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Open Finance (BR)
Introduced in 2021, Open Banking in Brazil allows customers to share their financial data with banks and fintechs. Building on Open Banking, Open Finance enables customers to control and share their data across a broader range of financial institutions including insurance, investments, and other financial services.
Method
Open Finance (BR)
LPM Market Share
30%
Payments
Yes
Refunds
Yes - full and partial refunds (automated)
Type
Bank Transfer
Local Card Scheme
Users
42M
Disbursements
No
No
Chargebacks
$25.00
Authorization currency
BRL
Authorization
speed
speed
Instant
Recurring
No
No
Reasons for Popularity
Secure for High-Value Transactions: Preferred by businesses and individuals for large-value payments, ensuring reliability and traceability
Integrated Services: Supported by 98% of financial institutions, with seamless functionality via mobile and online banking apps
Consumer and Business Trust: Considered a secure and formal payment method for personal, professional, and e-commerce-related transactions
