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The COVID-19 pandemic in Brazil resulted in the temporary suspension of the operations of several businesses considered non-essential, in particular services and much of the retail industry. The strictest quarantine was implemented in the second quarter of 2020, with April being the most critical month.
The first case of COVID-19 was confirmed by the Health Ministry on 26 February. On 16 March, schools closed in Sao Paulo, the state with the most cases, while, on 17 March, the first death was registered.
In response to the major deterioration in income levels of self-employed workers and employees from the services industry, the Brazilian Federal Government introduced a programme to transfer emergency aid to consumers, reaching a total amount of BRL1,800, payable in three monthly instalments of BRL600, BRL900 and BRL300. These transfers were made through Brazil’s federal savings bank (Caixa Econômica Federal), with beneficiaries activating digital debit cards to receive the funds, which has been positively contributing to the performance of financial cards in Brazil in 2020.
Brazil’s Central Bank has launched an instant payment system – called PIX – due to start operating from 16 November 2020. With this system, consumers will be able to register up to three keys to be used to perform instant payments to anyone else or any other entity also registered in the system.
The financial cards competitive landscape in Brazil is dominated by large retail banks and international networks, except for Brazil-based operator Elo Participações, which is among the top three operators in the country in debit and credit transactions. However, digital wallets in Brazil are becoming increasingly relevant.
PIX is forecast to impact card payments, including those carried out with debit cards, and prevent this type of payment from seeing such rapid growth as it did over the historic period. The reason for this is mostly that consumers and entrepreneurs, especially small ones that do not have matured digital operations, might prefer using PIX rather than digital payment solutions, which prioritise the use of financial cards to carry out online payments.
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Overview
Discover the latest market trends and uncover sources of future market growth for the Financial Cards and Payments industry in Brazil with research from Euromonitor's team of in-country analysts.
Find hidden opportunities in the most current research data available, understand competitive threats with our detailed market analysis, and plan your corporate strategy with our expert qualitative analysis and growth projections.
If you're in the Financial Cards and Payments industry in Brazil, our research will save you time and money while empowering you to make informed, profitable decisions.
The Financial Cards and Payments in Brazil market research report includes:
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Why buy this report?
Euromonitor’s industry reports, including Financial Cards and Payments in Brazil, originate from our database within our Consumer Finance market share and market size database, Passport, a platform which analyses Consumer Finance in 46 countries and globally.
Gain competitive intelligence about market leaders. Track key industry trends, opportunities and threats. Inform your marketing, brand, strategy and market development, sales and supply functions.