What online payment method does Brazil use?

15 May 2024 By PAYCEC

Cashless payment is a method of payment using non-cash forms such as virtual assets or assets that can be converted into a value equivalent to the amount to be paid. Customers can use cashless payment services, such as payment gateways, to facilitate transactions. Here are 5 online payment methods in Brazil that you should know about.

E-wallets

The method of paying bills through e-wallets is widely used nowadays. With just a few simple steps, you can make payments anywhere that accepts this method. Some popular e-wallets today include Momo, Zalo Pay, SmartPay, and Shopee Pay.

Most e-wallet accounts and services in Brazil are free to register. By installing the application and linking it to your bank to transfer funds from your bank account or deposit cash, you can make payments easily.

Additionally, service providers often support users with various costs during the usage process. Paying bills via e-wallets allows consumers to complete shopping transactions quickly.

Mobile Banking

More than 80% of the internet owns a smartphone and uses it daily. We can see smartphones everywhere, which provides a platform for banks to develop Mobile Banking models.

Capitalizing on this opportunity, most banks have launched their own Mobile Banking applications, allowing people to conduct transactions conveniently. Consumers no longer need to carry cash while shopping.

They can pay bills with a smartphone that has the bank's application installed and an internet connection. Mobile Banking payment systems are being upgraded by service providers to meet the maximum needs of customers.

Moreover, they are actively introducing new features to attract customers to use the bank's services.

Cards

Paying bills via cards is no longer unfamiliar in the 21st century. Many places accept card payments, making it easy to pay for anything with just a swipe.

There are two main types of cards used in payments:

• 1. Payment via domestic debit cards: Domestic debit cards are used within the country where they are issued. These cards are linked to the user's bank account, and you need to deposit money into the account to use the card.
• 2. Payment via credit cards: Credit cards allow you to pay first and repay later. The bank provides a certain credit limit for the cardholder to spend as needed. The cardholder must repay the amount used within the payment period, or interest will be charged.

Bank Transfers

Bank transfers have been a popular method of paying bills among consumers in recent years. They can transfer money to partners through ATMs or directly via smartphones and computers. Most businesses use this payment method in economic transactions. Additionally, bank transfers are one of the two accepted payment methods on invoices.

Other Electronic Payment Gateways

An electronic payment gateway is an intermediary software system that connects buyers and sellers with banks to support and execute bill payments.

Electronic payment gateways are developed by providers with high security and safety features. This facilitates quick and convenient payments on e-commerce websites.

Thus, PayCEC has introduced you to 5 Brazil online payment methods in e-commerce. These payment methods help reduce time and save costs in the business operations of individuals and enterprises.