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The Brazilian Central Bank will allow for the local payment method Boleto to be used for making bank deposits

The most popular voucher payment method in the country gains one more type of use

Brazilian central bank
  • The Brazilian Central Bank officially allowed for the Boleto Bancário payment method to make bank deposits
  • This feature is already offered in digital banking, but now it is officially a regulated practice

The Brazilian Central Bank officially allowed for the Boleto Bancário payment method to be used for more than paying bills or purchases, adding the possibility of generating a Boleto Bancário for making bank deposits. 

But now you might be asking yourself: “how can it be useful? Why do Brazilians use the boleto bancário to make bank transactions?” Well, these are complex questions and you can find more information about the relation between Brazilians and the boleto bancário on the articles below:

In fact, the announcement isn’t about a completely new service, but rather a new way of doing bank transfers which involves paying fewer taxes and which simplifies the process for those who don’t live near a bank agency – since a boleto can also be paid in more popular establishments in smaller cities. In a nutshell, it let’s Brazilians use their preferred payment method – especially for those with limited access to bank accounts – in more ways.

The feature was already part of the package offered by digital bank services. The Central Bank announced that the regulation is a way to promote fair competition among all the institutions on the Brazilian financial market.