Digitization and the increased use of technology during the pandemic boosted the payments industry. The Brazilian market has undergone many renovations, among them the launch of the Banco do Brasil instant system, o popular PIX. Now, the tendency is for the market to increase its offer and payment options to customers over the course of 2023.
A survey carried out by Consultoria Beyond Borders revealed the trends in this segment for next year. The assessment, including the entire territory of Latin America, released growth forecasts between 2025 e 2026. According to the survey, Currently, Brazil is the third country that most uses alternative payments in e-commerce in the Latin region.
PIX grows more than 90%
This represents that 44% of the total volume of purchases paid were made using alternative methods in 2022. Leading these options is PIX, followed by digital wallets and, after, through tickets. Only PIX showed growth of 97% among consumers throughout the year.
5 payment method trends
Among the highlighted trends are cryptocurrency payments and scheduled solutions. Beyond digital wallets, a lógica “Buy now, pay later” – which in Portuguese means “Buy now, pay later” – will also be on the rise. Although, other modalities should gain space in the coming years.
With them, cutting-edge technologies will also accompany the options already known and so popular among consumers. Check out the main trends highlighted by Beyond Borders:
Cryptocurrencies
The use of digital wallets and payments with cryptocurrencies tend to gain a lot of space on Brazilian soil both in instant and scheduled ways. Part of this is due to the law regulating the crypto industry, approved now at the end of the year and will soon come into force.
Gaming and streaming
Micropayments via creative economy platforms are expected to grow 60% until 2025 throughout Latin America. Part of this is due to the growth of influencers and digital creators in Brazil, where 50% already monetizes with its internet content. Beyond games, the boost will be even more notable on streaming platforms.
Omnichannel and sustainability
The sustainable concept will be on the rise in many companies. Between this, the Omnichannel experience, to concentrate a company's purchasing channels, will remain high. Another issue that should be kept under debate is the consumption of paper and plastics for payment purposes..
E-commerce without borders
Another trend will be cross-border e-commerce, i.e., store platforms that sell to customers from different countries in Latin America. This is a reflection of the digital maturity of the location, given that 75% of Latinos made online purchases in 2022. The growth projected by Beyond Borders is 34% per year until 2025.
Cloud usage
Finally, Increasing transaction security will also be a strong focus of this industry. With processes increasingly digitalized, the use of cloud-based software and payment systems is expected to grow 28% until 2026. Not Brazil, This will be a natural process as digitalization has had a strong following among small and medium-sized companies.
