Prepaid healthcare cards in Brazil expected to reach US$ 3,260 million over the forecast period

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Brazil made a substantial economic progress between 2003 and 2014. However, due to political instability and economic recession post 2015, the country is facing decelerated consumer confidence and foreign direct investments. Brazil also faces inequality in income levels because of poor policy reforms and still has challenges in industries such as agriculture and healthcare. The long term potential of technology in the Brazil’s health sector seems positive as the industry is still in early stages of development. With being the largest economy by GDP in Latin America, Brazil has a vast potential of significant changes in health care technology.

Prepaid healthcare card segment has been growing steadily in the country. According to PayNXT360, healthcare and wellness prepaid card market in terms of transaction value is expected to record a CAGR of 17.4% during 2017-2021 to reach US$ 3,260.1 million by 2021, increasing from US$ 1,714.1 million in 2017. Over the last five years the sector has recorded a CAGR of 26.5%, increasing from US$ 554.9 million in 2012 to reach US$ 1,421.0 million in 2016.

Health insurance administrator Unisaúde that provides discounted health services to individuals in Brazil has launched a payment card for health services. The health card is aimed at offering affordable and convenient payment solutions for healthcare for the middle and upper class individuals. For this launch, Unisaúde has partnered with technology firm MEDSiS and payments processing firm WAIV. As part of the partnership agreement, MEDSiS will integrate the existing database system into one record via its database technology platform, CEREBRO; while WAIV will function as an intermediary between banks and Unisaúde to create network branded debit cards for around 1.8 million Unisaúde members. These cards will enable users to make payments for services and medications. With an estimated 55 million adults in Brazil without bank accounts, health insurance providers are focusing on putting mobile on the forefront of payments.

To know more and gain deeper understanding of prepaid card industry in Brazil, click here