The digital landscape in Brazil: growth and opportunities

In just 10 years, from 2012 to 2022, Brazilian e-commerce has seen a massive surge, jumping from R$ 22.5 billion to R$ 170 billion in revenue—an astounding growth of over 655%. This rapid expansion has also driven the evolution of the digital payments market, aligning with the preferences of an increasingly connected and demanding population.

Brazil boasts a strong digital population, with 84% of people having access to banking services, surpassing the regional average of 73.5%. However, there's still room for growth in the adoption of alternative payment methods, which currently account for only about 40% of e-commerce transactions in the country.

Why diversify payment methods in Brazil?

Offering a range of payment methods not only boosts sales but also promotes financial accessibility and enhances customer satisfaction. Studies show that providing diverse payment options can increase conversion rates by up to 30%. More than 70% of Brazilian consumers consider payment variety a key factor when choosing an online store.

Additionally, fast and secure methods like Pix and digital wallets can reduce cart abandonment rates by up to 80% during checkout. Adopting these solutions is essential for companies looking to thrive in Brazil's competitive market.

Key payment methods in Brazil

Here are the most popular payment methods in Brazil and how they can benefit international companies expanding their business in the country:

1. Credit cards

Credit cards remain widely used in Brazil, especially for their installment payment options. Major brands like Visa, Mastercard, American Express, Elo, and Hipercard dominate the market. Many cards also offer rewards programs and exclusive benefits, making them an attractive choice for consumers.

2. Pix

Launched by Brazil’s Central Bank in 2020, Pix quickly became one of the most popular payment methods among Brazilians. Transactions are approved within seconds, 24/7, making it a convenient choice for online shopping. Its ease of use and secure system make Pix a must-have option for any company looking to operate in Brazil.

3. Digital wallets

Digital wallets like PicPay are gaining traction in Brazil, accounting for 11% of e-commerce transactions in 2022. As these solutions become more widely accepted, digital wallets represent a great opportunity for companies seeking to offer a fast and convenient payment experience.

4. Boleto

Despite being a traditional payment method, boleto still holds a significant market share, representing 9% of online sales in 2022. It is a secure option for those without access to credit cards or those who prefer not to use them. International companies that accept boleto can broaden their reach, particularly among security-conscious consumers.

The importance of adapting to local consumers

International companies looking to succeed in Brazil need to understand the nuances of local consumer behavior. Brazilians value convenience, speed, and security when making payments. Therefore, adapting to the most used payment methods in the country is crucial for maximizing reach and delivering a satisfying shopping experience.

How Beeteller can help to expand your business in Brazil

For international merchants, entering the Brazilian market can be challenging due to the diverse payment methods and unique consumer preferences. However, Beeteller offers secure and effective payment solutions, enabling global businesses to seamlessly connect with Brazilian consumers.

With Beeteller's solutions, merchants can integrate widely used payment methods like Pix, credit cards, boleto bancário, and digital wallets, ensuring that Brazilian consumers' needs are met while building trust and unlocking new growth opportunities.

If you're looking to expand your business into Brazil in a secure and efficient manner, Beeteller provides the necessary infrastructure to simplify the payment process and succeed in one of Latin America's most important markets.