Former executives of Redecard SA, the Brazilian processor of MasterCard Inc. payments, are "cautious" on the industry's outlook because of increasing competition, JPMorgan Chase & Co. analysts said.

In a meeting with JPMorgan Chase, former Redecard Chief Financial Officer Edson Santos and the ex-chief executive of Cielo, Antonio Luiz Rios da Silva, expressed caution "about the competitive landscape and pricing environment," analyst Saul Martinez wrote to clients last week.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.