Brazil is the largest ecommerce market in Latin America, accounting for 42% of the region’s $47B in ecommerce sales. Of the 200M people who live in Brazil, 39M shop online. To find success in Brazil, it’s essential to enable domestic credit cards, cash-based Boleto Bancário payments and the widely-accepted practice of paying with installments. A cross-border business model is not enough here.
Preferred online payment methods in Brazil
73% Credit Cards: Since only 20% of Brazilian buyers have access to international cards, it is important to enable local cards as part of your payments mix. Also essential to selling in Brazil is enabling consumers to pay with installments, given that greater than 75% of all online purchases paid by credit cards are financed through installment plans.4 Digital River World Payments™ enables installments as well as local acquiring to optimize approval rates and enable consumers to pay worldwide with domestic cards from brands like Visa, MasterCard, American Express, Discover, Diners Club, Elo, Hipercard and Hiper.
18% Boleto Bancário: Boleto is a popular alternative for Brazilians who don’t have a credit card, or prefer not to enter card information online. If you don’t offer Boleto, you’re essentially ignoring a huge ecommerce market within Brazil. Boleto is a cash-based payment method where consumers are issued a barcode that is later used to complete an online purchase. Boleto barcodes can be printed or scanned using any mobile. To pay, consumers can use their online banking, ATM, post office, lottery agent, supermarket, or by paying with cash in person at any given bank.
7% Other Methods: