Boleto Bancario Is One of Brazil’s Most Popular Cash Payment Methods – Here’s What You Need To Know About Accepting This Popular Payment Method.
Boleto means ‘ticket’ and is a popular Brazilian cash payment method. A ‘boleto’ is a printed or virtual voucher with a barcode, payment details, and customer information. Boletos can be paid at thousands of locations across Brazil, from ATMs to digital banks to post offices to in-person branch banks and convenience stores. Boleto can be used for anything from paying rent to eCommerce purchases.
Around 55 million Brazilians do not have a bank account, and others are hesitant to share their payment information online, so many choose alternative payment methods like Boleto. Boleto began in 1993 and is regulated by the Brazilian Federation of Banks. With over 40,000 processing locations across the country, Boleto Bancário is a widely accessible Brazilian payment method for sending and receiving money.
What is Boleto?
How Does Boleto Work?
When your customer uses Boleto as a form of payment, a Boleto or voucher is created specifically for their transaction, which is then sent via email. Anyone with a bank account can issue a Boleto with all the necessary payment information. It is a push payment, which relies on the consumer to initiate the payment, similar to using a bank wire.
When your customer is ready to pay the Boleto, they can take it to any location that processes this payment method, or they can have it processed online. Once their Boleto payment is approved, the transaction is done. They will receive a payment confirmation immediately, while the actual payment will take additional time.