Brazil has reached the milestone of 200 million banked individuals, according to data from the Central Bank, indicating that 89.9% of the population has some banking relationship, according to estimates from the Idwall Ranking, in partnership with the Cadarn consultancy. Despite the significant number, a significant 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 a connection to a financial institution, the unbanked find alternative payment methods that make sense for their reality: online payment methods offered by e-commerce, which is one of the vectors of financial inclusion, according to the Central Bank (BC).
“Fintechs that act as payment intermediaries provide various services without the need for a permanent link with the customer. Some examples are private label credit cards or web installment payments, which directly benefit the unbanked, allowing them to buy 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 a bank account are a differential in e-commerce
Although having a negative credit record does not necessarily prevent the opening of a bank account, credit restrictions can hinder access to essential financial products. It is in this context that alternative payment methods gain strength by offering concrete consumption means for those without a bank account or access to credit cards.
For these consumers, online payments are more than just 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.
The bank slip is one of the most accessible payment methods in the country. Only in 2024, it moved R$ 5.8 trillion in Brazil, including operations from individuals and legal entities, according to Febraban’s 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,’ the executive analyzes.
In addition, companies can offer unbanked individuals their own private label credit card, issued and managed directly by retailers. This allows the customer to shop online and pay in installments, ensuring the safe provision of credit and reducing the risks of default, as each company can establish its own credit approval criteria.
Another option is web installment credit, a more secure and technological version of the famous ‘payment booklet,’ which offers unbanked customers another option for making installment purchases.
Technology as an ally of inclusion
The advancement of digital payment technologies has driven the entry of 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 follow 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,” Tseng concludes.
