Mobile phones are now the preferred way to pay for a purchase in Brazil, according to new research unveiled recently at the LatAm Cross-Border Summit in Rio de Janeiro. The study, conducted by EBANX, a global fintech company based in Brazil, polled 3,000 consumers of international e-commerce websites and digital services in all the Brazilian states.
The study found 62 percent of respondents said using a smartphone was the payment method of choice the when making an international purchase in last year.
The research, Beyond Borders: The Cross-Border Consumption in Brazil, found the lower the consumer's income, the more that smartphones appear as the only buying channel, surpassing desktop access. Among consumers who do not have a bank account, the preference for the smartphone is at 76.5 percent. Consumers made purchases on smartphones both on applications and e-commerce websites.
While credit cards still reign as the most popular payment option for Brazilians at 69 percent, the cash voucher system Boleto is close behind in second place. The poll found 51 percent prefer to use the payment voucher.
More than half of the consumers who said they used Boleto also have a credit card (53 percent). Study authors say the data shows that the Brazilian cash voucher is not just an option for those without a bank account or credit card enabled for international purchase—it is a cultural habit.