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(MoneyNewsWire.Net, November 20, 2018 ) The Brazilian cards and payments industry grew during the review period at a CAGR of 8.97%. Changing lifestyle demographics, the increased popularity of online shopping and higher disposable income per capita supported growth in the number of cards in circulation.
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Consumer preferences are expected to change the card payments channel’s dynamics over the forecast period. The Brazilian middle classes have an average age of 34 years and distinct preferences compared to traditional middle-class populations. Brazilian customers are also becoming increasingly averse to credit-fueled spending. These factors prompted the diversification of the market and contributed to the emergence and growth of the prepaid and charge card categories.
Nominal growth for credit and debit cards, with prepaid and charge cards driving the overall channel
The debit and credit card categories are mature and are expected to record nominal growth over the forecast period; the debit cards category is expected to post a CAGR of 2.64% and the credit cards category is expected to record a CAGR of 5.34% in volume terms. The prepaid and charge cards categories are expected to be the prime drivers of the card payments channel. The charge cards category is expected to grow at a CAGR of 7.20% and the prepaid cards category is expected to grow at a CAGR of 8.64% in volume terms over the forecast period.
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A key factor that encouraged the growth of the prepaid cards category is the government legislation that levied a 6.4% charge on all foreign transactions made through credit cards issued in Brazil. As prepaid cards are preloaded with Brazilian real, transactions made through them are treated as domestic payments and have a lower tax rate of 0.38%. This has resulted in a large-scale subscription of prepaid cards. Another factor is a preference among consumers for debt-free payments, with ongoing economic uncertainty in the country.
Growth of online commerce, tourism and retail sales volume to drive cards and payments industry
The growth of the card payments channel will be driven by the growth of online commerce, tourism, new product offerings, retail sales volume and private-label cards. High internet penetration is expected to promote online commerce, which, in turn, is expected to drive growth in the card payments channel. A large tourist inflow into the country is expected to fuel demand for travel and transit cards.
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Growth of private-label cards
Private-label cards have positive growth prospects, particularly in terms of access to unbanked and under banked customers as a result of their proximity to customers and aggressive marketing strategies adopted by card issuers. These cards are expected to see a positive growth as they do not carry any annual fees and have very low levels of risk. Private-label cards also have less chance of being subject to fraud due to less reloadable limits. Examples of private label cards include Carrefour, Ponto Frio, Pernambucanas and Casa Bahia.
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