The Brazilian cards and payments industry grew during the review period at a CAGR of 8.97%. Changing lifestyle demographics, the increased popularity of online shopping and higher disposable income per capita supported growth in the number of cards in circulation.
For Detailed Information @ https://marketdataforecast.com/market-reports/brazil-cards-and-payments-market-6891/
Evolving regulatory framework to increase competition in the cards and payments industry
The regulatory landscape in the cards and payments industry is undergoing significant changes, and the stance of the Central Bank of Brazil (CBB) is to pursue steps that promote competition in the industry. One of the moves by the CBB in this direction is the enforcement of the ‘no surcharge’ rule. The card payments channel is also governed by specific regulations related to the foreign exchange market. The prepaid cards category is less regulated as the category is still evolving in Brazil, though stricter rules are expected as the category expands.
For Free Sample Report @ https://marketdataforecast.com/market-reports/brazil-cards-and-payments-market-6891/request-sample
CBB efforts to discourage use of checks
The CBB has launched numerous efforts to encourage consumers to switch to card payments. It discourages the use of checks and is promoting card products in interior and rural regions by partnering with domestic development bank BNDES. The distribution of social benefits and pensions are now made through prepaid cards, not checks as was the case previously.
Competitive marketing and pricing strategies
With the rise of competitive pressure, banks and issuers are developing marketing and pricing strategies with the aim of attracting larger customer bases. Offers such as cashback, discounts at retail outlets, rewards points and insurance cover are used to expand customer bases. Banks also segment their customers to maximize the potential to increase market share. Banks such as Banco Santander, Banco Nacional de Desenvolvimento Econômico e Social (BNDES) and Brazil’s Banco Bradesco have launched credit cards that specifically target low-income groups, government employees and the unbanked population.
Banks have also established a range of corporate cards designed to meet the specific needs of businesses. Visa has formed a strategic partnership with Brazilian development bank BNDES and Brazil’s Banco Bradesco to offer e-procurement cards to businesses.
Buy Now @ https://marketdataforecast.com/cart/buy-now/brazil-cards-and-payments-market-6891/
Emergence of EMV cards, near-field communication (NFC) and contactless payments
EMV cards, NFC and contactless payments are expected to drive growth on the card payments channel. The launch of EMV cards in Brazil by Banco Santander in 2011 brought about a secure and internationally accepted credit and debit cards transaction system. EMV cards follow international standards and are accepted globally. Nokia has teamed up with PagSeguro to bring NFC payments into Brazil. The payment channel infrastructure and security of card payments is expected to improve with the emergence of new technology such as biometric technology and anti-skimming technology.
Market Data Forecast is a firm working in the areas of market research, business intelligence and consulting. We have rich experience in research and consulting for various business domains to cater to the needs of both individual and corporate clients. A few key business areas that we handle with excellence include business process improvement, corporate financing and decision making based on market research, assisting in developing appropriate strategy and providing consultancy based on extensive research.
Email: [email protected]
Address: 2nd Floor, Above ICICI Bank, B-44, Rd Number 3, Journalist Colony, Film Nagar, Hyderabad, Telangana 500033, India.