The increase of digital means of payments in the country is not something that recent. However, with the scenario of digital growth, online sales and the contingency developed to minimize the effects of the COVID-19 pandemic, it is possible to point out that these digital payment methods are increasingly relevant in the national market.
In 2020, the Central Bank released detailed data on the country’s payments segment. The report “Retail and Card Payment Statistics” points out that the use of digital means of payment continues to increase among Brazilians.
Last year, transactions made with mobile devices totaled 46,113 million. These data correspond to an increase of 35% compared to 2019, which registered 34,170 million operations. In relation to bill payments, taxes and credit transfers, mobile and digital channels also gained popularity, comprising 37% of these payments.
Last year, 3,957 million operations were carried out with these purposes, 35.4% more than in the previous year (2,922 million). The increase in the use of prepaid cards is also one of the highlights of the Central Bank’s data.
In an analysis of retail payments and withdrawals, carried out between the fourth quarter of 2018 and 2020, it is possible to notice that the relevance of prepaid cards increased from 0.4% to around 8% in the period. This growth exposes the increased participation of payment companies in this sector.
What are the most popular digital payment technologies?
The most recent payment methods technologies that have become widely used in Brazil are:
PIX
Nowadays, PIX is the sensation of the online payment market in Brazil. It was created by the Central Bank last year. Using keys enabled by companies that rely on the technology, the user makes payments at any time, even on weekends and holidays, without charging fees.
QR Code
The QR Code is a way to make payments at a distance, through the adoption of the smartphone camera. QR Code payments happen very quickly and securely. In addition, this code can be used at points of sale, helping stores interact with different payment network companies, through credit or debit cards.
Approximation
Payments by approximation, also called contactless payments, became quite popular due to the Covid19 pandemic, as they provide opportunities for contactless payments with card machines, eliminating the need to enter passwords.
Some other technologies, such as CPF Token, are still not so popular in the country, but they could be trends for years to come.
Pay4Fun projects the future of payment methods in the country
But what can be expected from the future of payment methods in Brazil? According to Pay4Fun, the economic and social situation needs to be considered. Several economic segments that were stagnant since the beginning of the pandemic are making a comeback with great force.
Reducing the effects of the pandemic has allowed many activities limited to the online world last year to come closer and closer to normal. Thus, events, travel, work, studies and in-person purchases will grow again. Does this mean that there will be a decrease in the use of digital payment methods?
Of course not! The best word for the future of payments in Brazil is convergence. The real world will continue to be filled with digital payment technologies and these will facilitate social integration. The cash will remain present. However, the security and practicality of online transaction forms will be a huge difference in this post-pandemic period.
Following these trends, Pay4Fun is launching several products, with the intention of making the experience of customers and partners more and more satisfying. Pay4Fun employs all the technology of digital payment methods, combined with excellent service.
Currently, technology is something fundamental, however, the human being remains at the center of every successful enterprise. That’s why the care with the service and support to customers and partners is paramount at Pay4Fun.
