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Brazil is the ninth largest economy in the world, but its payments market has always been regarded as extremely concentrated. This is not surprising considering the majority of debit and credit cards in circulation were issued by four major banks, and 9 in 10 cards were either Visa or Mastercard, until 2007. However, in recent years there has been a significant increase in the number of fintech companies entering the market. Between October 2017 and May 2018, there was a 22% increase in the number of fintechs in the market, and as of May 2018, 377 fintech companies were established in the country, a quarter of which are dedicated to payments and remittances.
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