Brazil Digital Wallet market was valued at US$2,643.193 million in 2019. The growing popularity of smartphones is the major driver of the digital wallet market. Brazil is the only country in Latin America where Samsung Pay, Google Pay, and Apple Pay are all present. Even with high cash usage, digital wallets are likely to grow because of the population’s familiarity with smartphones. Urban mobility plays an important role in the increase of digital wallet usage – and in more than one way. For one, with the adoption of NFC and QR Code payments in public transportation –smartphone users become more familiar with this technology. Also, car services apps are starting to find ways to include more users and enhance their payment experience. Uber, for instance, has recently launched in Brazil Uber Cash: a digital wallet that offers pre-paid payment options for all of the services offered by the company. Cabify is also looking into similar solutions and has announced in July 2019 their plans to enter the fintech market in the country, enabling drivers to receive their payments through the app and pay for their bills.
In Brazil, digital wallets are increasing financial inclusion, that is, there is no need for users to have a bank account in order to benefit from the use of eWallets. With 45 million unbanked adults and over 90 million smartphone users, digital wallets will enable more consumers to participate in the digital payments phenomenon. Digital services are likely to be one of the main drivers to the increase of eWallets in Brazil, as they are already very present in Brazilians daily lives. In addition, enabling pre-paid payment methods will also encourage digital wallet adoption, as it allows people with limited access to banking services to be included in the financial system and easily pay for their purchases – both online and in points of sale.
Brazil Digital wallet market has been segmented based on the device and application. By device, the market has been segmented as PCs/laptops and smartphones. By application, Brazil digital wallet market has been classified into money transfer, recharge, movie booking, food ordering, and others.