Banking services have been expanding its penetration amongst the Country growing middle class. Since 2003, 40 mi Brazilian came out of poverty and more than 55% of Brazilians now belong to the so-called ‘C-class’.
Brazil has more than 250 mi active mobile phone lines. Nevertheless, they are hardly used as platforms for mobile payments.
Today (Oct 29th), the Brazilian Central Bank announced that a proposal for a new law will be sent to the Congress. Such a law will foster the adoption and regulate mobile payment systems in the Country. It is expected to unleash a new wave of financial services development and integrate millions in the banking system.
As the Country suffered from hyper inflation in the 80’s and early 90’s, the local banking industry developed strong capabilities (and cutting edge IT tools) for banking operations. Currently, all transactions over R$ 5,000.00 (roughly US$ 2,500.00) are cleared in real time – all others in 24h – and systems are fully integrated countrywide.
- To invest in Brazil in the development/deployment of mobile payment systems;
- To invest in Brazil in retail banking, especially targeting the botton of the pyramid;
- To buy Brazilian software solutions for the banking industry;
- To partner with Brazilian IT companies and take solutions developed in the Brazilian market to other geographies.