Panorama sobre o Mercado Digital de Pagamentos Brasileiro: Aspectos Legais, Business e Tecnológicos

The adoption of new, digital payment methods brings significant benefits to customers and society such as improved efficiency, greater competition, broader financial inclusion, and more innovation, according to IMF in Digital Currencies: The Rise of Stablecoins , 2019. The digital payment market is a $3 trillion industry, corresponding to 13% of total commerce, and will more than double by 2022, informs the McKinsey report Global payments 2018: A dynamic industry continues to break new ground , 2018. Although it is a prospective market, the Digital Payment System is not an intensive research topic, with a literature still in an embryonic stage. Even more: it does not completely capture the real movement on digital payments systems happening worldwide. Through an extensive but not exhaustive overview on the Brazilian digital payment system, this paper aims to develop the literature on the field, focused on the legal , business and technology fronts; to partially fulfil the gap between market and academia, through a comprehensive analysis on usual KPIs and descriptive statistics on digital payment systems, establishing a parallel with recent literature; and, finally, to describe challenges and opportunities for development in the Digital Payment System both in market and academia.