Market Size of Brazil Real Time Payments Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 15.66 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Brazil Real Time Payments Market Analysis
The Brazilian Real-Time Payments Market is expected to register a CAGR of 15.66% over the forecast period (2022 - 2027). With consumers' shift towards digital payments and increased internet penetration, the real-time payments market is growing rapidly in the country.
- After the outbreak of covid-19 and the shutdown of various businesses all over the world, including Brazil, the mode of payment in Brazil has also been enhanced by making the economy more independent of cash payments. This is made possible by introducing fast payment systems like real-time payment systems in which the payer and the payee are directly connected without the involvement of any third party.
- Moreover, Instant payment technology is, over time, being adopted by most countries as an advancement in payment infrastructure by ensuring the payment transaction is done without any delays or interruption and with a faster speed than conventional payment methods.
- For instance, In 2020, Brazil's Central Bank introduced Pix, a real-time payment system. According to World Economic Forum, Pix enabled 40 million users to make their first bank transfer. Throughout 2021, many updates have been made in Pix, like the advancement of the payment of invoices with scheduling and automatic calculation of interest, fines, and discounts. According to central bank data, Pix's payments volume is equivalent to 80 percent of credit and debit card transactions across the country.
- Factors like increasing smartphone penetration and the usage of e-commerce, social media, and the tech-savvy youth in the country are promoting the growth of Brazil real-time payment market.
- Furthermore, organizations are coming up with innovative payment solutions in the country. For instance, In June 2022, Zippi, a Brazil-based fintech company, announced that it had raised USD 16 million for a credit solution via PIX for micro-entrepreneurs. The solution enables micro-entrepreneurs to access working capital to pay suppliers through PIX, Brazil's real-time payment system.
