According to Markntel Advisors Report, Brazil P2P (Peer to Peer) Payments Market is expected to grow at a significant growth rate, and the analysis period is 2021-2026, considering the base year as 2020. Consistent monitoring and evaluating of market dynamics to stay informed and adapt your strategies accordingly. As a market research and consulting firm, we offer market research reports that focus on major parameters including Target Market Identification, Customer Needs and Preferences, Thorough Competitor Analysis, Market Size & Market Analysis, and other major factors. At the end, we do provide meaningful insights and actionable recommendations that inform decision-making and strategy development.

A Peer-to-Peer (P2P) payment is the process through which users can transfer funds from their bank account to that of another individual using the Internet. Pay Pal, Venmo, Google Pay, Paytm, Cash App, Amazon Pay, etc., are a few major P2P payment apps that allow users to send money to another person from their bank accounts. These platforms are gaining immense popularity among people of all ages across Brazil.

Brazil P2P (Peer to Peer) Payments Market Research Report & Summary:

The Brazil P2P (Peer to Peer) Payments Market is projected to grow at a CAGR of around 15.1 % during 2021-26.                    

Time Period Captured in the Report:

·        Historical Years: 2016-19

·        Base Years: 2020

·        Forecast Years: 2021-26

Who are the Key Players Operating in the Brazil P2P (Peer to Peer) Payments Market?

The top companies of the Brazil P2P (Peer to Peer) Payments Market ruling the industry are: 

Boleto Bancario, Boleto Flash, PragBrasil PIX, PEC Flash, Samsung Pay, Google Pay, WhatsApp Pay

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What is Included in Brazil P2P (Peer to Peer) Payments Market Segmentation?

The Brazil P2P (Peer to Peer) Payments Market explores the industry by emphasizing the growth parameters and categorizes including geographical segmentation, to offer a comprehensive understanding of the market dynamic.  The further bifurcations are as follows:

• By Transaction Mode
• Short Message Service (SMS)
• Mobile Apps
• Smartcard/NFC (Near field communication)
• By Location
• Remote Payment
• Proximity Payment
• By Type of Purchase
• Airtime Transfer & Top-Ups
• Money Transfers & Payments
• Merchandise & Coupons
• Travel & Ticketing
• By Application
• Retail Payments
• Travels and Hospitality Payments
• Transportation and Logistics Payments
• Others
• By Region
• North
• Northeast
• South
• Southeast
• Central west

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Market Dynamics

Key Driver: Several Government Initiatives for Promoting Contactless Payments

Payments made through digital or contactless mediums essentially contribute to a country's economic development. It helps boost productivity, increases tax revenue, improves transparency, provides new opportunities for end-users, and expands financial inclusions. Recently Brazil has witnessed numerous initiatives implemented by the government to facilitate digital payments. For instance: "The launch of 'PIX' by the Brazil Central Bank to speed up & simplify transactions."

Furthermore, these initiatives facilitate digitalization & raise awareness about the advantages of using new technologies, such as peer-to-peer (P2P) payments. In the context of the pandemic and to undertake enhanced measures of safe distancing, the Brazilian government has encouraged individuals & businesses to use digital financial services & e-payments and minimize physical visits to premises or outlets.

Possible Restraint: Evolving Cyber Attacks & High Risk to Customer Privacy & Security

Digital payments face a significant roadblock due to cyberattacks. Historically, these attacks have posed the greatest threat to the electronics payment industry. The surging adoption of digital payment technologies has led to a significant surge in cybersecurity risks. Embracing payment technologies & integrating them into businesses has also increased privacy risks, theft concerns, and regulatory compliance issues. Despite their security claims, none of the P2P payment platforms are entirely impenetrable. For instance, a person holding a bank account, who links it to any payment mode online, is putting his data at risk and may want to unlink it later. Consequently, these factors might hamper the growth of the Brazil P2P Market during the forecast period.

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