Boletos in Brazil: A vital piece to understand local shopping preferences
The most unique payment method in Brazil, boletos are responsible for a considerable amount of online transactions in the country. They can cover anything from small utility bills such as rent to higher value products like a holiday trip.
Boleto bancário, better-known as boleto (ticket in a rough English translation), is a payment method that only exists in Brazil and is regulated by the Brazilian Federation of Banks, Febraban. This payment method can be used in more than 48.000 different points such as post offices, lottery agents, ATMs, in-person or online at any bank. It can even be used in supermarkets!
This type of payment is really popular in Brazil because it is easy to use it anywhere and a bank account is not mandatory. For this reason, a diverse range of businesses can use this method which is especially popular among digital consumers who still don’t feel comfortable buying online with their credit card or those without a bank account. Printed on white paper, a boleto has a barcode and serial number that controls the payment processes until the expiration date.
According to the SPC´s report (Serviço de Proteção ao Crédito), the most popular items that are bought with this payment method are:
- clothing (32% of the interviewed people during the research, 42% of which are women);
- electronics (28%) mostly cell phones and smartphones;
- footwear (22%);
- home appliances (20%).
Boleto as a cross-border payment method
Every Brazilian consumer, even the youngsters, already saw, paid or purchased goods with this payment method. It has been in the local culture for decades and for this reason, the majority of Brazilian consumers find boleto bancário familiar and trustworthy. Besides being simple to understand, this cash payment has no chargeback fee and eliminates fraud risks during the digital transaction.
When offering this option as a payment method, merchants can boost sales in the digital market in a short time. The catch is just understanding its particularities and finding the perfect partner for local transactions. As a Brazilian company, BoaCompra dominates any subject related to the Brazilian reality and it can also help you with advice on how to maximize cross-border sales in this market.
As part of UOl and PagSeguro, UOL BoaCompra is a solid financial partner with the best payment solutions available in Brazil and experts in risk, compliance or taxes. Besides this expertise, native Customer Support is available 24/7, no matter where you sell from we will answer your customers´ queries.