Brazil is expected to see US$418.8 billion in e-commerce transactions by 2025, with 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 should overtake cards as the primary means of digital payment over the next two years.
The conclusion is part of the consolidated report ”Global Expansion Guide for High Growth MarketsThis concludes the first edition of a series of studies by Nuvei, a global payments fintech company specializing in mapping the performance and potential of emerging markets. The study analyzed eight prominent economies throughout the year: Colombia, United Arab Emirates, Brazil, South Africa, Mexico, Hong Kong, Chile, and India.
In the Brazilian scenario, the report lists Pix, Mercado Pago, PicPay, Bank Voucher (in decline) and PayPal as the main payment methods used in e-commerce. Domestic credit cards account for 31% of transactions, foreign credit cards account for 10%, and installment payments continue to be widely adopted by consumers.
“For the Brazilian market, the lesson is clear: instant payments have become a standard expectation and are no longer an alternative. Although fraud rates are improving, technologies such as tokenization and advanced authentication remain fundamental to maintaining the security and efficiency of transactions,” said Juan Jorge Soto, General Manager of Nuvei América Latina.
According to Nuvei, companies wishing to expand in this sector should offer local payment options such as Pix, national credit cards and digital wallets, in addition to allowing installment payments and pricing in Real (BRL). While using QR codes via Pix increases sales conversions, the use of tokenization and device fingerprinting is essential to control fraud and improve approval rates.
Globally, the study found that the total value of e-commerce in the eight markets analyzed reached USD 908.4 billion and is expected to nearly double to USD 1.2 trillion by 2027, representing an average annual growth of 19%.
Among the countries surveyed, Brazil has emerged as the largest digital market, generating US$418.8 billion. This was followed by India (US$212.9 billion), Mexico (US$125.7 billion), Colombia (US$61.4 billion), and Chile (US$39.1 billion). While digital cards and wallets are still the norm in the UAE, the recently launched PayShap in South Africa is starting to drive financial inclusion.
The rise of local payment systems, such as Brazil’s Pix and India’s UPI, has been cited as one of the main factors behind this breakthrough. Both models have become global standards for instant payments and serve as examples of new initiatives in countries such as Mexico (DiMo) and Colombia (PSE).
The report also highlights that the eight markets analyzed are home to approximately 2 billion people, more than half of whom are under the age of 35, a generation that was born digital, purchases online by default, and will shape the future of global e-commerce. These countries’ digital economies are growing at double-digit rates, driven by young and connected consumers, and by expanding middle classes and public policies for financial inclusion.
This movement is powered by government initiatives, open banking regulations, and innovations led by central banks, such as Pix itself and UPI, to reduce dependence on physical money and integrate millions of people into formal digital ecosystems. According to the International Monetary Fund (IMF), emerging countries are expected to grow at an average annual rate of 4% from 2024 to 2029, more than twice that of developed countries.
“With e-commerce expected to exceed US$1.2 trillion by 2027, emerging economies will continue to grow at a significantly faster pace than North America and Central Europe. Brazil in particular is solidifying its position as one of the world’s largest payment innovation hubs,” Soto said.
Next edition expands global payment opportunities
For 2026, Nuvei is preparing a new edition of its global expansion guide focusing on new regions. The next phase of research will need to help international merchants and businesses expand their digital consumer base, explore new diversification opportunities, and enhance access to an ecosystem that innovates at unprecedented speed.
Nubay emphasizes that the rise of Gen Z and Millennials in emerging markets will be crucial in this process. This population is highly connected; mobile firstthey want personalized digital experiences and instant payments. The influence of this audience is likely to grow even further: by 2030, three out of four consumers in emerging markets will be between the ages of 15 and 34.
“The key point is clear: the payments landscape in high-growth markets is evolving, not replacing itself. The world’s fastest-growing digital economy and the next generation of consumers are ready to embrace merchants who are ready to accommodate them,” concludes Juan Soto.
For more information about the integrated study and its phases, please visit this link.
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