iGaming Payment Methods in Brazil: PIX, Visa, Wallets?
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DISCLAIMER: This article was created for entertainment purposes and without any prejudice. It doesn’t contain any guidelines on Brazilian laws and regulations. For precise information on the legal status of your ad campaigns, please advise with your legal counselor.
We have written quite a lot about Brazilian iGaming so far! Today, we will continue exploring the Brazilian iGaming market and take a detailed look into its payment system.
Why bother with that? Well, at least because iGaming has become legal in Brazil, and the related legislation is rapidly developing right now.
And, of course, this topic might also hide some hints for your ad campaigns!
iGaming Payment Methods in Brazil: What Has Changed
Nowadays, users from Brazil can top up their accounts of local iGaming services using the following major methods:
- PIX. An instant payment system developed by the Central Bank of Brazil. It has quickly become extremely popular in Brazil: about 20% of people prefer PIX payments over the rest. As our partner, Sam Alves, puts it, PIX is definitely one of the preferred payment methods for Brazilians because it’s immediate and fee-free.
- TED. Transferência Eletrônica Disponível, or simply TED, is designed to transfer funds between accounts across different banks or within the same one. It can’t always boast the same speed as PIX, but it can still be very quick.
- Debit Cards and Prepaid Cards. The most important part to understand here is that a debit or prepaid card does NOT equal a credit card. Credit card transactions have become illegal for iGaming websites in Brazil – and the main reason is to help players avoid debts.
The next part contains the answers to the questions that you – as a media buyer or a direct advertiser – might have.
iGaming Payments in Brazil FAQ: How to Deal With the New Legislation?
— What payment methods are currently supported by the gambling operators you promote for users in Brazil?
The iGaming operators we work with support a variety of payment methods tailored to the Brazilian market. They include major credit and debit cards like Visa, MasterCard, and Elo. E-wallets such as PayPal, Skrill, and Neteller are also accepted. Besides, local payment solutions like Boleto Bancário and PIX are available, alongside options for bank transfers with local banks. Some operators also accept cryptocurrency transactions, such as Bitcoin.
Note: the available payment methods can make an impact on your conversion rates. As Sam Alves shared with us,
‘Without a doubt, the type of payment accepted can influence my decision to buy on a website, especially when I want the purchase to be registered more quickly.’
So, if the site accepts PIX or other convenient methods, it makes sense to show it in your ad. While you can’t always use logos of the payment systems, you have the right to add something like this to your copy:
— Are there any specific local payment methods that are particularly popular or recommended for the Brazilian market?
Yes, PIX and Boleto Bancário are particularly popular among Brazilian users. PIX offers instant transactions, while Boleto Bancário is more trusted by users who prefer traditional banking methods. Local credit cards like Elo are also widely used.
— How do the processing times and fees of different payment methods compare, particularly for deposits and withdrawals?
Processing times and fees vary by method. For example, deposits made with PIX are typically instant and fee-free, so it’s a popular choice. Credit and debit card deposits are usually processed within a few minutes but may incur a small fee.
Withdrawals can take longer, with bank transfers taking up to 5 business days, while e-wallet withdrawals are processed within 24 hours. Fees for withdrawals also vary, with some methods being fee-free and others charging a percentage of the transaction amount.
— Have there been any issues or challenges with the current payment methods for Brazilian users, such as transaction failures or delays?
While most transactions are processed smoothly, some users face occasional issues with bank transfers, such as delays or transaction failures. Boleto Bancário can also be slower than other methods; it needs manual processing. However, operators are constantly working to reduce the problems.
— What measures are in place to ensure the security and privacy of Brazilian users’ financial transactions?
Security is a top priority for iGaming operators. They use advanced encryption technologies to protect users’ financial data during transactions. Compliance with local regulations and international standards ensures robust data protection.
Additionally, operators undergo regular security audits and hold certifications from reputable security organizations. Anti-fraud measures are also in place to detect and prevent unauthorized transactions.
— Are there any upcoming changes or additions to the payment methods that will be available to Brazilian users?
Yes, there are plans to introduce new payment methods tailored to the Brazilian market. For instance, operators are looking for new partnerships with emerging fintech companies to offer more seamless and faster payment solutions.
What is more, the existing methods will be improved soon, too. For example, there will be faster processing times for bank transfers and enhanced security features in the coming months. These changes aim to provide users with more convenient and secure payment options.
Most likely, such changes might impact the user flow: having a convenient and quick payment option on hand is what many iGaming customers seek. Here is what Sam thinks:
‘I find it not only inconvenient but sometimes also suspicious if a website does not accept certain types of payment. For example, if the site only accepts credit cards and not PIX, depending on the service or product, it might seem to me that it is an international company that does not have direct access to Brazilian banking services, which somewhat reduces its reliability.’
To Sum Up
Brazil’s iGaming scene is changing fast. So, the main advice we can give: keep your ads to the point and make sure the site you promote is on the good side of the law. And, of course, stay aware of the legal changes: it seems Brazil has sprung into the action this year!
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