Brazil is projected to close 2025 with e-commerce transaction volume reaching US$ 418.8 billion, recording an average annual growth rate of 21% until 2027. Among the trends driving this progress, PIX is already the preferred payment method for Brazilian consumers and is expected to surpass cards as the primary digital payment method within the next two years.
These findings are part of the consolidated report "Global Expansion Guide for High-Growth Markets”, which concludes the first edition of the study series by Nuvei, a global payment fintech, dedicated to mapping the performance and potential of emerging markets. Throughout the year, the research analyzed eight prominent economies: Colombia, the United Arab Emirates, Brazil, South Africa, Mexico, Hong Kong, Chile, and India.
In the Brazilian landscape, the report identifies PIX, Mercado Pago, PicPay, bank slips (in decline), and PayPal as the main payment methods used in e-commerce. National credit cards account for 31% of transactions, while international cards comprise 10%, and installment payments remain a widely adopted practice among consumers.
“For the Brazilian market, the lesson is clear: instant payments have become a standard expectation, no longer an alternative. Fraud rates have been improving, but technologies such as tokenization and advanced authentication remain essential for maintaining transaction security and efficiency,” states Juan Jorge Soto, General Manager of Nuvei Latin America.
According to Nuvei, companies wishing to expand their operations in the sector need to offer local payment options, such as PIX, national credit cards, and digital wallets, in addition to enabling installments and pricing in Brazilian Real (BRL). The use of QR Codes via PIX increases sales conversion, while the employment of tokenization and device fingerprinting is essential for fraud control and improving approval rates.
Financial Inclusion
On a global scale, the study reveals that the total e-commerce volume in the eight analyzed markets reached US$ 908.4 billion, with projections to nearly double by 2027, reaching US$ 1.2 trillion, representing an average annual growth of 19%.
Among the studied countries, Brazil stands out as the largest digital market, with a transaction volume of US$ 418.8 billion. Following are India (US$ 212.9 billion), Mexico (US$ 125.7 billion), Colombia (US$ 61.4 billion), and Chile (US$ 39.1 billion). In the United Arab Emirates, cards and digital wallets still dominate, while in South Africa, the newly launched PayShap is beginning to drive financial inclusion.
The rise of local payment systems, such as PIX in Brazil and UPI in India, is identified as one of the main factors behind this leap. Both models have become global benchmarks for instant payments, serving as examples for new initiatives in countries like Mexico (DiMo) and Colombia (PSE).
The report further highlights that the eight analyzed markets are home to almost two billion people, more than half of whom are under 35 years old - a generation that is digital-native, shops online by default, and is shaping the future of global e-commerce. Their digital economies are growing at double-digit rates, driven by young and connected consumers, expanding middle classes, and public policies promoting financial inclusion.
This trend has been reinforced by government initiatives, open banking regulations, and innovations led by central banks, such as PIX and UPI themselves, which have reduced reliance on physical cash and integrated millions of people into formal digital ecosystems. According to the International Monetary Fund (IMF), emerging economies are expected to grow, on average, 4% per year between 2024 and 2029, more than double the rate of advanced economies.
“E-commerce is projected to surpass the US$ 1.2 trillion mark by 2027, and emerging economies will continue to grow at a significantly faster pace than North America and Central Europe. Brazil, in particular, is consolidating its position as one of the world's largest hubs for payment innovation,” states Soto.
Next Edition Broadens Focus on Global Payment Opportunities
For 2026, Nuvei is preparing a new edition of the Global Expansion Guide, focusing on new geographies. The upcoming phases of the study are expected to support merchants and international companies in expanding their digital consumer base, exploring new diversification opportunities, and strengthening access to ecosystems that are innovating at an unprecedented speed.
Nuvei emphasizes that the advancement of Generation Z and Millennials in emerging markets will be decisive in this process. This population, highly connected and adherent to a mobile-first approach, seeks personalized digital experiences and instant payments. The influence of this demographic is set to grow: by 2030, three out of every four consumers in emerging economies will be between 15 and 34 years old.
“The main conclusion is clear: the payment landscape in high-growth markets is evolving, not replacing itself. The world's fastest-growing digital economies and the next generation of consumers are ready for merchants who are also ready for them,” concludes Juan Soto.
Learn more about the consolidated study and its respective phases by visiting the link.
