How do Brazilians prefer to pay? How many of them shop online and how widespread is mobile payment? Learn more about it in this article and from our infographic!
Brazil is one of four emerging economies, also known as the BRIC countries – some analysts identify it as an emerging world power. Brazil’s exports include much more than agricultural products like coffee or soy beans, extending to high-tech goods like cars, planes, helicopters and other sophisticated industrial products.
Brazil is one of the largest countries in the world in size, population and GDP, which makes it a very interesting market. So let’s take a closer look at Brazil’s financial and payment scene.
What are Brazil’s most popular payment methods?
One of the most popular payment method in Brazil is the “Boleto Bancário”, or “boleto” for short. However, this is such a unique payment method that from the Datamonitor statistics we used for our graphic – and which list the same kinds of payments for all countries worldwide – the boleto is not being disclosed separately. So we don’t have exact numbers about how many actually use boletos – but experts estimate that approx. 25% of online shopping is paid for with boletos.
The boleto is a special kind of cash payment method and can either be a printed or virtual voucher. Boletos are regulated by the Central Bank of Brazil and is extremely popular with people who don’t own a credit card or a bank account or just prefer the security of offline or cash payments. In addition, there are low fraud rates and no chargeback risks. And this is what a boleto typically looks like:
Talking about more “classical” payment methods, the personal credit card is also very wide-spread. This is closely linked to the fact that over 70% of the Brazilian population owns one. Payment by cash or cheque and also bank transfer only play a minor role.
How popular is e-commerce in Brazil?
A recent survey shows that half of all Brazilian respondents said they have already bought something online. In this context it is important to know that today, less than 6 out of 10 are internet users.
Of course their number is constantly growing – and this can also be derived from the growth rate of e-commerce, which also shows a great potential in the years to come:
Digital payments are going through the roof
Even more impressive is the growth rates of digital commerce, which includes all goods and services sold via internet, mobile networks and digital commerce infrastructure, for example when paying cashless for an item in a brick-and-mortar shop.
With digital commerce increasing by 14% per year, Brazil shows a remarkable dynamic growth
From 2015 to 2021, digital commerce is expected to grow with a remarkable compound annual growth rate (CAGR) of 14.4 percent.
Want to get more market insights on Brazil?
Click here for a free download of our current infographic illustrating payment market insights in Brazil:
Also check out our previously published infographics