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The emerging dominance of digital payments in the LATAM payment landscape
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content=" Statistics from the Bank for International Settlements and research firms confirm the rapid growth of digital payments in the LATAM region. The COVID-19 pandemic has been a catalyst for change in Latin America's payment landscape. The volume of
contactless payments grew 45% between 2020 and 2021, reaching US$2.5 trillion. E-commerce payment volume is projected to grow more than 55% from 2021 to 2026.">
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contactless payments grew 45% between 2020 and 2021, reaching US$2.5 trillion. E-commerce payment volume is projected to grow more than 55% from 2021 to 2026.">
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<p class="default-link -disabled">The emerging dominance of digital payments in the LATAM payment landscape
</p>
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<section class="article">
<div class="container">
<h1 data-animate="swim-top">
THE EMERGING DOMINANCE OF DIGITAL PAYMENTS IN THE LATAM
PAYMENT LANDSCAPE
</h1>
<div class="article-info" data-animate="swim-top">
<p class="date">
04.09.2023
</p>
<p class="time">
5 min to read
</p>
</div>
<div class="main-img" data-animate="fade">
<img src="images/blog/article-article-img.jpg"
alt="THE EMERGING DOMINANCE OF DIGITAL PAYMENTS IN THE LATAM PAYMENT LANDSCAPE">
</div>
<div class="article__content editor -bigger-ol">
<p data-animate="swim-top">
Statistics from the Bank for International
Settlements and research firms confirm the rapid
growth of digital payments in the LATAM region. The
COVID-19 pandemic has been a catalyst for change in
Latin America's payment landscape. The volume of
contactless payments grew 45% between 2020 and 2021,
reaching US$2.5 trillion. E-commerce payment volume
is projected to grow more than 55% from 2021 to
2026.
</p>
<p data-animate="swim-top">
<a href="index.html" target="_blank">LaFinteca</a>
is leading the shift from cash to digital
alternatives. In a world where innovation is key,
LaFinteca is becoming a catalyst for companies
looking to navigate the complex landscape of Latin
America.
</p>
<h2 data-animate="swim-top">
Here are highlights of online payment trends and
methods in Latin America:
</h2>
<ol>
<li data-animate="swim-top">
<h3 data-animate="swim-top">Regional trends</h3>
<ul>
<li data-animate="swim-top">
Credit cards were the dominant payment
method in 2021, accounting for 33% of
B2C e-commerce sales. International
credit cards accounted for another 25%.
</li>
<li data-animate="swim-top">
Alternative payment methods such as bank
transfers, digital wallets and debit
cards are growing, with bank transfers
growing at 107% in 2021. Mobile commerce
is also popular, accounting for 60% of
e-commerce volume.
</li>
<li data-animate="swim-top">
Contactless mobile payments are lagging
behind globally. In 2021, mobile
shopping accounted for 60% of total
e-commerce volume in Latin America, up
46% from 2020. In 2021, 21% of
smartphone users in Brazil and 14% in
Mexico used mobile payments in stores,
compared to 87% in China.
</li>
<li data-animate="swim-top">
Digital-only banks have grown at a rate
of 27% since 2012, reaching 52% in Latin
America in 2021. In 2021, mobile
shopping accounted for 60% of total
e-commerce in Latin America, up 46% from
2020.
</li>
</ul>
</li>
<li data-animate="swim-top">
<h3 data-animate="swim-top">Brazil</h3>
<ul>
<li data-animate="swim-top">
In 2021, 59% of online sales were paid
for with credit cards, often using
installment payments. Debit cards
accounted for just 6% of sales.
</li>
<li data-animate="swim-top">
In Brazil, the PIX instant payment
system is gaining popularity. In 2021,
36% of mobile shoppers used it, and 40%
of online purchases made by registered
PIX users were made using it.
</li>
<li data-animate="swim-top">
Mobile wallet transactions are projected
to grow 41% per year to reach $146
billion in 2025.
</li>
</ul>
</li>
<li data-animate="swim-top">
<h3 data-animate="swim-top">Mexico</h3>
<ul>
<li data-animate="swim-top">
International credit cards accounted for
the largest volume of online payments in
2021, at $17 billion. Debit cards
account for 30% of online card payments.
</li>
<li data-animate="swim-top">
Alternative services such as digital
bank cards and "Buy Now, Pay Later" are
emerging, with BNPL's share projected to
double to 4% by 2025.
</li>
<li data-animate="swim-top">
Mobile fraud accounted for 33% of
merchant fraud losses in 2021, up 10%
from 2019.
</li>
<li data-animate="swim-top">
In Mexico, 36% of users used digital
bank cards and 36% used debit cards
during the 2021 Hot Sale. Shoppers
making cross-border purchases were most
likely to use PayPal (48%).
</li>
</ul>
</li>
<li data-animate="swim-top">
<h3 data-animate="swim-top">Argentina</h3>
<ul>
<li data-animate="swim-top">
Credit cards (31%) and digital wallets
(30%) were the main online payment
methods in 2021. Debit cards accounted
for 26% of sales.
</li>
<li data-animate="swim-top">
63% of sales on merchant websites in
2021 were paid with credit cards through
a payment platform.
</li>
<li data-animate="swim-top">
In Argentina in 2021, 83% of users used
cards versus 81% used cash, showing a
reversal of the previous trend. At the
end of 2021, the number of QR payment
transactions increased by 13%.
</li>
</ul>
</li>
<li data-animate="swim-top">
<h3 data-animate="swim-top">Chile</h3>
<ul>
<li data-animate="swim-top">
In 2021, credit cards were used for 38%
of online purchases, while debit cards
were used 20% of the time.
</li>
<li data-animate="swim-top">
Digital wallets grew 42%, but 40% of
shoppers still use offline vouchers such
as ServiPag.
</li>
<li data-animate="swim-top">
In 2021, 37% of online sales were paid
for with credit cards and 25% with debit
cards. The growth of digital wallets was
60%.
</li>
<li data-animate="swim-top">
P2P payment apps grew from 24% in 2020
to 61% in 2021.
</li>
</ul>
</li>
<li data-animate="swim-top">
<h3 data-animate="swim-top">Dominican Republic</h3>
<p data-animate="swim-top">
Between 2020 and 2021, online card payments
on domestic websites nearly doubled to 21
million. Payments on international websites
grew to 42 million.
</p>
</li>
<li data-animate="swim-top">
<h3 data-animate="swim-top">Colombia</h3>
<p data-animate="swim-top">
In Colombia, debit card ownership reached
88% in 2021, compared to 54% for credit
cards. The use of digital wallets increased
dramatically from 0.7% of users in 2020 to
31% in 2021.
</p>
</li>
<li data-animate="swim-top">
<h3 data-animate="swim-top">Peru</h3>
<p data-animate="swim-top">
P2P payment apps saw strong growth during
the pandemic. In Peru, their use among
banking internet users increased from 24% in
2020 to 61% in 2021.
</p>
</li>
</ol>
<p data-animate="swim-top">
<img class="-lazyload" srcset="images/lazyload.png" src="images/blog/article-preview-2.svg"
alt="image green stab" />
</p>
<h2 data-animate="swim-top">Forecasts and Conclusions</h2>
<p data-animate="swim-top">
The share of alternative payment methods in LATAM
e-commerce is expected to reach 30% by 2024, and in
some countries, such as Argentina (43%), Colombia
(41%) and Brazil (31%), the share will be even
higher. The growth of digital payments in Latin
America is gaining strong momentum.
</p>
<blockquote data-animate="swim-top">
«LaFinteca is playing a key role in this digital
revolution, opening new paths in the world of
payments and transactions. With customized
payment solutions, robust security and a
customer-centric approach, this brand embodies
the essence of efficiency and growth.»
</blockquote>
</div>
</div>
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