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Brazil has been at the forefront of digital payments. In 2018, the central bank of Brazil announced a plan that would mandate that all banks offer instant payments, which would modernize Brazil's economy and payments landscape. Some were critical of the move and doubted its benefits, but the move has paid off. The Pix credit system is displacing consumer credit cards in Brazil, making you wonder if the credit card giants will be threatened by the radical transformation underway in other countries.

In the current landscape where card balances are up more than 20% from last year, and consumers are forced to rely on credit cards to navigate the economic turmoil and high inflation, it seems impossible that things will change for the credit card industry, but this should come as a warning to the industry. Innovation and disruption to the industry are coming at a very fast pace.

Points and rewards have kept the giants safe with little to no regulations on how the significant players operate and how much they charge merchants to use their platforms. Processing Fees continue to rise, and merchants have few to no options when it comes to processing payments. Competition is practically non-existent for the major credit card companies, but this could soon change.

We continue to monitor our industry and look for new solutions to help our merchants save on credit card processing fees and grow their business through digitization. For more information on how we can help your business thrive, contact us today!

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