Anyone who follows the growth of electronic commerce in the world will be able to recognize that, mainly in Brazil, due to the global pandemic of COVID-19, in 2020. There has been a great growth in online payment methods in Brazil.
Recently, the Brazilian Electronic Commerce Association, ABComm and Konduto (a digital risk and fraud prevention company) carried out a detailed survey that proves the growth of Internet sales in Brazil.
Ecommerce experts believe that this trend should continue in the future, which should bring new entrepreneurs to Brazilian e-commerce.
Thus, all who wish to enter this gold mine, about to consolidate themselves in the online market of Brazil, must know the main forms of online payment traditionally accepted in the country.
Below we list the main payment methods in Brazil
The main form of payment in Brazil and in the world, online or not, is credit card.
The most common ones are Visa, Master Card, Diners and AMEX, but new flags are appearing and only the updated platforms accept them frequently.
An example is the ELO brand, which until recently was little accepted, but now almost all platforms are beginning to accept it.
Boleto (bank slip) payment is an alternative for the large number of people who do not have or do not want to use their credit card.
Just print the boleto and pay at your prefered bank or copy the barcode to pay via ATM or banking application.
There is an estimation of 4 billion payments per year using this method. More than 10 million per day in Brazil.
Transfer or Deposit methods
Electronic transfer is usually done when it involves high amounts or when there is a need for quick confirmation of receipt, an option widely used in the purchase of digital currency, for example.
The deposit, on the other hand, requires the depositor to send an amount to the requester’s account, making a transfer or in cash at the designated bank’s cashier.
Online payment platforms
Digital payment platforms are increasingly complete and offer a variety of options, from international wallets to gift cards.
In Brazil, there are several digital wallet options that are also present internationally, but the most used ones, which operate in the Brazilian market are:
- Mercado Pago
- Ame Digital
- Banco Inter
Some payment methods already widespread in the world are not yet easily found in Brazil and are used only on international sites, such as cryptocurrency payments like Bitcoin or Ethereum.
We believe that, with the advancement of electronic commerce and payment methods in Brazil, in the near future these payment methods may appear on the market.
Another interesting option is to opt for digital payment solution platforms, responsible for the payments and collection of your electronic commerce.
In that case, be careful when choosing the right platform, as there are many that are not so good, research well before!
A good choice are innovative companies that bring different forms of payment, such as the Latam Gateway, for instance.
Which offers express payment methods in brazil, speeding up the approval and confirmation of payment for your e-commerce.