Business

Brazil is the fourth biggest global market for mobile wallets

British investment consultancy Buyshares estimates that transactions will reach $22.3 billion in 2020 in the country

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  • Worldwide mobile wallet users are estimated to grow by 49.5% by 2024, reaching 23% of the population;
  • The projections take into account that this type of payment has been gaining popularity among small and medium retailers and has gained additional momentum with the Covid-19 pandemic.

Figures from the British investment consultancy Buyshares indicate that Brazil is already the world’s fourth largest market for mobile wallets, or Mobile POS, and transactions on them are expected to reach $22.3 billion in 2020 in the country. 

According to the report, Brazil is behind China ($755.5 billion), USA ($357.5 billion) and the United Kingdom ($45.8 billion) and ahead of South Korea ($17.6 billion). Global perspective is one of rapid growth. The projection is that the number of mobile wallet users (today 1.17 billion) will grow 49.5% by 2024, to 1.75 billion, or 23% of the world population. 

Transaction values in 2020, before COVID-19 and after COVID-19

Source: Buyshares

At the same time, the financial volume is expected to almost triple in the same period. “After adjusting revenues to the expected impact of the Covid-19 pandemic in June 2020, the figure for this year is $1.48 trillion. The expectation is that this number will grow 180.15%, to $4.14 trillion in 2024”, points out the consultancy. 

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The projections take into account that this type of payment has been gaining popularity among small and medium retailers and has gained additional momentum with the Covid-19 pandemic, due to the nature of the spread and the preference for contactless transactions as a precautionary measure.