A new report has predicted growth for Brasil’s prepaid cards and Digital wallet Market before the end of the decade, is driven by regulatory reforms and consumer behavior.
The ReportCompiled by research and markets, tips Brazil’s prepaid cards and digital wallet to reach $ 53.42 billion before the end of the decade. The market will grow with an 11.1% composed annual growth rate (CAGR) between 2025 and 2029.
From 2020 to 2024, the ecosystem registered a meteoric growth rate, emphasized by a cagr of 17.9%. While the forecasted ecosystem’s growth pale compared to the figures from 2020, the report highlights the texture in growth.
Several factors drive growth spurt in the prepaid card market. The report mentions Brasil’s embrace of PixAn immediate payment system launched by the country’s central bank.
The figures behind Pix are prepared to trigger a wave in Brazil’s prepaid cards and Digital wallet Market in 2029. Pix sees $ 30 billion In transaction volume from a new automation function, racks from its wide e-commerce application.
The report also mentions to change consumers’ preferences as an important driving force in calculated industry growth. According to the report, there is a growing demand for immediate transactions in the South American country from consumers and merchants.
While digital wallets have the edge in adoption, prepaid card service providers are leaning on important partnerships to catch up. On the regulation side, Brasil’s central bank has driven to standardize and cover prepaid card fees of 0.7%.
“The goal is an improved market fair and expanded merchant, which ensures prepaid short competitiveness among payments and thus stimulates small businesses to adopt these methods to a large extent,” read the report.
Large financial institutions such as Banco Do Brasil and Banco Bradesco currently have most of the market share. However, the report tips fintechs as NUBANK and new innovators to launch offers for consumers in the industry.
Brazil marches on despite challenges
Although Brazil has signaled a clear intention to strive for digitization in payments, the climb has been plagued by challenges. Its attempt at a central bank Digital Currency (CBDC) has been reflected in privacy problems.
Despite the challenges, Brazil’s payment institutions are damaged against fully comprising new technologies. The country’s largest commercial bank is Explore a StableCoin launch The following plans from the supervisory authorities to relax the protection rails for issuers.
Alipay Complete the world’s first payment transaction with smart glasses
Meanwhile, the Chinese payment giant Alipay has announced The completion of a payment transaction with smart glasses in a groundbreaking feature.
Alipay reached the milestone in collaboration with the Chinese consumer electronics company Meizu. Alipay successfully integrated its digital wallet with Meizus smart glasses and utilized the new technology to deduct the transaction.
Alipay revealed that the first-of-dess transaction utilizes a suite with artificial intelligence functions (AI) ranging from voice recognition to new authentication solutions. In addition, Alipay has confirmed that offline payment functions are being worked on in collaboration with Meizu.
“Users can make seamless payments with QR scans or voice commands from their smart glasses, with the support of Alipay +’s AI-driven voice interface, intent recognition and voice print technology,” read the statement.
Alipay confirmed that the new features will be integrated into Alipay+ Partner E-Wallets before the end of the year, pending the roll-out of its technical suite for smart glasses. On the back, Meizu has examined the possibility of offline AI-driven smart glass Payment functions. It will integrate Alipay+payment SDK solutions into its upcoming range of smart glasses.
“Offline payment feature for smart glasses that were launched abroad by Meizu and Alipay+ has set a new technical benchmark for the industry,” says Peng Guo, head of the XR Division in Meizu.
Alipay has played a key role in China’s CBDC experiment and set the pace of digital yuan’s integration of Red package features.
Alipay and its parent company, Ant groupHave a series of include new technology, with their affiliate companies that are aimed at AI in a shot. Alibaba (Nasdaq: Baba) have rolled out its suite with AI solutions to Competing USA-based offersWhile its e-commerce unit utilizes the technology to streamline the trading process.
Smart Glasses Record Adoption Spike
Smart glasses grow in popularity, with rayban and metas (Nasdaq: Meta) Collaboration drives adoption figures to new heights. With its offer, Google (Nasdaq: Googl) has joined the race, while a wave of Chinese consumer electronics companies is eager to drive their products to the market.
However, the trip has not always been smooth, with privacy and health problems that launch the launch of the offers. From the earliest integration of Metas Multimodal AI In Rayban Glasses 2023 to process payments, the offer has come a long way for three years.
See: New Age of Payment Solutions
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