Brazilian fintech company extends its payment method

PagBrasil offers payment confirmation in less than two hours for all digital consumers

Brazilian fintech company extends its payment method. Source: unsplash.com

Brazilian fintech processing company PagBrasil extends the reach of its Boleto Flash technology, which accelerates the payment confirmation for boleto bancário, one of the most popular payment methods in the country.

Boleto bancário is an official Brazilian payment method regulated by the Central Bank of Brazil. The payment process is similar to wire transfer or cash payment methods. Customers are provided with a prefilled boleto bancário bank slip. The customer has the option of printing the form and paying it physically or paying electronically. Payment can be made with cash at any bank branch or at authorized processors such as drugstores, supermarkets and post offices. The electronic payment can be made at any of the more than 48,000 ATMs in Brazil, through internet banking or mobile banking apps, which are largely used in the country.

Boleto Flash becomes compatible with payments made at any bank, lottery agency or authorized entity. This means that all banks in Brazil can utilize accelerated payment confirmation.

The Boleto Flash network of partner banks already included Banco do Brasil, Bradesco, Itaú, Santander, Caixa Econômica, which provide services to 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 is aimed at solving 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.

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.

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