Number of payment fintechs in Brazil rose 26% in 2020

RIO DE JANEIRO, BRAZIL – The number of payment fintechs operating in Brazil grew by 26% in 2020, the Central Bank said on Monday in its Banking Economy Report.

Accordingly, there were 190 fintechs in the payments business in Brazil last year. According to the Central Bank, this represents “an indication of increased competition” among payment institutions.

The monetary authority also stresses the expansion “of rights related to payment transactions.” Between September 2018 and September 2020, the expansion of these rights in payment institutions linked to the largest banks amounted to 10%. In other payment institutions, growth was 349%.

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