Accept payments in Brazil

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Brazil

Brazil Payment Market Overview

Brazil’s online shoppers are increasingly opting to shop via mobile, which now represents $7.6 billion of sales and is used for 32 percent of all e-commerce payments in Brazil. Brazil’s mobile e-commerce market is expected to grow at a compound annual growth rate of 14.4 percent to 2021, where it is projected to reach $13 billion in sales.

At present, cash is the second-most used online payment method, at 23 percent or $5.5 billion in sales. A third of the population is unbanked, which explains why cash use is high, as does the popularity of Boleto Bancário, a domestic payment method regulated by the Central Bank of Brazil. Using this method, shoppers are given a Boleto voucher by the merchant when they purchase something online. This voucher can then be printed, allowing the customer to take it to a bank, ATM, or authorized payment processor, such as a drugstore or post office, and pay the amount owed in cash. Alternatively, the voucher can be settled online by the customer. Payment is usually cleared within two to three days.

Payment Methods in Brazil

Key Market Indicators in Brazil

$48,000,000,000
Online shopping market value
32%
Mobile payments share
210M
Population
$300
Avg annual online spend

Banks in Brazil

Banco Do Brasil
Itaú Unibanco Holding
Caixa Economica Federal
Banco Bradesco
Banco Santander Brasil

Mobile Carriers in Brazil

Telefonica Vivo
TIM
Claro
Oi

Integrate Brazilian Payment Methods

Brazil is the largest e-commerce market in Latin America. According to the latest reports, it accounts for 42% of the region’s $47.4 billion in e-commerce sales. To reach the wider mass of consumers it is indispensable to offer Boleto Bancário which is an invoice with a barcode that can be issued online and paid offline in many retail stores and ATMs. This payment method is regulated by the Brazilian Federation of Banks and is free of chargebacks.

To complete the offer it is recommended to go for the local e-wallets like MercadoPago or PagSeguro that can be topped up with cash, bank transfer, debit cards. Bank transfers and local credit cards like Hipercard and Elo are also very popular.

Country Statistics
Region Latin America
Population 210 million
E-commerce market size $48 billion
Local currency BRL
Key Metrics
Internet penetration rate 56%
Internet cost $20/month
Mobile penetration rate 45%
Cellular technology standard 3G, 4G
Dual sim usage 35.8%
Popular mobile OS Android
Other Information
Big Mac Index 4
Average annual income R$2,425
Largest Cities in Brazil by Population
São Paulo 12,252,023
Rio de Janeiro 6,718,903
Brasília 3,015,268
Salvador 2,872,347
Fortaleza 2,669,342
Belo Horizonte 2,512,070
Manaus 2,182,763
Curitiba 1,933,105
Recife 1,645,727
Goiânia 1,516,113

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