Brazilian Government to Take Action in Mobile Payments

cellphone

The mobile payment sector is faced with a prime opportunity in Latin America, especially in Brazil, where the market is taking off at the speed of lightning.

Regionally, 70% of the Latin American population remains unbanked; however, 90% own cell phones – a growing avenue for banking.

In Brazil, a number of deals have been made to indicate a bright future for mobile payments. Bradesco, one of Brazil’s major private banks, and Claro joined forces to build a business in the sector last year, and Vivo and MasterCard have reached a similar agreement. Cielo, a payment processing company, and Paggo, an m-payment service provider, are working to expand their networks. Moreover, sources have indicated that NFC, near field communication, is on its way to becoming a reality in Brazil this year.

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Emily Stewart

Originally from the United States. Degree in Comparative Literature & Society from Columbia University. Background in marketing and communications, including copywriting, translation, editing and content creation. Localization experience. Twitter @doblackshoe