Rising Adoption of Mobile Payments to Propel the Brazil P2P Payments Market Growth During 2021-26

FLORINOPOLIS, Brazil - Sept. 3, 2021 - PRLog -- According to a new study by MarkNtel Advisors, the Brazil P2P Payments Market is expected to grow at a CAGR of 15.1% during the forecast period, i.e., 2021-26. P2P payments are online technology that enables customers to transfer funds through the internet. The rising popularity of P2P payments owes to the burgeoning awareness regarding the benefit of mobile wallets.

Additionally, surging demand for non-cash payments due to the rapid market penetration of smartphones & computers, coupled with snowballing government support & initiatives to promote P2P payments, are other crucial aspects projected to boost the overall market growth in the coming years, further states the research report, "Brazil P2P Payments Market Analysis, 2021."

Travel and Hospitality Payments to Observe Fastest Growth in the Brazil P2P Payments Market

Based on the Application, the market bifurcates into Retail Payments, Travel & Hospitality Payments, and Transportation & Logistics Payments. Of them all, the Travel & Hospitality Payment segment is expected to witness the fastest growth during 2021-26. The primary factors contributing to the segment growth are the surging adoption of P2P payments across the hospitality sector and soaring transactions through mobile apps.

Proximity Payments to Attain Highest CAGR in the Brazil P2P Payments Market

Based on Location, the market divides into Remote Payments and Proximity Payments. Of both, Proximity Payments show more signs of attaining the highest CAGR in the Brazil P2P Payments Market during 2021-26. The segment growth owes to the shift of young consumers toward online banking and the rising number of proximity payment users. Proximity payments are anticipated to reach 21 million users by 2030, which, in turn, would fuel the overall market growth in the coming years.

Key Market Competitors:

According to MarkNtel Advisors, the leading industry players in the Brazil P2P Payments Market are Boleto Bancario, Boleto Flash, PagBrasil PIX, PEC Flash, Samsung Pay, Google Pay, and WhatsApp Pay.

Get the report sample: https://www.marknteladvisors.com/query/request-sample/brazil-p2p-payments-market.html