Pix, credit card and cash: the most common payment methods among Brazilians are used for online purchases, in apps, markets, restaurants, shopping malls and services.
In this guide, you will find everything about payment methods and the most common types (and discover which methods are used by iFood).
What are payment methods?
Payment methods are the ways in which the payment system works, made available by companies to customers for the purchase of a product or service.
Payment system is the set of norms, standards, and instruments that interconnect and process transactions between non-bank economic agents, banks and the Central Bank.
The more diverse the payment methods offered by a company, the more positive the customer's buying and/or selling experience with it tends to be.
With the digital transformation, More efficient and faster payment methods than those previously used have emerged, especially in the last two decades.
Cash, checkbook and payment slip were the payment methods known to Brazilians until the 1970s, when the first credit card machines in Brazil.
What are the most common types of payment?
The most common types of payment in Brazil are Pix, cash, credit card and debit card. Pix is currently the method of most used payment in Brazil.
According to the Brazilian Banking Association (Febraban), between the launch of Pix, in November 2020, and September 2022, the instant payment system generated R$ 12.9 trillion.
Payments made via Pix surpassed payments with debit cards and credit cards in January and February 2022, respectively.
Between January and March 2021, the number of financial transactions via Pix had already surpassed those made via DOC, TED (Available Electronic Transfer) and bank slips.
What are the payment methods used by iFood?
Payment methods accepted on the iFood app are credit card, debit card, Pix, cash, meal vouchers, QR Code, Google Pay and iFood Card It is iFoodOffice.
The credit card is a method that offers advantages such as installments and purchases without the need to have a balance at the time, just the available limit.
With the debit card, a very secure method, payment is made in cash. Pix, an instant payment system, has the advantage of being fast and free of charge.
Meal vouchers are made available by companies to their employees for purchases in restaurants, cafeterias and markets. It is worth checking whether the flag is accepted before purchasing.
The QR Code (Quick Response Code, in Portuguese Quick Response Code), an advanced version of the barcode, can be read by any device with cameras.
Google Pay is a digital wallet that replaces credit and debit cards in online payments and also by contacting your cell phone.
The iFood Card can be used for various services and purchases and is valid for 90 days. It is activated through the iFood app, with a QR Code or card code.
iFood Office is a reimbursement service for companies that centralizes food expenses for corporate events and meals, ensuring control and transparency.
Discover the main online payment methods
The main online payment methods are digital wallet applications, such as Google Pay, Mercado Pago, PagBank, Pic Pay and Apple Pay.
Digital wallets (or e-wallets) are used for payments with smartphones, biometrics, QR Codes, applications and websites, with a registered card or cash available at the wallet.
As they are a more accessible option than a digital account, digital wallets have become popular for facilitating and speeding up the consumer's purchasing journey.
They are considered a secure means of online payment. According to the Experian Global Insights Survey, In Brazil, 87% of the people interviewed consider the digital wallet to be safe.
