November 29, 2018 / 3:40 PM / 2 years ago

Card transactions grow in Brazil as usage increases

SAO PAULO, Nov 29 (Reuters) - Credit and debit card transactions in Brazil grew 14.7 percent in the third quarter from a year earlier, as more Brazilians used cards to pay for goods and services, industry group Abecs said on Thursday.

Debit and credit card transactions totaled 391.1 billion reais ($101.44 billion) between July and September.

Amid the higher card usage, new card processing companies such as PagSeguro Digital Ltd and StoneCo Ltd have entered the market, increasing competition with established companies like Cielo SA and Redecard SA, known as Rede. ($1 = 3.8554 reais) (Reporting Gabriela Mello; Writing by Carolina Mandl, Editing by Franklin Paul)

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