Financial System Infrastructure in Brazil Current Behavior Changes Analysis¶
Ongoing Behavior Changes¶
Significant ongoing behavior changes are reshaping the landscape of the Brazilian Financial System Infrastructure, impacting both Business-to-Consumer (B2C) and Business-to-Business (B2B) customer segments. These changes are largely driven by technological advancements, regulatory initiatives, and evolving customer preferences for digital interactions and enhanced financial inclusion.
A primary behavior change is the widespread and increasing adoption of digital payment methods, most notably Pix. Brazilian consumers and businesses have rapidly embraced Pix due to its instant settlement, 24/7 availability, and often zero transaction fees for individuals. This has led to a substantial increase in the volume of digital transactions, with total digital payment transactions reaching 138.2 billion in 2024, and Pix transactions exceeding 6 billion monthly in Q4'24. [4, 10, Value Chain Analysis] The financial volume transacted via Pix also saw a significant 52% increase in 2024 compared to 2023, reaching over R$ 26.4 trillion. [Value Chain Analysis] This indicates a clear shift away from traditional payment methods like cash and even a potential replacement of a significant portion of debit card transactions. The adoption of mobile wallets and contactless payments is also gaining momentum.
Another crucial behavior change is the growing demand for digital banking services and the increasing preference for digital interactions across both B2C and B2B segments. This is particularly evident among younger, tech-savvy consumers. The rise of neobanks like Nubank, with its substantial customer base, highlights this shift. [Value Chain Analysis, Current Demand Behavior Analysis] In the B2B sector, businesses are increasingly prioritizing digital interactions and self-service options for financial management and transactions. [Final Customers Identification]
The Open Finance initiative is also fostering a change in how customers interact with financial services by giving them more control over their financial data and enabling its secure sharing with third parties. This is expected to lead to more personalized products and services and increased competition. Open Finance has seen significant uptake, with over 50 million integrated accounts as of January 2025. [Value Chain Analysis, Current Demand Behavior Analysis]
Furthermore, there is a growing interest among retail investors in Brazil to diversify their investments beyond traditional low-yield options, seeking higher returns. [Final Customers Identification] This is reflected in the increasing number of retail investor accounts on B3. [Value Chain Analysis, Current Demand Behavior Analysis]
Within the B2B segment, there is a growing category of Individual Micro-entrepreneurs (MEIs) and a significant portion of Small and Medium Enterprises (SMEs) that are increasingly seeking accessible and low-cost financial solutions, often through digital channels and fintechs. [Final Customers Identification] The B2B payment volume has also seen substantial growth, exceeding R$ 1 trillion in December 2024, marking a 56% year-over-year increase in transaction volume via Pix.
Finally, economic factors such as economic growth and declining unemployment have influenced consumer behavior, leading to increased demand for financial products like personal loans and credit cards, despite prevailing high interest rates.
Impact of these Changes on the Value Chain¶
These ongoing behavior changes have a profound impact across the different stages of the Brazilian Financial System Infrastructure value chain:
| Value Chain Stage | Impact of Behavior Changes |
|---|---|
| Origination & Structuring | Increased demand for digital channels for accessing investment products driven by growing retail investor interest. Potential for new forms of asset origination based on data available through Open Finance. Growth in securitization of digital receivables. [Value Chain Analysis] |
| Trading & Execution | Shift towards digital brokerage platforms due to increased retail investor participation. Potential for increased trading volumes in diversified assets as investors seek higher yields. [Value Chain Analysis] |
| Clearing | Increased volume of digital payment transactions (especially Pix) puts higher processing demands on clearing systems like Nuclea. [Value Chain Analysis, Current Demand Behavior Analysis] |
| Settlement | Significant increase in real-time settlements driven by Pix. [4, 10, Value Chain Analysis] Requires robust and scalable settlement infrastructure (SPI, STR). [Value Chain Analysis] Potential for DREX to further impact settlement processes in the future. |
| Custody & Asset Servicing | Growing volume of digital assets and diversified investments may increase demand for custody services beyond traditional securities. Potential for fintech custody solutions to emerge. [Value Chain Analysis] |
| Registry | Increased volume of electronic receivables from digital payments (cards, boletos, Pix) drives the importance and activity of registrars like Nuclea and CERC. [Value Chain Analysis] |
| Payments Processing | Massive growth in Pix transactions is transforming this stage, challenging traditional card and boleto networks. [4, 10, Value Chain Analysis, Current Demand Behavior Analysis] Increased demand for integrated and seamless payment solutions across channels. Rise of B2B digital payments. |
| Risk Management | Increased transaction volumes and digital interactions necessitate enhanced fraud detection and cybersecurity measures, particularly for Pix. Open Finance requires sophisticated data governance and risk assessment models. Increased demand for RegTech solutions. |
| Regulation & Supervision | Regulators (BCB, CVM) need to adapt frameworks to accommodate new technologies (Pix, Open Finance, DREX, crypto assets) and business models (fintechs, BaaS). Focus on ensuring stability, security, and competition in a rapidly evolving digital environment. |
| Technology & Innovation | High demand for innovative technological solutions to support digital payments, Open Finance, and enhanced customer experiences. Growth of the fintech ecosystem, particularly in B2B solutions and Banking-as-a-Service (BaaS). Increased investment in AI, blockchain, and cloud computing. |
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 - 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