With a vast, emerging and diverse market, cross-border payments in Brazil offer many benefits. Not only for global companies looking to reduce their dependence on mature and saturated markets. But also for anyone who wants to reach the more than 200 million consumers in this Latin American country. After all, Brazilians, widely connected to the Internet via their smartphones, have boosted the competitiveness of e-commerce, as we'll see below.
Since 2020, when the world faced the coronavirus pandemic, online shopping in Brazil has skyrocketed. In other words, social isolation has catalysed significant changes in Brazilian shopping behaviour. According to research carried out by NielsenIQEbit, e-commerce sales totalled R$199.1 billion in the first year of the pandemic. By 2021, this figure increased to R$258.5 billion. Another fact that stands out in the survey is the percentage of Brazilian digital customers who made purchases on foreign websites in 2022. That's because 72 percent of these consumers made a purchase on international websites last year. This is nothing less than a record, as it was the highest percentage since 2013 when the monitoring began. In addition, the study revealed an increasing frequency of these transactions using international sites. Of those surveyed, 15 per cent said they made more than 10 purchases over the course of the year.
To capture the Brazilian market, it's important to evaluate the online payment methods your business currently uses and how they meet the needs of your customers. At the same time, consider new options, including what your competitors are offering. After all, there are several ways to make cross-border payments in Brazil.
However, just as important as security and agility is mastering the local payment methods favoured by Brazilians. In this sense, the use of Pix is increasingly gaining ground as the main form of payment on the internet too.
Launched in November 2020, Pix has been revolutionising the way financial transactions are carried out in Brazil. Currently, the instant payment system has 151.9 million users. Of these, 139.4 million are individuals, and 12.5 million are legal entities. From these figures, released by the Central Bank of Brazil, it is possible to get an idea of the magnitude of Pix, which operates 24 hours a day, uninterrupted.
At the same time, it is important to be aware of the challenges that Brazil presents. These include factors related to its regulatory complexity, bureaucracy, and economic volatility. Therefore, before embarking on this market, it is crucial to carry out detailed research, create a sound strategic plan, and evaluate risks properly. Then there's nothing better than looking for a solid partner to guarantee your cross-border payments in Brazil.
Bringing together all the characteristics mentioned above, Bazk is a strategic partner for ensuring compliance with the regulatory system and scaling your results in Brazil. So, in addition to having expertise and robustness for your business, your company will be able to carry out international transactions with the local payment methods favoured by Brazilians. As well as simplifying international operations, Bazk provides the security, stability, agility and connectivity you need to grow your business. Do as our 100+ merchants and 4 million users worldwide do: get in touch with our sales team and open new opportunities for your business!
