Brazil has reached the milestone of 200 million banked individuals, according to Central Bank data, indicating that 89.9% of the population has some banking relationship, based on estimates from the Idwall Ranking in partnership with consultancy Cadarn. Despite this significant number, a substantial portion of the population remains unbanked, without an active account or full access to the most commonly used financial products, such as credit or financing.
Even without ties to a financial institution, the unbanked find payment alternatives that make sense for their reality: online payment methods offered by e-commerce, which is one of the drivers of financial inclusion, according to the Central Bank (BC).
“Fintechs that act as payment intermediaries provide various services without the need for a permanent relationship with the customer. Some examples are the private label credit card or web installment plans, which directly benefit the unbanked, allowing them to shop online safely and efficiently,” comments Marlon Tseng, CEO of Pagsmile, a payment institution specialized in solutions that connect businesses to emerging markets.
Online payment methods for those without bank accounts are a differentiator in e-commerce
Although having a negative credit record does not necessarily prevent opening a bank account, credit restrictions can make it difficult to access essential financial products. It is in this context that alternative payment methods gain strength by offering concrete means of consumption for those without bank accounts or access to credit cards.
For these consumers, online payments are more than a convenience—they are an essential bridge to digital commerce. An example of this is the ‘buy now, pay later’ model, already familiar to the Brazilian public and now established as a global trend in financial inclusion in e-commerce.
Bank slips are one of the most accessible payment methods in the country. In 2024 alone, they accounted for R$ 5.8 trillion in Brazil, combining transactions by individuals and businesses, according to Febraban data. “The bank slip is a democratic solution. It can be paid through various channels, does not require a banking relationship, and is widely accepted by online retailers,” analyzes the executive.
In addition, companies can offer the unbanked private-label credit cards (private label), which are issued and managed directly by retailers. They allow customers to shop online and pay in installments, ensuring credit offerings securely and reducing default risks, as each company can establish its own credit approval criteria.
Another option is web installment plans, a more secure and technological version of the famous ‘payment booklet,’ offering the unbanked another way to make installment purchases.
Technology as an ally of inclusion
The advancement of digital payment technologies has driven millions of Brazilians into the consumer market. For companies, adopting inclusive solutions is more than a competitive advantage—it is an opportunity for loyalty and expansion.
“By integrating methods that align with the real habits of the population, especially the unbanked, we create not only new business opportunities but also more lasting connections with consumers. This is how we promote inclusion and relevance in the digital environment,” concludes Tseng.
