What is Boleto Bancário?
Boleto Bancário (with “boleto” meaning ticket in Portugese) is one of the most prominent eCommerce and offline payment options in Brazil that’s regulated by the Central Bank of Brazil. Launched in 1993 to initially serve cash transactions, Boleto Bancário has expanded its functionalities to also accommodate bank transfers.
As a push payment that comes in an invoice-like or ticket format, this payment option is provided to end users at checkout to make their purchase of products and services without the need for a bank account. Due to the flexibility that it offers for both online and offline transactions, Boleto Bancário is a great payment option for merchants doing business in Brazil and looking to boost their profitability.
How does Boleto Bancário work?
The Boleto Bancário payment flow doesn’t differ from bank transfers or cash payments. The ticket is a printed or digital voucher with a barcode, displaying the payment details, customer information, the amount, and the due date by which the transaction must be completed. Tickets can be paid anywhere from ATMs and in-person bank facilities to lottery agents, post offices and some convenience stores.
When making a purchase, the consumer receives a pre-filled payment form and authorises the payment via their internet banking or mobile banking app. In such cases, the funds will be debited from their bank account. Alternatively, they can print the form and pay it physically in cash at a bank or any other facility mentioned above.
What verticals does Boleto Bancário cover?
Considering that Boleto Bancário can support both online and offline channels, this payment solution can cater to multiple industries, including travel, retail and general eCommerce as well as gaming.
How big is Boleto Bancário’s penetration in the market?
Knowing which payment options are favoured by Brazilian consumers is indispensable to a successful business expansion in the region. No doubt, Boleto Bancário is a payment method that's high in preference for natives.
According to emerchantpay's Global Payments Outlook 2022 report, Brazil's eCommerce industry is expected to reach a market size of $79,477 million by 2025 compared to 2022's $49,383 million. Research from The Paypers unveils that credit cards and Boleto Bancário are used the most for online purchases, as they account for more than 93% of online transactions. Therefore, it comes as no surprise that Boleto Bancário is processing 3.7 billion transactions per year. It's worth noting that this payment method was selected by nearly seven out of ten (68%) Brazilian consumers for cross-border purchases in 2020.
Benefits of using Boleto Bancário
Boleto Bancário holds immense potential for merchants looking to expand in Brazil while it ensures a seamless shopping experience for consumers.
Below are some of the main benefits:
For merchants
- Engages Brazilian consumers who don’t have a credit and/or debit card
- Accommodates both online and offline transactions, thereby minimising the risk of chargebacks
- Increases sales volumes and revenue, as it's a familiar local trusted payment method that’s covered by all major banks in Brazil.
For consumers
- Trusted payment solution
- No credit or debit card required
- Simple, convenient and trustworthy payment solution
- Localisation in language and currency.
Accepting Boleto Bancário payments with emerchantpay
Designed to support both eCommerce and in-store transactions, Boleto Bancário can help increase the payment acceptance of merchants aspiring to grow their business in Brazil.
A trustworthy and knowledgeable payment service provider like emerchantpay can help you tailor your offering to regional payment needs. Tapping into our global acquiring network and in-depth understanding of the LATAM payments market, we support merchants across industries to conquer this dynamic region for optimal payments performance and maximised revenue.
Our local team has on-the-ground experience and it's here to provide strategic support and in-depth insights to facilitate your expansion and business success.
Ready to add Boleto Bancário into your payment mix and ramp up your sales in Brazil? Get in touch with our team of payment specialists today.