The Brazilian market presents an exciting opportunity for cross-border businesses looking to expand their operations and reach a diverse and eager audience. With the rise of e-commerce and the increasing trust of Brazilian consumers in online shopping, it is crucial for companies to understand the preferred payment methods in Brazil. Discover, in this article, the most popular Alternative Payment Methods (APMs) in Brazil and why WEpayments is your ideal partner for payment operations in the country.
What are APMs?
Alternative Payment Methods are payment options beyond the traditional credit or debit card transactions. APMs provide consumers with a more convenient, fast, and secure way to pay for products and services online. These methods have gained popularity worldwide, including Brazil, where consumers value a diverse range of payment options.
Popular APMs in Brazil
Now, let’s dive into the most popular alternative payment methods in Brazil, widely used by local consumers. By familiarizing themselves with these APMs, cross-border businesses can adapt their payment strategies to meet the preferences of the Brazilian market.
a) Payment voucher:
Boleto (the Brazilian payment voucher) is one of the most popular payment methods in Brazil. Every year, according to the latest data published by The Brazilian Federation of Banks, a staggering 6 billion Boletos are processed. It is a pre-generated document with a barcode that allows consumers to pay for their purchases in cash or transfer funds from their bank accounts. Boleto is widely used for its convenience and the fact that it doesn’t require a bank account or credit card. They can be paid online using internet banking or the bank’s app, as well as at numerous locations such as lottery agencies, bank branches, supermarkets, and more. If you aim to broaden access to your products or services among segments of the population that may not have traditional banking relationships, which is a common scenario in Brazil, integrating this payment method can be a valuable addition to your options.
Pix is an instant payment method that has gained tremendous popularity in Brazil since its launch in 2020. Developed by the Central Bank of Brazil, Pix enables real-time fund transfers, 24/7, without additional costs for consumers. By using keys such as CPF (individual taxpayer identification number), CNPJ (company taxpayer identification number), phone number, or email, Brazilians can make quick and secure payments directly from their bank accounts. Pix has been widely adopted by consumers and offers benefits for businesses as well, including faster payment confirmation and reduced operational costs. Integrating Pix as a payment option is essential for cross-border businesses looking to stand out in the Brazilian market and provide a convenient purchasing experience for local consumers. With WEpayments as your partner, you can leverage the full potential of Pix, offering your Brazilian customers a modern and efficient way to pay for your products and services.
WEpayments: Your Ideal Partner for Payment Operations in Brazil
As a specialist in payments in Brazil, WEpayments understands the importance of adapting payment strategies to meet the preferences of Brazilian consumers. With extensive market knowledge and a variety of customized payment solutions, we can help cross-border businesses achieve success in Brazil.
Benefits of partnering with WEpayments
- Market expertise: We possess a deep understanding of the Brazilian market, including regulations, payment preferences, and consumer behavior.
- Seamless integration: We offer an easy and quick integration with your existing payment system, enabling you to efficiently accept payments through different APMs.
- 24/7 customer support: With WEpayments, you have access to high-quality customer support available 24/7 to assist with any payment-related inquiries or issues.
For cross-border businesses looking to expand their operations into Brazil, understanding consumer payment habits and adapting payment strategies accordingly is essential. With WEpayments as your specialized payment partner in Brazil, you can position yourself advantageously, offering Brazilian consumers convenient and secure payment options. Seize this opportunity to increase your sales and conquer the Brazilian market!
Contact us now and speak with one of our payment experts!