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How losses in tourism affected payment landscape of Brazil

Brazilian consumers are more likely to shift to e-payments amid the pandemic

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How losses in tourism affected payment landscape of Brazil. Source: unsplash.com

GlobalData conducted research revealing that the Brazilian payment landscape will be totally changed due to the losses in the tourism sector.

The statistics showed that the Brazilian tourism sector has already lost $1 billion as of March 2020.

According to information, Brazil will face an increase in bank account penetration and grown usage of digital channels. This way, earlier unbanked consumers will be able to receive financial aid and avoid cash. It has been previously stated that the virus can stick to surfaces thus infect people.

Online spending is also likely to surge as wary consumers are staying home and using online channels to purchase goods. To avoids public contact and due to fears of shortages, consumers are increasingly opting for online channels in order to purchase daily essentials
Ravi Sharma, Payments Analyst at GlobalData

We’ve reported that credit card balance growth in Brazil is forecasted to remain at 7.8% in 2020, although 2021 will bring higher growth rates.

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