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Latin America Online Payment Methods 2021 Post COVID-19

·3-min read

Cashless transactions in Latin America were projected to more than double from 2020 to 2030. The latest publication “Latin America Online Payment Methods 2021 Post COVID-19” provides insights into the current state and future trends of online payment market in Latin America.

New York, Aug. 19, 2021 (GLOBE NEWSWIRE) -- announces the release of the report "Latin America Online Payment Methods 2021 Post COVID-19" -
Among other findings, the publication reveals that in Latin America, a smartphone was the most preferred device to use when shopping online in 2020.

Global payment market shifted towards cashless transactions significantly due to COVID-19 in 2020

The global payment market has been fundamentally affected by the COVID-19 health crisis across different industries internationally. Because of forced limitations by the administrations in many nations, the conventional payment structures moved to digitalized ones as they were safer, quicker and more convenient in the midst of COVID-19 in 2020. Consumers in most countries shifted their preferences towards mobile payments, therefore businesses strived to provide them with experiences on digital- or mobile-first platforms. After the onset of the pandemic, consumers turned to the types of payments where there was less interaction, thus, cashless transactions were projected to increase twofold globally by 2030, with the Asia-Pacific region leading in them. Whereas, the two lagging regions were Africa and Latin America. Most of these non-cash payment value was expected to be held by contactless cards in 2020.

Mobile payments gained momentum in Latin America in 2020, with over 70% of Mercado Libre online sales made via a mobile device

Amid the pandemic, Latin American consumers mostly opted for smartphones when shopping online, and with such usage growing 2019 to 2020. Mercado Libre, a major online retail player in the region, reported that over 70% of sales were made via mobile in 2020. The value of digital purchases via mobile spiked in Brazil by almost 80% from 2019 to 2020. However, there were also consumers who avoided mobile payment apps, as around a quarter of respondents to a survey in Brazil reported that they believed they were unsafe or that they did not know how they worked.

“Credit card” was the most common payment method among Latin Americans in 2020 when shopping both online and in-store

After the COVID-19 pandemic started, there was a downward trend in cash usage in Latin America, with over 60% of consumers reducing the use of cash by at least 20% in 2020. The biggest share of those who decreased using cash was seen in Chile, where more than 70% of customers reported paying less with cash. The most common payment method in the region for both online and offline purchases was a “credit card”. Real-time payments also gained momentum in Latin America in 2020, with the fastest growth of RTP transactions projected to be seen from 2020 to 2025 in Colombia, at a CAGR of over 100%, and in Peru, at a CAGR of more than 70%.

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