Peer to Peer (P2P) payment means transferring funds from one’s bank account to another through the online platform or mobile apps. The adoption of the P2P payment system has allowed customers to make payments at the drop of a hat.
According to a new study by MarkNtel Advisors, the Brazil P2P Payments Market is anticipated to grow at a CAGR of around 15.1% during the forecast period, i.e., 2021-26. Rising demand for faster settlement periods, notifications, & consolidated reports is driving the change in traditional payments, such as checks or cash.
The prominent factors contributing to the market growth are the increasing number of smartphones & computer users, coupled with various technological advancements in the P2P payment system. Additionally, high-speed data and changing consumer behaviors are other crucial factors expected to augment the demand for P2P payment systems. The leading industry players in the Brazil P2P Payments Market are Boleto Bancario, Boleto Flash, PagBrasil PIX, PEC Flash, Samsung Pay, Google Pay, and WhatsApp Pay.
The COVID-19 pandemic has positively impacted the Brazil P2P Payment Market growth. Due to the imposition of lockdown and social distancing norms, the adoption of online shopping and the use of digital wallets significantly increased. Hence, the pandemic increased the demand for P2P payment methods, thereby accelerating the overall market growth. Further, the demand for P2P payments shall continue to surge astronomically even after the pandemic ends, owing to the accelerating changes in the payment industry.
Get the sample report of the market research here: https://www.marknteladvisors.com/query/request-sample/brazil-p2p-payments-market.html
Based on the Transaction Mode, the market segments into Short Message Service (SMS), Mobile Apps, and Smartcard/NFC. Among these, Smartcard/NFC accounted for the largest share of the Brazil P2P Payments Market in the previous few years owing to the rapid surge in credit & debit card transactions.
Further, the Short Message Service (SMS) segment is projected to register the fastest growth in the Brazil P2P Payment Market owing to the rising popularity of the payment link method that enables customers to pay remotely to the retailers for the goods & services they bought.
The burgeoning popularity of P2P payments attributes to the rising awareness regarding the various benefits of contactless technologies & digital wallets. Moreover, the growing trend of non-cash transactions due to the rapid market penetration of smartphones & computers is another crucial aspect expected to strongly contribute to the growth of the Brazil P2P Payment Market during 2021-26.
0 Comments