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Get to know the main brazilian payment methods and the motivations for their use by the local public


Despite being the biggest economic power in Latin America, Brazil faces various economic and social issues that affect the consumption habits of the local public. The study “World Economic League Table 2022” carried out by the Centre for Economics and Business Research (CEBR) shows that the country has the largest configuration of the G20, behind only Argentina and Turkey, a fact that can still be affected by the dispute for the presidency, adding political instability to the current situation. Even though, CEBR predicts an improvement in the country's positioning in the next 15 years in the World Economic League Table, rising from 11th place in 2021 to 9th place in 2036. Social and political instability, together with the pandemic factor, created and rooted a unique culture in Brazilian consumption habits. The National Confederation of Brazilian Shopkeepers (CNPDL) mapped through Brazilian methods of payment, the locals' ways of using these methods, in addition to having investigated the methods of payment selected at the time of purchase. Continue reading to learn about the main means of payment used in the country.


Credit Cards


36% of those interviewed by the CNLD use this payment method on a daily basis, 57% pay in cash and 26% pay in installments. According to the research, installments give purchasing power to the public that would not be able to purchase the products in cash, allowing payments in installments that “fit in the pocket”. This method is well known internationally as BNPL but it’s already present in Latam for many years. Among the reasons for preferring the use of credit cards, the extended payment period corresponded to 50% of the responses, followed by the taste for installment purchases with 36% (especially in classes C/D/E) and for the speed and practicality 33%, especially among men.

Debit Cards

66% of those interviewed by the CNLD choose to use debit cards, among the reasons are speed and practicality, followed by better control of expenses (especially among women) and security.

Pix

Pix was adopted in Brazil a short time ago and quickly expanded its radius of action, especially due to social distancing and new consumption habits that emerged during the pandemic period. According to the National Confederation of Brazilian Shopkeepers, it is used by 70% of respondents as an instant and cash payment method. For 83% of respondents, speed and practicality are the main reasons for choosing PIX (especially for class AB, 93%), for 34% the reasons are to avoid or minimize physical contact with machines and/or people and for security that the method brings.

Bank Slip

For the public that prefers not to pay in installments, the bank slip is also a relevant and traditionally Brazilian method. It brings security, identification with means of payment widely used in the national territory and represents a better control of expenses for 36% of respondents.

Digital Wallets

Digitization also contributed to the expansion of digital wallets, which were disseminated especially to younger audiences (18 to 34 years old) with greater purchasing power, representing 41.6% of the method's users. In addition to cash payment, the method allows for installment payments through credit card registration, bringing versatility, practicality and even better control of expenses according to the chosen registered method.

Think like your audience

To invest in such a wide and unique territory, such as Brazil and LatAm countries, it’s necessary to understand the public and adapt to the cultural customs of that place. Invest in local partnerships, with the expertise of those who best understand the local market: the natives. Obviously, this plus doesn't need to configure a complicated operation for your company. Currently, there are companies like FacilitaPay, specialized in offering a complete experience in all areas of activity: simplifying payments for those who buy and for those who receive internationally.

Discover our solutions for our payment ecosystem, fully integrated with your customers and your international business.

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