Earlier this year, we wrote about how the Brazilian e-commerce industry was growing rapidly despite a troubling economic state. This is due in part to the growth of an online payment system called EBANX. Partnered with local banks, this system allows Brazilians to make online purchases from international vendors. More than 60% of Brazilian citizens lack access to an international credit card, and before EBANX, this segment was unable to purchase from international e-commerce sites at all.
Brazil is the fifth most populated country in the world and also has the fifth largest digital population globally. Because of this nationwide interconnectedness, it comes as no surprise that there are over 103 Brazilians online, with the average citizen spending 3 hours and 39 minutes online daily. These people are not only utilizing popular social networks but also making purchases from international vendors online. In a recently released report, EBANX stated that half of the 20 million Brazilians who purchased internationally utilized the payment service. This only provides further evidence that the Brazilian e-commerce industry is growing, and with more than half of Brazilian banking transactions being conducted online last year, the opportunity is only growing.
Many Brazilians made online purchases despite being afraid of having their usernames and passwords stolen or their banking information hacked. But with the growth of smartphone use in the country, experts believe that this is what is behind the steady increase in digital banking as well. In fact, there has been a 3,200% growth in the number of bank accounts that are able to perform online transactions in the last four years. Many Brazilians are ready to purchase online, but unfortunately, the vast majority of websites have not adapted to receive their payments.
Brazil is the only Latin American country in the world’s top ten e-commerce markets, next to China, the U.S., Japan, and Russia. Even though e-commerce is still a fairly new industry in Brazil, about 51 million people in the country have made purchases online, with 18.5% of this number doing so for the first time in 2014. Most frequently, these purchases are made from American and Chinese e-commerce sites. Because only 30% of credit cards in the country are enabled for international transactions, EBANX has partnered with companies such as Sony, PlayStation, Facebook, Motorola, and Spotify to make paying easier for Brazilian citizens. Most notably, the company has allowed 10 million people to purchase online internationally. By viewing the EBANX website, you can see the number of transactions and registered users growing by the minute, only showing its dominance as a payment method for Brazil.
To read more about this particular news and learn about EBANX and its role in the Brazilian e-commerce industry, please read their most recent publication.