PagBrasil / Boleto Flash® Expands to All Brazilian Banks
Boleto Flash® Expands to All Brazilian Banks
PagBrasil, leading Brazilian fintech processing payments for e-commerce businesses worldwide, extends the reach of its exclusive Boleto Flash®. With its most recent update, the payment confirmation in less than two hours provided by Boleto Flash® becomes compatible with payments made at any bank, lottery agency or authorized entity.
Now, all banks in Brazil can enjoy accelerated payment confirmation. The Boleto Flash® network of partner banks already included Banco do Brasil, Bradesco, Itaú, Santander e Caixa Econômica, which meant that it was available for the majority of banked Brazilians. In addition, it also served the unbanked population, who pay their boletos at the more than 13,000 lottery agencies in Brazil.
Launched in 2015, Boleto Flash® solves two major problems of the traditional boleto: delayed payment confirmation and non-responsive layout. It also gives the merchant the flexibility to define the expiration date individually for each boleto issued, as well as the option to change the date after issuing.
“With the update, we have lifted this barrier and can now confirm payments made at all Brazilian banks within a few seconds. The more mature the e-commerce segment, the more we need to offer consumers payment methods that provide the immediacy of the online environment. We are proud of our journey with Boleto Flash® and thrilled to present this innovation, which makes it even easier to enjoy same-day payment confirmation for boleto payments,” comments Ralf Germer, co-CEO and co-founder at PagBrasil.
The latest Webshoppers report, by Ebit|Nielsen, highlighted that one-off payments have gained prominence in Brazilian e-commerce, representing 54.2% of all transactions. In addition to showing increased caution on the part of consumers with their finances, the percentage also mirrors the importance of boleto when it comes to paying for online purchases.
According to a recent study by Segmento Pesquisas in partnership with PagBrasil, almost 47% of consumers are used to paying with boleto bancário when buying online, and 23.8% state that this is their preferred payment method, with the number rising to above 30% among lower-income groups and younger consumers aged 18-24. This percentage, however, could be even higher if shops were to offer a boleto solution with payment confirmation on the same day.
The same study identified that 62.1% of consumers who currently prefer to pay by traditional boleto would likely or definitely use Boleto Flash® if the store had the option available. In addition, even among credit card users, 36.1% would be willing to give this payment method a chance.
“The results of the study confirm our perception that consumers are anxious to be able to count on a solution that offers no payment confirmation delay and provides a better viewing and paying experience on mobile devices, without the need to pay using a credit card. This Boleto Flash® update is here to respond to consumers’ demands and expectations,” explains Alex Hoffmann, co-CEO and co-founder at PagBrasil.