There are some ways, fortunately. Brazil is one of the world’s largest democracies and has a substantial consumer market which benefits from its strong influence on the entire region. Brazil’s market is the largest in Latin America and the country’s Portuguese-speaking population reached 208,4 million in 2018 (69% of this total are of an economically active age). Brazilians like to buy online, but keep paying with cash. That’s because 68% of the Brazilian population is banked and only 19% have credit cards able to transact internationally.
Internationally acclaimed for its economic growth, Brazil’s bank penetration is higher than in the other Latin American countries, but it still continues to be a cash-based economy with a strong banking system.
Without local payments like Boleto and domestic credit cards, an ecommerce is losing 80% of business in Brazil. Local payment methods can double a online retailer’s approval rates and expand its consumer base in Brazil.
Boleto bancário is the favorite alternative payment method in Brazil, generating 3.7 billion transactions per year. Used in nearly 25% of all e-commerce transactions, it is a must-have for your business.
Online banking transfer is the name given to the proprietary online payment methods of leading Brazilian banks. With our platform, you can offer online banking transfer from Banco do Brasil, Bradesco and Itaú.
Extend your audience reach by offering your consumers the biggest selection of payment methods available in the market.
Contact us to see how we can help your business grow in Brazil.