SpaIn’s largest bank, Banco Santander, recently published a report, “Brazil : Banks Financial Services: To Bitcoin Or Not To Bitcoin?.” The Equity Research paper discusses a meeting on August 23 between local investors and the CEO of Mercado Bitcoin, Rodrigo Batista.
“We believe that the question in this report’s title will eventually be answered with a resounding ‘Yes, to bitcoin.’ This suggests that one day we must be ready to face the potential challenges and opportunities we describe in this report for the banks and financial services companies we cover.”
Brazil is the world’s seventh-largest economy with a population of 207.8 million and GDP of US$1.775 trillion in 2015. An independent report by PricewaterhouseCoopers (PwC), published in August, shows a thriving payment cards market in Brazil. Approximately 40% of adults held a bank-issued debit card in 2014, with a transaction volume of US$109 billion. 35% of the adult population held a Credit Card, generating US$272 billion in transactions.
However, settlement times are abnormally slow in the Brazilian market. “The average settlement period for credit card transactions in Brazil is D + 28,”