Innovations such as instant payments, digital wallets and cross border payments are transforming the Latin American financial market. Brazil is leading the way in widening access to the digital economy, with Getnet’s global payments platform and the central bank’s Pix system playing central roles.

The way Brazilian consumers and businesses buy and sell goods has undergone radical change. A boom in technology-driven payment led by banks and fintechs has enhanced the growth of alternative payment methods (APMs).  As a result, many more people can now access the country’s financial system, the digital economy is growing and businesses and merchants are becoming international players.

Just under five years ago, more than one-third of Brazil’s working population was paid in cash. Today, 70% of people use digital accounts or pre-paid cards to send or receive payments.

The Pix platform, introduced in 2020, has been a major driver of behavioural change. Created and managed by the Central Bank of Brazil, it enables the 24/7 execution of payments and transfers in a few seconds, even on non-business days. For many people without access to traditional banking services Pix offers an easy way to manage their finances, transfer money and make purchases, both online and in person.

Digital wallets are also becoming increasingly popular as they allow mobile phone users to store funds, make payments and transfer money even if they do not have access to traditional bank accounts. In addition, Payment Links offer new ways to sell a product or service without the need for complex development or selling through social media.  

Getnet integrates these alternative ways of accepting payments, helping entrepreneurs as well as small and medium sized businesses (SMEs) operating in any sector to grow. It has the added benefit of delivering a frictionless experience for their customers. 

The development of e-commerce in Brazil has been marked by significant growth, driven by technological advances, changes in consumer behaviour and rapidly growing digital infrastructure.

Merchants are able to accept alternative forms of payment with Getnet’s simple and easy payment solutions for business while also improving the experience for customers.

There are two services designed to help entrepreneurs and SMEs thrive in the new payments ecosystem: 

• Get Tap: transforms smartphones into payment terminals using Near Field Communication (NFC) technology. Financial transactions can be made with only a few mobile phone keystrokes without the need for a point of sale (POS) machine.
• Get Link and Pay: an online payment link that provides customers with convenient and flexible payment options to buy products displayed in an online portal. Entrepreneurs do not have to set up their own e-commerce systems to utilise the service.

Getnet also uses Unstructured Supplementary Service Data (USSD) technology to enable mobile transactions without requiring internet access. USSD messaging protocol makes financial services accessible to users with basic mobile phones.

Merchants seeking to navigate the evolving payment landscape need to adopt the right strategy and execute it swiftly to remain competitive. Getnet is a pioneer in developing innovative payment solutions to support merchants through their transformation.

Getnet has implemented digital identification solutions that simplify the account creation and verification process, as well as the onboarding for merchants launching businesses.

The Getnet Portal is the tool that merchants use to view and manage all their business transactions. It allows them to understand the key reasons behind any movement in real time and also provides insights so they can stay ahead of the competition.

With the support of Santander, Getnet is in a unique position to provide merchants with financial and credit tools such as Dynamic Working Capital, which provides access to funds when they are most needed.

It has also developed digital support centres that provide educational videos and resources. For example, Getnet Brazil recently launched its podcast "Negócio de Sucesso" (Successful Business) which supports the nation’s SMEs and entrepreneurs.