Banco Itaú is one of a number of banks offering a bank-transfer payment method. Bank customers log into their online banking environment. They review the details and authorise the payment for the funds to be credited directly to the payee’s account. The bank serves around 60 million customers, giving its payment method a broad potential reach. Its digital arm ended 2021 with around 10 million customers.
Other bank-transfer payment schemes in Brazil include Hyperwallet, PayU, Pix and BoletoFlash.
The benefits of supporting bank-transfer payments in Brazil
- During the pandemic, Brazilian banks saw consumers open 76 million new, and mainly digital, bank accounts (ZDNet).
- In 2021 Brazilians paid for 8% of online purchases, with an estimated value of US$3 billion, using bank-transfer methods (PPRO).
- Just 27% of Brazilians have a credit card (PPRO), so any merchant aspiring to a broad-based appeal must support digital payment methods.
Find out today how PPRO can help you integrate leading Brazilian digital payment methods.
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