Breathtaking carnivals, the best football players and one-of-a-kind rainforests… Yes, you guessed it right. We are diving into the beauty of Brazil! With over 213 million citizens, Brazil is the sixth most populated country in the world and just like its climate; it is the home of the warm-blooded cheerful people who love to celebrate, dance and play. Formerly, the Federative Republic of Brazil has numerous stories to tell, and we are here to listen!
Brazil’s capital is not Rio de Janeiro or São Paulo. However, unlike what most of the world thinks, the capital city of Brazil is Brasilia; the town was built in 41 months in the 1950s and was designed by Lúcio Costa. The decision was made primarily due to the city’s geographical location. Today, Brasilia hosts many outstanding buildings worth seeing.
We can not list the natural beauties of Brazil in a short paragraph, yet to give some examples, the country is the home of around 60% of the Amazon Rainforest and the 2nd longest river in the world, the prominent Amazon River. In addition to the natural beauty, Brazil is famous for its carnivals. The Rio Carnival in Rio de Janeiro hosts over 2 million people yearly. It is one of the most renowned tourist attractions in the world and creates a fantastic atmosphere on the streets with parades, dancers, costumes and heavy drinking.
Let’s not forget about football! Brazil has won the FIFA World Cup finals five times, more than any other nation, and some of the world’s best and most celebrated football players, including Pelé, Ronaldinho, and Neymar, are all from Brazil. While hosting the best carnivals, being the land of the best rainforest and remaining the best in football, unfortunately, the living standards in Brazil are not so bright.
Besides urban slums, rural areas of Brazil also live in significant poverty. According to statistics, Brazilians living at the poverty line do not have access to some of the fundamental essentials such as clean running water. A single person’s estimated monthly costs are around 466$ (2,527R$) without rent, and the minimum wage is approximately 1,212 Brazilian reals per month, which does not cover half of the expenses for a quality living situation.
On the other hand, to give a piece of brief information about the economy of Brazil, the country’s thrift is the third largest in the Americas. Brazil’s economy can be described as a middle-income developing mix. While the country has a long history of being amongst the ten largest economies in the world and remained one of the fastest-growing major economies, with an average annual GDP growth rate of over 5%, in 2013, Brazil’s economic growth started decreasing. This amazing land is also prosperous in natural resources; however, since it was a colony of the Portuguese for over 300 years, it is not painless to recover and establish similar social systems as the developed countries while having a much more overloaded population.
Choosing Payment Methods in Brazil
There are multiple steadfast payment options in Brazil other than cash. In fact, Brazilian people are keen on using their credit cards as their primary payment method for in-store and online purchases. Let’s see the details of each preferred payment method and practice in Brazil and leave you to decide which one is the best for you!
What are the Different Types of Payment Methods in Brazil?
Payment practices in Brazil are not much more diverse than the rest of the world in modern days. Most people prefer credit cards; most have to use credit cards. Cash is still used all over the country for almost every payment type, and it looks like there is still time to go cash-free for Brazil.
- Credit Cards in Brazil
Brazilian people adore using credit cards, especially for their online purchases. Along with the major credit and debit cards such as Visa, Mastercard, and American Express, ELO, Hipercard, and AMEX are popular amongst lower and higher-income residents.
- Cash in Brazil
Cash is still heavily used in Brazil, and there are some systems, including the BNPL systems. Most of these push payments rely on the consumer to initiate the payment, similar to using a bank wire. Relatively, Brazilians have some apprehensions about sharing their payment information online like all of us and going with cash is undoubtedly a solution to this concern. For regular cash payments for in-store payments, you can utilise the Brazilian Real, the official currency of Brazil.
- Digital Wallets in Brazil
Digital wallet usage in Brazil is still a reasonably new approach compared to the rest of the world. While digital wallets might be one of the best payment methods online, Brazilians still require time to get used to them. Shifting towards more technological alternatives in every area of life is inevitable. While technology becomes more accessible for the economically struggling portions of Brazil, digital wallets and other e-payment options will gradually become more popular since they offer fast and secure transactions in seconds.
Thanks to favourable new investments in technology such as QR codes, online and in-store payments can now be completed in seconds. Even though there are much more convenient ways than cash, countries like Brazil must follow the payment trends. If you are travelling to Brazil, keep some money on you, especially for your small payments, such as paying for your morning coffee and checking out the digital payment options obtainable in the country.
- Cryptocurrency in Brazil
Brazilian people are not distant from cryptocurrencies at all. Bitcoin is popular in Brazil, while the country is South America’s largest market for cryptocurrency trading. It is estimated that over 10 million people, up to 4.9% of Brazil’s total population, currently own cryptocurrency. Due to the country’s great potential, Brazilians have multiple exchange platform options to trade cryptocurrencies in Brazil safely, and there are presently no enacted regulations or legislation explicitly regulating cryptocurrency trading in the country.
Jeton Wallet in Brazil
Our game-changer digital wallet, Jeton Wallet, has become one of the most popular in the Brazilian market. There are various reasons why this amazing country’s great and lovely people prefer Jeton Wallet. Yet, we firmly believe that our perspective and knowledge of Brazilian culture is the initial one. Thanks to our highly professional inner circle with years of experience in LATAM countries, we understand our users’ attitudes, needs and concerns entirely.
To meet with innovative payment solutions of Jeton Wallet, you can always visit our website, jeton.com and contact our responsive customer service agent!