Financial System Infrastructure in Brazil Current Demand Behavior Analysis¶
Demand Behavior¶
The final customers of the Brazilian Financial System Infrastructure (FSI) are primarily categorized into Business-to-Business (B2B) and Business-to-Consumer (B2C) segments.
The B2B segment is diverse, encompassing large corporations, multinational companies, Small and Medium Enterprises (SMEs), and Individual Micro-entrepreneurs (MEIs). Large corporations typically have complex financial needs and interact directly with core FSI components like B3 for capital markets activities. SMEs represent a substantial part of the market, often considered underserved by traditional banking, with increasing needs for efficient digital financial solutions. MEIs constitute a growing category of small businesses requiring accessible and low-cost financial services. Across the B2B segment, there is a noticeable trend towards prioritizing digital interactions and self-service options.
The B2C segment comprises individual consumers, representing a large and increasingly digitized population in Brazil. With a population exceeding 200 million, the country has a significant domestic market. Financial inclusion has seen substantial growth, leading to a considerable decrease in the number of unbanked adults. Brazilian consumers have rapidly adopted digital financial services, including mobile wallets and neobanks. Pix, the instant payment system, has become the most widely used payment method among individuals due to its speed, availability, and often zero transaction fees for peer-to-peer transfers. There is also a growing interest among retail investors in diversifying their investments beyond traditional low-yield options.
The number of customers engaging with the Brazilian FSI is generally growing, driven significantly by technological advancements and financial inclusion initiatives. The adoption of Pix has dramatically increased the volume of digital transactions, indicating a wider use of formal financial systems by both individuals and businesses. Open Finance is also expanding access and potential product customization for both segments.
Here's a summary of growth and decline trends based on available data:
| Customer Segment/Activity | Metric/Indicator | Latest Data (2023-2025) | Growth/Decline Trend | Source Reference |
|---|---|---|---|---|
| B2C & B2B (Payments) | Total Digital Payment Transactions | 138.2 billion transactions (2024) | Growing | [BCB: BC passa a disponibilizar as Estatísticas de Pagamentos de Varejo e de Cartões no Brasil em seu Portal de Dados Abertos] |
| B2C & B2B (Payments) | Total Digital Payment Volume | R$ 116.8 trillion (2024) | Growing | [BCB: BC passa a disponibilizar as Estatísticas de Pagamentos de Varejo e de Cartões no Brasil em seu Portal de Dados Abertos] |
| B2C & B2B (Payments) | Digital Payment Transaction Growth Rate | 31% increase in quantity (1st semester 2024) | Growing | [Finsiders Brasil: Quantidade de pagamentos digitais cresce 31% no primeiro semestre] |
| B2C & B2B (Payments - Pix) | Pix Transaction Volume | >R$ 26.4 trillion (2024) | Growing | [Instituto Propague: Pix eleva movimentação via iniciação de pagamento a nível recorde] |
| B2C & B2B (Payments - Pix) | Pix Volume Growth Rate | 52% increase (2024 vs 2023) | Growing | [Instituto Propague: Pix eleva movimentação via iniciação de pagamento a nível recorde] |
| B2C & B2B (Payments - Pix) | Pix Adoption (Quantity Share) | 39% of all payment items (2023) | Growing | [FEBRABAN Notícias: Pix é o meio de pagamento mais usado no Brasil em 2023] |
| B2C (Financial Inclusion) | Unbanked Adults | Considerable decrease | Declining | [The Fintech Ecosystem in Brazil - Altios] |
| B2C (Digital Banking) | Nubank Customers | 80 million | Growing | [Breaking Down Business Banking in Brazil: How Itaú, Nubank, Inter, and C6 Stack Up] |
| B2C (Investments) | B3 Retail Investor Accounts | 5.5 million accounts | Growing | [Value Chain Analysis] |
| B2C & B2B (Open Finance) | Open Finance Integrated Accounts | >50 million integrated accounts (Jan 2025) | Growing | [Value Chain Analysis], [Open Finance - Banco Central do Brasil] |
| B2B (Small Business Formalization) | Individual Micro-entrepreneurs (MEIs) | Growing category | Growing | [Final Customers Identification] |
| B2B (Payments Infrastructure) | Nuclea Financial Volume | >R$ 18 trillion (2023) | Growing | [Value Chain Analysis], [Nuclea RI: Núclea, antiga CIP, entra para associação da criptoeconomia] |
| B2B (Payments Infrastructure) | Nuclea Operations Volume | >29 billion operations (2023) | Growing | [Value Chain Analysis], [Nuclea RI: Núclea, antiga CIP, entra para associação da criptoeconomia] |
| B2B (Origination) | Incentivized Debentures Issued Volume | R$ 111.9 billion (2024 as of Nov 27), R$ 67.8 billion (2023) | Growing | [ANBIMA Data: Volume emitido de incentivadas supera em 65% o total de 2023] |
Overall, the data indicates a significant and ongoing growth in the number of customers utilizing the Brazilian FSI, particularly driven by the widespread adoption of digital payment methods like Pix and increased financial inclusion through digital banks and accessible financial services for individuals and small businesses. The rise in retail investor accounts also points to growing individual engagement with capital markets.
References¶
Banco Central do Brasil: Infraestruturas do mercado financeiro. https://www.bcb.gov.br/estabilidadefinanceira/infraestruturasmercado Banco Central do Brasil: Sistema de Pagamentos Brasileiro (SPB). https://www.bcb.gov.br/estabilidadefinanceira/sistemadepagamentosbrasileiro Banco Central do Brasil: Sistema Especial de Liquidação e de Custódia (Selic). https://www.bcb.gov.br/estabilidadefinanceira/selic ANBIMA: Brasil tem R$ 9 trilhões em ativos custodiados. https://www.anbima.com.br/pt_br/noticias/brasil-tem-r-9-trilhoes-em-ativos-custodiados.html Finsiders Brasil: Quantidade de pagamentos digitais cresce 31% no primeiro semestre. https://www.finsiders.com.br/noticias/pagamentos/quantidade-de-pagamentos-digitais-cresce-31-no-primeiro-semestre-do-ano/ FEBRABAN Notícias: Pix é o meio de pagamento mais usado no Brasil em 2023; TED lidera em valores transacionados. https://quantoplan.febraban.org.br/noticias/pix-e-o-meio-de-pagamento-mais-usado-no-brasil-em-2023-ted-lidera-em-valores-transacionados Money Times: B3 (B3SA3): Volume financeiro médio diário cresce 4,1% em abril, para R$ 25,6 bilhões. https://www.moneytimes.com.br/b3-b3sa3-volume-financeiro-medio-diario-cresce-41-em-abril-para-r-256-bilhoes/ ANBIMA Data: Volume emitido de incentivadas supera em 65% o total de 2023. https://data.anbima.com.br/debentures/volume-emitido-debentures-incentivadas-supera-2023 Nuclea RI: Núclea, antiga CIP, entra para associação da criptoeconomia. https://ri.nuclea.com.br/noticias/nuclea-antiga-cip-entra-para-associacao-da-criptoeconomia/ CERC: Infraestruturas do Mercado Financeiro (IMF). https://cerc.inf.br/sobre-imf/ Instituto Propague: Pix eleva movimentação via iniciação de pagamento a nível recorde. https://institutopropague.org/noticias/pix-eleva-movimentacao-via-iniciacao-de-pagamento-a-nivel-recorde/ IT Forum: Tendências de tecnologia para o mercado financeiro. https://itforum.com.br/tendencias-de-tecnologia-para-o-mercado-financeiro/ Dock: Pagamentos instantâneos: principais sistemas na LatAm e no mundo, desafios e potencial de inclusão financeira. https://www.dock.tech/blog/pagamentos-instantaneos-principais-sistemas/ Matera: SPB: o que você precisa saber sobre o Sistema de Pagamentos Brasileiro. https://blog.matera.com/sistema-de-pagamentos-brasileiro-spb/ Estudo market share de bancos: em 5 anos, bancos tradicionais têm queda de 57%. https://materiais.idwall.com/market-share-bancos BNP Paribas Brazil: Securities Services. https://group.bnpparibas/br/sobre-n%C3%B3s/securities-services The future of payment methods in B2B retail - Portal Eletrolar.com https://eletrolar.com/the-future-of-payment-methods-in-b2b-retail/ How digital payments drive Brazil's economic transformation - Thunes https://www.thunes.com/blog/how-digital-payments-drive-brazils-economic-transformation/ The payment landscape of B2C e-commerce marketplaces in Latin America and the Caribbean - Digital Repository https://publications.iadb.org/publications/english/document/The-Payment-Landscape-of-B2C-E-commerce-Marketplaces-in-Latin-America-and-the-Caribbean.pdf The Brazilian Investment Landscape: A New Era For Brazilian Investors - Oliver Wyman https://www.oliverwymancapitalmarkets.com/2023/07/25/the-brazilian-investment-landscape-a-new-era-for-brazilian-investors/ Banking midsized businesses in Brazil, a comparative analysis https://www.bain.com/contentassets/82a21a70c6bc4c5d840b82b295d48175/report_banking_midsized_businesses_brazil.pdf The retail and consumer industry in Brazil – Navigating the downturn - PwC https://www.pwc.com.br/pt/publicacoes/setores-atividade/assets/consumer/2023/retail-consumer-brazil-2023-br.pdf Pix adds NFC scanning, device biometrics to Brazilian digital payments platform https://www.finextra.com/newsarticle/45032/pix-adds-nfc-scanning-device-biometrics-to-brazilian-digital-payments-platform Open Finance Brazil Initial Structure August 15, 2022 - AWS https://aws.amazon.com/blogs/financial-services/open-finance-brazil-initial-structure/ Brazil - eCommerce - International Trade Administration https://www.trade.gov/country-commercial-guides/brazil-ecommerce Digital Payment Methods Are Brazil's Newest Export - Global Finance Magazine https://www.gfmag.com/magazine/january-2023/digital-payment-methods-brazils-newest-export SaaS B2B is a business model that stands out in Brazil - Softplan https://www.softplan.com.br/en/blog/saas-b2b-is-a-business-model-that-stands-out-in-brazil/ The Fintech Ecosystem in Brazil - Altios https://www.altios.com/fr/insights/fintech-ecosystem-brazil Pismo clients BTG Pactual, B3, and Cora are finalists in The PAY360 Awards https://pismo.io/press/pismo-clients-btg-pactual-b3-and-cora-are-finalists-in-the-pay360-awards/ Open Finance - Banco Central do Brasil https://www.bcb.gov.br/estabilidadefinanceira/openfinance Breaking Down Business Banking in Brazil: How Itaú, Nubank, Inter, and C6 Stack Up https://www.modusbox.com/blog/breaking-down-business-banking-in-brazil-how-itau-nubank-inter-and-c6-stack-up Cora wins the Pay360 Award for Best B2B Payments Programme - Pismo https://pismo.io/press/cora-wins-the-pay360-award-for-best-b2b-payments-programme/ Em Conversa: Simplifying B2B Transactions With Barte | The Fintech Times https://fintechtime.com/2023/11/27/em-conversa-simplifying-b2b-transactions-with-barte/ Disposition effect, demographics and risk taking - Redalyc https://www.redalyc.org/pdf/177/17755830007.pdf The Brazilian Retail Investment Landscape - Oliver Wyman https://www.oliverwymancapitalmarkets.com/publications/the-brazilian-retail-investment-landscape/