemented by the government to facilitate digital payments. For instance: "The launch of 'PIX' by the Brazil Central Bank to speed up & simplify transactions."

Furthermore, these initiatives facilitate digitalization & raise awareness about the advantages of using new technologies, such as peer-to-peer (P2P) payments. In the context of the pandemic and to undertake enhanced measures of safe distancing, the Brazilian government has encouraged individuals & businesses to use digital financial services & e-payments and minimize physical visits to premises or outlets.

Possible Restraint: Evolving Cyber Attacks & High Risk to Customer Privacy & Security

Digital payments face a significant roadblock due to cyberattacks. Historically, these attacks have posed the greatest threat to the electronics payment industry. The surging adoption of digital payment technologies has led to a significant surge in cybersecurity risks. Embracing payment technologies & integrating them into businesses has also increased privacy risks, theft concerns, and regulatory compliance issues. Despite their security claims, none of the P2P payment platforms are entirely impenetrable. For instance, a person holding a bank account, who links it to any payment mode online, is putting his data at risk and may want to unlink it later. Consequently, these factors might hamper the growth of the Brazil P2P Market during the forecast period.

Key Questions Answered in the Market Research Report:

  1. What are the overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares) of the Brazil P2P (Peer to Peer) Payments Market?
  2. What are the industry size, growth drivers, and challenges?
  3. What are the key innovations, opportunities, current & future trends, and regulations in the Brazil P2P (Peer to Peer) Payments Market?
  4. Who are the key competitors, their key strengths & weaknesses, and how do they perform in the Brazil P2P (Peer to Peer) Payments Market based on the competitive benchmarking matrix?
  5. What are the key results derived from surveys conducted during the Brazil P2P (Peer to Peer) Payments Market study?

Frequently Asked Questions

   A. The Brazil P2P (Peer to Peer) Payment Market is forecast to grow at a CAGR of around 15.1% during 2021-26.

   A. Smartcard/NFC (Near Field Communication) is anticipated to emerge as an area of remunerative opportunities for the leading players in the Brazil P2P (Peer to Peer) Payment Market during 2021-26.

   A. The surging penetration of debit & credit cards among small merchants for payment, customers' inclination toward online banking, and snowballing emergence of digital banks are the key factors projected to drive the Brazil P2P (Peer to Peer) Payment Market during 2021-26.

  1. Introduction
    1. Product Definition
    2. Research Process
    3. Assumptions
    4. Market Segmentation
  2. Executive Summary
  3. Impact of COVID-19 on Brazilian P2P (Peer-to-Peer) Payments
  4. Expert Verbatim: What our expert says?
  5. Brazil P2P (Peer-to-Peer) Market Policies and Regulations
  6. Brazil P2P (Peer-to-Peer) Market Dynamics
    1. Drivers
    2. Challenges
    3. Impact Analysis
  7. Brazil P2P (Peer-to-Peer) Market Trends & Insights
  8. Brazil P2P (Peer-to-Peer) Market Key Strategic Imperatives for Growth and Success
  9. Brazil P2P (Peer-to-Peer) Payments Outlook (2016-2026)
    1. Market Size & Analysis
      1. By Revenues
    2. Market Share & Analysis
      1. By Transaction Mode
        1. Short Message Service (SMS)
        2. Mobile Apps
        3. Smartcard/NFC (Near field communication)
      2. By Location
        1. Remote Payment
        2. Proximity Payment
      3. By Type of Purchase
        1. Airtime Transfer & Top-Ups
        2. Money Transfers & Payments
        3. Merchandise & Coupons
        4. Travel & Ticketing
      4. By Application
        1. Retail Payments
        2. Travels and Hospitality Payments
        3. Transportation and Logistics Payments
        4. Others
      5. By Region
        1. North
        2. Northeast
        3. South
        4. Southeast
        5. Central west
      6. By Company
        1. Revenue Shares
        2. Strategic Factorial Indexing
        3. Competitor Placement in MarkNtel Quadrant
  10. Competitive benchmarking
    1. Competitive Matrix
      1. Brand Specialization
      2. Target Market
      3. Target End-User (Market & End Users)
      4. Research and Development
      5. Strategic Alliance
      6. Strategic Initiative
    2. Company Profiles (Business Description, Product Offering, Strategic Alliances or Partnerships, etc.)
      1. Boleto Bancario
      2. Boleto Flash
      3. PragBrasil PIX
      4. PEC Flash
      5. Samsung Pay
      6. Google Pay
      7. WhatsApp Pay
  11. Disclaimer

Brazil P2P Payments Market Segmentation