Accept payments in Brazil
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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
Banks in Brazil
Mobile Carriers in Brazil
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.
|E-commerce market size||$48 billion|
|Internet penetration rate||56%|
|Mobile penetration rate||45%|
|Cellular technology standard||3G, 4G|
|Dual sim usage||35.8%|
|Popular mobile OS||Android|
|Big Mac Index||4|
|Average annual income||R$2,425|
|Rio de Janeiro||6,718,903|