Latin America Online Payment Methods 2024: Credit Cards Dominate the Digital Payment Landscape and B2C E-Commerce, with Real-time Payments Witnessing Rising Popularity in Latin America

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Feb 15, 2024, 11:00 ET

DUBLIN, Feb. 15, 2024 /PRNewswire/ -- The "Latin America Online Payment Methods 2024" report has been added to ResearchAndMarkets.com's offering.

Volume of Real-Time Payments in Latin America is Forecast to Nearly Quadruple by 2027

Latin America, like other regions, is witnessing a surge in digital payment adoption amid the global push towards digitalization in payments. However, this transition isn't uniform. In Latin America, credit cards dominate B2C E-Commerce sales, comprising over 50% of total payment methods in 2022. Digital wallets rank fourth, with a low double-digit share.

Brazil leads in credit card ownership and transactions, exceeding 50% of total B2C E-Commerce sales. Moreover, credit cards dominated online payments in Latin America, while BNPL accounted for only a small fraction of B2C E-Commerce sales, yet witnessed significant annual increases, particularly in Colombia, with triple-digit growth from 2021 to 2022, mirroring adoption trends in countries like Chile and Peru, though annual growth in Mexico and Brazil was surpassed only by account-based transfers and Pix.

Real-time payments witness rising popularity in Latin America

Real-time payments, emerging as a digital substitute for cash, are gaining traction in Latin America; with the volume projected to nearly quadruple by 2027 from 2022 levels, indicating a growing preference for this online payment method.

Consequently, the share of real-time payments in the region's total electronic payments is forecasted to nearly double between 2022 and 2027, surpassing the 50% threshold. Peru is anticipated to see one of the highest CAGRs for real-time payment transactions during this period, while Chile is expected to have one of the lowest.

Key Questions Covered

What were the top payment methods used by shoppers in Latin America to make purchases online?
Which payment trends are reshaping Latin America's payments landscape?
What are the fastest-growing online payment methods in Argentina, Brazil and Mexico?
How high is digital payment adoption among adults in various countries in Latin America?
How is the number of real-time payment transactions projected to develop in Latin America?

Company Coverage:

Pix
Yape
MACH

Key Topics Covered:

1. Key Takeaways

2. Management Summary

3. Global Developments

Overview of the Online and Mobile Payment Trends, September 2023
B2C E-Commerce Payment Value, in USD trillion, 2023e & 2027f
Preferred Online Payment Methods For E-Commerce Purchases, in % of Adults, June 2022
Preferred Payment Method When Shopping Online, in % of Respondents, October 2022
Value of Contactless Card Transactions, in USD trillion, 2022e & 2027f
Virtual Card Transaction Value, in USD trillion, 2022e & 2027f
BNPL B2C E-Commerce Sales, in USD billion, 2022e & 2027f
Number of BNPL Users, in millions, 2022e & 2027f
Value of Digital Wallet Transactions, in USD trillion, 2023e & 2028f
Total Number of OEM Pay E-Commerce Transactions, in USD billion, Growth in Transactions, in %, & Average Transaction Volume Per OEM Pay User, in USD, 2026f
Share of OEM Pay E-Commerce Transactions Stemming From Purchases of Digital Goods, in %, 2026f
Top Reasons Because of Which Respondents Are Likely to Abandon Checkout, in % of Adults, June 2022
Most Accessible vs Most Preferred Online Payment Method, in % of Adults, June 2022
Share of Consumers Agreeing With the Following Statements Related to Security of Online Payment, in %, April 2023
Share of Consumers Agreeing With the Following Statements Related to Digital and Mobile Wallets, in %, April 2023
Top Consumer Expectations at Checkout When Making Online Purchases, incl. "Payment Methods", in % of Respondents, October 2022
QR Code Payment Transaction Value, in USD billion, 2023e & 2028f
Cryptocurrency Payment Value, in USD billion, 2020-2025f
Mobile Money Statistics, incl. Number of Live Services, Registered Accounts, in millions, Active Accounts, in millions, Transaction Volume in millions, and Transaction Value, in USD billion, and Year-on-Year Growth, in %, by Region, 2022

4. Latin America

4.1. Regional

Online & Mobile Payment Trends, October 2023
Breakdown of B2C E-Commerce Sales, by Payment Methods, in %, 2022e
Breakdown of Payment Methods Used for Streaming and Digital Goods Purchases, in %, 2022e
Breakdown of Online Travel Payments Volume, by Payment Method, in %, 2022e
Card Ownership in Select Countries, by Card Type, in % of Internet Users, 2021 & August 2022
Real-Time Payments Volume, in billions, 2022 & 2027f
Real-Time Payments Share of Total Electronic Payments, in %, 2022 & 2027f

4.2. Brazil
4.3. Mexico
4.4. Argentina
4.5. Colombia
4.6. Chile
4.7. Dominican Republic
4.8. Peru

For more information about this report visit https://www.researchandmarkets.com/r/d69oeb

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