Dublin, March 14, 2022 (GLOBE NEWSWIRE) -- The "Brazil Prepaid Card and Digital Wallet Business and Investment Opportunities Databook - Market Size and Forecast, Consumer Attitude & Behaviour, Retail Spend" report has been added to ResearchAndMarkets.com's offering.
The prepaid card market (value terms) in Brazil increased at a CAGR of 8.7% during 2017-2021. Over the forecast period of 2022 to 2026, the market is expected to record a CAGR of 13.7%, increasing from US$23.57 billion in 2022 to reach US$39.37 billion by 2026.
The Brazilian prepaid card market recorded significant growth in 2021. The global pandemic fueled this substantial growth in the prepaid card segment. With more people staying at home and resorting to e-commerce during the Covid-19 pandemic, the use of prepaid cards on online transactions surged significantly.
Brazil witnessed a lot of fintech innovations which further enhanced the cashless payments in the country. With increasing digitalization in the payment system, the prepaid card market also witnessed strong growth. The publisher expects the trend to continue in Brazil over the next four to six quarters, resulting in stable adoption of prepaid cards among consumers.
Digital wallets and remittance providers expanding their business in Brazil
With the growing expat community in Brazil, global payment providers are expanding their business in the country. Companies are launching alternative banking solutions to cater to the needs of the people residing and working away from the country in regions such as the United States, Italy, Portugal, and Spain, as well as also for supporting immigrants who will settle in Brazil.
- In December 2021, Sokin, a London-based fintech launched its inclusive Global Currency Account and prepaid debit card in Brazil for its residents and expat community.
- The customers are allowed to receive and send money and access cost-effective currency exchange in 38 currencies against a monthly fee. Notably, consumers can perform all these through Sokin's digital wallet.
With the growing number of Brazilian expats, products targeting these segments are likely to push the usage of prepaid cards in the country in the next four to eight quarters.
Global digital asset exchange platform entering the Brazilian market with the introduction of Visa Crypto Card
Cryptocurrencies are gaining popularity around the world. In Brazil, the demand for cryptocurrencies increased significantly in the last six to eight quarters. Moreover, in November 2021, the Brazilian government proposed a bill to legalize cryptocurrency in the public and private sectors. Consequently, the publisher expects the government initiative is to encourage fintech companies to launch their products in Brazil in short to medium term.
- In November 2021, Hong Kong-based digital asset exchange crypto.com has started issuing Visa crypto cards for the residents of Brazil.
- These cards are prepaid in nature and should be recharged through fiat or cryptocurrencies.
- Decentralization enables the use of these Visa crypto cards to convert tokens into currencies of the individual geographies.
- The card can also be used for withdrawing cash from ATMs or Point of Sale (PoS) purchases.
- Additionally, the cardholders will get offers up to 8% back on spending, LoungeKey airport lounge access, and full subscription rebates for Spotify, Netflix, and Amazon Prime.
- Notably, Brazilians have to clear an approval process after applying for the card, and eligible users will get a virtual card after the clearance.
Partnerships to launch meal cards are increasing in the Brazilian market
With the high adoption of cashless payments in the country, food delivery startups saw increased meal and food vouchers usage amidst the pandemic. This propelled the food delivery companies to partner with payments companies to bring corporate food cards in the market for both online and offline transactions.
- In May 2021, food delivery startup iFood and Elo engaged in a strategic partnership with Link, a payment provider, to launch a single corporate card with meal and food voucher functions.
- The card can be used in restaurants and supermarkets, and it can also be used for online purchases.
- The user can access the iFood card to be used in bakeries, grocery stores, and also in wholesale chains. Notably, this prepaid card can also be used for the promotions and offers of the Elo network.
Scope
Companies Mentioned
- Casino Guichard-Perrachon SA
- Natura Cosmeticos SA
- Wal-Mart Stores Inc
- Lojas Americanas SA
- Adeo Groupe
- Cencosud SA
- Magazine Luiza SA
Brazil Digital Wallet Market Size and Forecast
- Transaction Value Trend Analysis
- Transaction Volume Trend Analysis
- Average Value per Transaction
Brazil Digital Wallet Market Size and Forecast by Key Segments
- Retail Shopping (Value, Volume, Avg. Value)
- Travel (Value, Volume, Avg. Value)
- Entertainment and Gaming (Value, Volume, Avg. Value)
- Restaurant (Value, Volume, Avg. Value)
- Recharge and Bill Payment (Value, Volume, Avg. Value)
Brazil Prepaid Card Industry Market Attractiveness
- Load Value Trend Analysis
- Transaction Value Trend Analysis
- Transaction Volume Trend Analysis
- Average Value per Transaction
- Number of Cards
Market Share Analysis by Functional Attributes - Open Loop vs. Closed Loop, 2017 - 2026
Market Share Analysis by Prepaid Card Categories
Brazil Open Loop Prepaid Card Future Growth Dynamics, 2017 - 2026
- Transaction Value Trend Analysis
- Transaction Volume Trend Analysis
- Average Value per Transaction
- Number of Cards
Brazil Closed Loop Prepaid Card Future Growth Dynamics, 2017 - 2026
- Transaction Value Trend Analysis
- Transaction Volume Trend Analysis
- Average Value per Transaction
- Number of Cards
Brazil Prepaid Card Consumer Usage Trends
- By Age Group
- By Income Group
- By Gender
Brazil General Purpose Prepaid Card Market Size and Forecast
Brazil Gift Card Market Size and Forecast
Gift Card Market Size and Forecast by Functional Attribute
- By Open Loop Gift Card
- By Closed Loop Gift Card
- By Retail Consumer Segment
- By Corporate Consumer Segment
Gift Card Market Share Analysis by Retail Categories
Gift Card Market Share Analysis by Gifting Occasion
Gift Card Market Share Analysis by Purchase Location
Brazil Entertainment and Gaming Prepaid Card Market Size and Forecast
Brazil Teen and Campus Prepaid Card Market Size and Forecast
Teen and Campus Prepaid Card Market Size and Forecast by Functional Attribute
- By Open Loop Teen and Campus Prepaid Card
- By Closed Loop Teen and Campus Prepaid Card
Brazil Business and Administrative Expense Prepaid Card Market Size and Forecast
- By Small Scale Business Segment
- By Mid-Tier Business Segment
- By Enterprise Business Segment
- By Government Segment
Brazil Payroll Prepaid Card Market Size and Forecast
- By Small Scale Business Segment
- By Mid-Tier Business Segment
- By Enterprise Business Segment
- By Government Segment
Brazil Meal Prepaid Card Market Size and Forecast
- By Small Scale Business Segment
- By Mid-Tier Business Segment
- By Enterprise Business Segment
- By Government Segment
Brazil Travel Forex Prepaid Card Market Size and Forecast
- By Retail
- By Small Scale Business Segment
- By Mid-Tier Business Segment
- By Enterprise Business Segment
- By Government Segment
Brazil Transit and Tolls Prepaid Card Market Size and Forecast
Brazil Healthcare and Wellness Prepaid Card Market Size and Forecast
Brazil Social Security and Other Government Benefit Programs Prepaid Card Market Size and Forecast
Brazil Fuel Prepaid Cards Market Size and Forecast
Brazil Utilities, and Other Prepaid Cards Market Size and Forecast
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