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Olympic sponsor Visa, transportation e-payment service provider RioCard and advanced generation payment system firm Brazil Pre-paid have collaborated to provide payment facility at multiple retail joints other than transportation services through RioCard. The facility is open for consumers within Rio de Janeiro and foreigners who are visiting Brazil for Rio Olympics 2016. The initiative has received positive response since its launch as around 2000 activations were done in a span of 13 days. The card with multiple location payment facility has one year validity and after expiry it can be used for transportation payments only.
Currently, RioCard processes nearly 7 million transactions per day due to its convenience and discount offers. It has a huge user base of 3.5 million which is expected to benefit Visa and Brazil Pre-paid to gain significant market share in respective industry segments.
It has been stated that the card will be available until 18th September, 2016 and a possible extension might occur depending on demand and popularity of the card. Efforts are also being made to extend the service to other states of Brazil. Overall, the open loop prepaid card transactions are expected to record strong growth over the forecast period. During the review period, Gross Dollar Value of open loop prepaid card segment recorded a CAGR of 32.9%. CAGR during the forecast period of 2016 to 2020 is expected to be 22.5% with Gross Dollar Value reaching US$ 34 billion in 2020.
To know more and gain deeper understanding of prepaid card industry in Brazil, click here
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