Social isolation and quarantine restrictions implemented to refrain the transmission of coronavirus led to a prolonged period of temporary suspension of brick-and-mortar operations in nearly all services. As a result, digital strategies to bring customers and players closer together was key to keeping operations moving in 2020 in Brazil.
Sanitary concerns contributed to consumers growing more familiar with proximity solutions in the payments space. Seen as more sanitarily safe than the usual contact-based payments, contactless transactions gained traction amongst Brazilians.
In November 2020, the Brazilian Central Bank launched its instant payment system, PIX. The system enables customers to register a given set of keywords and share them with other PIX users to receive a payment transaction.
In a rapidly evolving digital scenario, consumers are becoming less interested in specific players and evermore keen on seizing the best deal when purchasing goods and services online. This means that players need to broaden their partnerships and strategies so as to gain share of consumers’ minds.
With mass vaccination progressing at a slow pace in Brazil, social distancing and restrictions on brick-and-mortar operations are set to continue over the early part of the forecast period. In that sense, players that resort to digital solutions to meet pent-up demand for non-essential services will thrive.
Players will need to keep up with the dynamic pace of the payments space in Brazil and leverage as many digital payment methods as possible, to embrace the largest number of customers they can. That spans those customers with poor access to credit who rely on digital bank accounts only, to the digitally savvy ones who crave the convenience of proximity payments to avoid standing in line at the ticket gates of public transport.
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