Technology

Brazilian Cielo reaches 2 million QR code transactions

The milestone is backed by partnerships with digital wallets

Brazilian Cielo brand displayed in a smartphone
Photo: Shutterstock

Brazilian card issuer Cielo, whose main shareholders are the banks Bradesco and Banco do Brasil, has recorded a milestone of 2 million QR code transactions, according to information from Estadão newspaper.

In the last quarter of 2019 only, the firm reached 2 billion transactions; but although QR code still fills a small share of the overall operation, it’s a business in expansion for Cielo, since it has been recording a 30% monthly growth.

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Cielo profited BRL 1.6 billion last year, down 49.7% compared to 2018. Looking at 2019 as a whole, though, the company managed to stop losing market share, presenting two quarters of growth.