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Solid growth and market leaders: A Look into Brazil's Credit Card Market

The credit card market in Brazil continues to show solid growth, according to our latest market research report. In the period from March 2022 to March 2023, the volume of credit card financing reached 495.1 billion Reais, representing a 19.9% increase compared to the previous year.
Top 5 issuers by YoY growth in market share - 2023.03 
 Solid growth and market leaders: A Look into Brazil's Credit Card Market
Regarding credit card issuers with the highest year-on-year growth in market share, NUBANK stands out with a 1.26 percentage point increase. It is closely followed by NU PAGAMENTOS S.A. - INSTITUIÇÃO DE PAGAMENTO, with a growth of 1.01%, and BRADESCO with a 0.78% increase. These results demonstrate the growing demand and preference of consumers for the new financial solutions offered by these companies.
In terms of business volume in R$, the leading issuers in the credit card market in March 2023 were ITAU, BRADESCO, and BB, with a market share of 26.3%, 14.3%, and 11.3% respectively. These top three players continue to dominate the market, showcasing their strong position in the financial sector.
It is interesting to note that the top 10 issuers account for 81.3% of the market share. This indicates a significant concentration in the credit card industry, with a select group of players dominating the landscape. Furthermore, the top 50 issuers represent 98.3% of the market, further reinforcing the dominant presence of a small group of actors in the sector.
These data reveal a dynamic and competitive landscape in the Brazilian credit card market. The growth in financing volume demonstrates the increasing adoption of credit cards by consumers, driven by greater convenience and ease of use. As the leading issuers continue to expand their market share and offer innovative solutions, we are likely to see an even more competitive market with greater diversification in the near future.