Growing internal migration in Brazil owing to better job opportunities, increasing family responsibilities and higher education have triggered the size of the domestic remittance industry in the country.
The remittance market of Brazil has witnessed a transactional change from traditional money transfer methods to digital payment methods. The digital payment market is evolving at a fast pace in the country. The last few years have witnessed heighten activities with the entry of several non-banking institutions offering online payment services and solutions. The money is majorly transferred through non banking institutions in the country which have widely spread their presence across the urban and rural areas in Brazil. The competition in the market has increased with the entry of many small and medium sized players offering online digital payment services to the clients but the remittance market in Brazil is dominated by large multinational players of which many have spread their services across more than 100 countries. Almost 40% of the Brazilian population is unbanked which has increased the dependence of the users on non-banking services and other MTOs.
The remittance industry in the country has witnessed a change from agent based business model to digital modes of money transfer. This trend is likely to continue in future with the proliferation of smart phones that makes online transfers more convenient and cheaper. The users have shifted from traditional methods such as money orders, telegrams and bank deposits to transfer through e-wallet and other online methods. The four electronic payment systems that are currently being used by aid agencies are pre-paid debit cards, smart cards, mobile money transfer systems and electronic vouchers. With the introduction of e-payment methods the users have discovered improved security, easy transfer, and better speed and reduced leakages. The digital payment modes have helped the immigrants to directly pay the utility bills rather than sending the money. The market of bill payment has surged during the review period owing to direct payment of bills through online channels which has positively affected the overall Brazil remittance market.
The report titled “Brazil Remittance Market by Inbound and Outbound International Remittance, by Mode of Transfer (Electronic and Cash), by Channel (Bank and Non-Bank), by Bill Payment Methods (Cash, Credit/Debit Card/E-Wallet and Electronic Transfers), by Types of Payment (Grocery Bills, Utility Bills, Fuel Bills, DTH and Broadband Bills and Mobile Recharge Bills) and by Regions – Outlook to 2022” by Ken Research suggested that growing immigration to foreign countries and increasing urbanization for better job opportunities will majorly account for the overall transaction growth of Brazil remittance market in next 5 years till 2022.
Key Topics Covered in the Report
Brazil International Money Transfer
Number of Brazilian Immigrants Worldwide
Western Union Brazil
Money Transfer in Brazil
Unbanked Population Brazil
Money Transfer Companies in Brazil
International Immigrants Brazil
Internet User Population Brazil
Transfer Wise Transaction Volume
For more information on the research report, refer to below link:
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Ankur Gupta, Head Marketing & Communications