Brazilians have considerable choice regarding online payment methods, which is a good thing because online shopping is popular in the country, as are other virtual activities such as online casinos and gaming sites.
Credit cards are widely used in Brazil, but as is the case in the rest of the world, there are now many other options for those who want to transact online, including cash transfers, third-party payment processors and cryptocurrencies.
Here are some popular online payment methods that Brazilians tend to use.
CARDS AND MONEY TRANSFERS
Card usage is quite high in Brazil and credit cards are an easy way for Brazilians to make payments online.
There is certainly a trend in place towards spreading the cost of large purchases where possible rather than paying in full, and obviously, credit cards allow this, albeit with hefty interest payments.
This is part of the reason why they are often used, along with other online payment options that allow payment in installments.
There are also cash-based methods such as Boleto Bancário, which roughly translates to ‘bank ticket’ and is a system where a virtual ‘ticket’ or voucher is generated with a barcode, payment details and customer information to make bank transfers. quick and easy money.
These wire transfers allow Brazilians without credit cards to transact online. However, there are many other options available.
PICPAY
PicPay is a digital wallet that is popular in Latin America and is the online wallet with the largest number of users in Brazil.
The platform is used by around 30 million people every day and is accepted at over 5 million institutions.
While the firm started as a fintech company, it is now a licensed bank in Brazil that offers other services such as investments, loans and credit cards.
The firm’s digital wallet remains a very popular way for Brazilians to make payments online.
NUBANK
While Nubank has fewer users in Brazil, it is the most popular digital wallet overall in Latin America, as it is available in other major countries in the region, including Mexico.
The firm has nearly 60 million registered users, of which more than 46 million are active users of the platform.
Nubank includes NuPay, specifically for making e-commerce payments, and NuCripto, a way to make cryptocurrency investments, accessed through its main e-wallet.
PAYMENTS MARKET
This fintech company is part of the Mercado Libre group and runs another popular digital wallet in the Latin American region, with users across Brazil and several other countries.
With around 36 million active users, the wallet is reported to have surpassed a total payment volume of $25 million in 2022.
BANK INSURANCE
PagBank PagSeguro is a financial services and digital payments company based in São Paulo, Brazil.
The firm offers a variety of online payment methods for Brazilian citizens and residents, including prepaid cards and credit and debit cards.
The company is considered a disruptive provider of financial technology solutions and includes credit solutions for those with bad credit and limited options, among many other services.
The company mainly serves consumers and individual entrepreneurs, micro-traders and small and medium-sized firms throughout Brazil.
CRYPTOCURRENCY
Cryptocurrencies are widely used in Brazil and the legal situation in the country is similar to that of most countries in the world.
While Bitcoin and other cryptocurrencies are not legal tender and are not backed by a national government or central bank, they are completely legal and are often used for online transactions in e-commerce businesses, online casinos and other organizations.
In Brazil, crypto assets are considered goods or chattels for legal purposes and not an official form of currency.
Brazilians usually use the same cryptocurrencies as the rest of the world, with Bitcoin being the most popular, and other currencies such as Ethereum, Litecoin, Ripple and Tether are also in use and accepted in various places on the Internet.
Nubank has announced that it is in the process of creating a new Brazilian-made cryptocurrency for its customers as part of its loyalty program and expects the new virtual currency to launch during the first half of 2023, working alongside other services. . and digital payment options already offered by the firm.
SCRILL AND RULER
Skrill and Neteller, two of the most popular online payment methods in many parts of the world, have had a tough time in Brazil and both were forced to withdraw from the Brazilian online gambling market for a while amid legal issues and regulatory that affected payment. methods, both of which are owned by the Paysafe group.
The two payment processors have returned as legitimate payment methods and are now accepted at many of Brazil’s online gambling sites, although they are not widely used elsewhere.
PAYPAL
PayPal is now accepted in most countries, including Brazil, and is a popular and secure way to make online transactions in the country.
PayPal has long been seen as a good choice for instant transfers, allowing customers to either link their bank account or credit card to their account or maintain a PayPal balance.
Once set up, PayPal transactions only require an email address or link to make virtual payments, so many smaller businesses and freelancers prefer paying this way.
Many online retailers are also happy to accept payment from PayPal. Compared to the wide range of other options available, PayPal is certainly less popular, with around 4.3 million active users in Brazil.
PAYONEER
Payoneer is also available in Brazil. Although it is less popular than many other methods, it is sometimes preferred by businesses and individuals due to the speed of transactions.
Payoneer transfers tend to be faster than most other payment methods, and it’s most commonly accepted by small businesses, micro-merchants, and freelancers in Brazil, as it is elsewhere.
After all, there are many online payment methods available in Brazil, with the most popular being those offered by companies based within the country rather than the largest international payment processors.
