Market Research Reports - Ken Research Brazil Remittance, Western Union Brazil

Brazil Remittance Market was led by Improvement in Lifestyle of Citizens, Increasing
Penetration of MTOs and Rising Brazilian Immigrants in other Countries: Ken Research
Growing internal migration in Brazil owing to better job opportunities, increasing family
responsibilities and higher education have triggered the size of the domestic remittance
industry in the country.
The remittance market of Brazil has witnessed a transactional change from traditional money
transfer methods to digital payment methods. The digital payment market is evolving at a fast
pace in the country. The last few years have witnessed heighten activities with the entry of
several non-banking institutions offering online payment services and solutions. The money is
majorly transferred through non banking institutions in the country which have widely spread
their presence across the urban and rural areas in Brazil. The competition in the market has
increased with the entry of many small and medium sized players offering online digital
payment services to the clients but the remittance market in Brazil is dominated by large
multinational players of which many have spread their services across more than 100 countries.
Almost 40% of the Brazilian population is unbanked which has increased the dependence of the
users on non-banking services and other MTOs.
The remittance industry in the country has witnessed a change from agent based business
model to digital modes of money transfer. This trend is likely to continue in future with the
proliferation of smart phones that makes online transfers more convenient and cheaper. The
users have shifted from traditional methods such as money orders, telegrams and bank
deposits to transfer through e-wallet and other online methods. The four electronic payment
systems that are currently being used by aid agencies are pre-paid debit cards, smart cards,
mobile money transfer systems and electronic vouchers. With the introduction of e-payment
methods the users have discovered improved security, easy transfer, and better speed and
reduced leakages. The digital payment modes have helped the immigrants to directly pay the
utility bills rather than sending the money. The market of bill payment has surged during the
review period owing to direct payment of bills through online channels which has positively
affected the overall Brazil remittance market.
The report titled “Brazil Remittance Market by Inbound and Outbound International
Remittance, by Mode of Transfer (Electronic and Cash), by Channel (Bank and Non-Bank), by
Bill Payment Methods (Cash, Credit/Debit Card/E-Wallet and Electronic Transfers), by Types
of Payment (Grocery Bills, Utility Bills, Fuel Bills, DTH and Broadband Bills and Mobile
Recharge Bills) and by Regions – Outlook to 2022” by Ken Research suggested that growing
immigration to foreign countries and increasing urbanization for better job opportunities will
majorly account for the overall transaction growth of Brazil remittance market in next 5 years
till 2022.