Brazil NFC payment transactions in 2020 to achieve steady growth

Since the opening of the Near Field Communication (NFC) payment service in Rio de Janeiro metro station on May 1, 2019, passengers can use mobile phones, credit cards, wristbands or watches with NFC function to “swipe in” without queuing for tickets. The city’s subways handle 900,000 passengers a day, according to MetroRio, and the change in payment methods could make it easier for passengers. At the same time, it also brings more people to use NFC technology to complete payment transactions.

News on December 31, 2020, Brazil’s Itau (Itau Unibanco) Rede’s payment department in recent days, according to a study released in 2020 years, through the NFC (Near Field Communication, Near Field Communication) technology to complete the payment transaction amount achieved steady growth in Brazil market, which in November 2020 turnover year-on-year growth of 285% last year.

Since May, NFC payments in Brazil have also grown steadily through channels such as electronic wallets, smartwatches and bank cards using NFC technology, averaging around 20 percent per month, the study found.

The COVID-19 epidemic is driving the spread of NFC payments, Rede said, adding that another way to do so is through “pay links.”

This allows merchants to send a payment link to consumers via email, SMS, social network or WhatsApp, and consumers can make remote payments for goods and services.

Transactions completed through payment links in the Brazilian market increased by 33% during October-November 2020, thanks to an increase in the total value of e-commerce transactions in Brazil during the COVID-19 outbreak.

Since the end of March, more than 135,000 stores in Brazil have joined online sales, with new stores opening almost every minute, four times the number of new stores that open each month, according to the Brazilian E-Commerce Association.

In the first five months of this year, the number of online orders and sales in Brazil increased by 65.7% and 56.8%, respectively, compared with the same period last year, and the number of downloads from e-commerce platforms doubled.