Latin America Online Payment Methods Report 2021: Cashless Transactions are Projected to More Than Double from 2020 to 2030

News provided by

Aug 12, 2021, 10:00 ET

DUBLIN, Aug. 12, 2021 /PRNewswire/ -- The "Latin America Online Payment Methods 2021 Post COVID-19" report has been added to ResearchAndMarkets.com's offering.

The report provides insights into the current state and future trends of online payment market in Latin America. 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.

Report Coverage

This report covers the online payment market in Latin America. It takes into account a wide definition of online payment, including payment methods used in online shopping and mobile payment, such as remote and proximity payments. In addition, information related to the impact of the coronavirus (COVID-19) on digital payments in Latin America and worldwide was included in this report.
The report includes data mostly published in the previous 12 months. The exact date of publication of the source is stated on each chart. The time period which the data refers to differs by source.

Report Structure

The global chapter opens the report, featuring an overview of global online and mobile payment developments.
Next, information about the regional development is included, covering online and mobile payment. Furthermore, a text chart summarizing the impact of the health crisis on digital payments and post COVID-19 trends in Latin America.
The rest of the report contains country-specific information. The countries in the region are presented in the descending order of B2C E-Commerce sales.
Depending on data availability, the following types of market information are included: payment methods most used by online shoppers, number and value of online/mobile payment transactions, mobile payment usage and consumer awareness of mobile payment services. Not all the mentioned types of information are available for each of the covered countries.

Key Topics Covered:

1. Management Summary

2. Global Developments

Post-COVID-19 Online & Mobile Payment Market, August 2021
Post-COVID-19 Online & Mobile Payment Market, August 2021
Number of Cashless Transactions, in billions, CAGR, in %, 2020, 2025f & 2030f
Value of Contactless Card Transactions, in USD trillion, 2020 & 2021e
Value of Virtual Card Transactions, in USD trillion, 2021e & 2026f
Value of Buy Now Pay Later Transactions, in USD billion, 2021e & 2026f
Breakdown of Opinions on Whether Blockchain Will Replace Current Payment Schemes in the Next 10 Years, in % of Respondents, 2020
Share of Contactless Card Transactions, in % of Overall Contactless Transaction Value, 2021e
Top Low-Value Payment Methods That Will Be the Most Used in a Country, in % of Respondents, 2020
Top 10 Countries' B2C E-Commerce Sales, by B2C E-Commerce Sales Growth, in % Y-o-Y Change, 2020e
B2C E-Commerce Year-on-Year Growth Rate, by Region, in %, 2020e
Internet Penetration Rate, in % of Households, 2020
Proximity Mobile Payment Users in Select Countries, in % of Smartphone Users, 2021e
Value of Losses Due to E-Commerce Fraud, in USD billion, 2020 & 2021e
Number of Users Making Online Payment With Facial Recognition, in billions, 2020 & 2025f
Number Of Users Who Will Be Confirming Transactions With Voice Recognition, in millions, 2020 & 2025f

3. Latin America

3.1. Regional

Post-COVID-19 Online Payment Market, August 2021
Card Ownership in Select Countries, by Card Type, in % of Internet-Using and Banked Population, 2019 & 2020
Top Devices Used For The Purchase of Products/Services Online, in % of Internet-Using & Banked Adults, 2019 & 2020
Cash Usage Decrease, in % of Consumers, 2020
Top Payment Methods Used for In-Store Purchases, in % of Consumers, 2020
Top Payment Methods Used for E-Commerce Purchases Amid COVID-19, in % of Consumers, 2020
B2C E-Commerce Sales Year-on-Year Change, by 3 Forecasts Made in Nov 2019, May 2020 & Dec 2020, 2018 - 2022f
B2C E-Commerce Sales, in USD billion, 2019 - 2020e
Breakdown of Mercado Libre B2C E-Commerce Sales, by Select Countries, by Mobile & Non-Mobile, in % of Total B2C E-Commerce Sales, 2020e

3.2. Brazil
3.3.Mexico
3.4. Argentina
3.5. Colombia
3.6. Chile
3.7. Peru
3.8. Dominican Republic

For more information about this report visit https://www.researchandmarkets.com/r/ffm3ti

Media Contact:

Research and Markets
Laura Wood, Senior Manager
[email protected]

For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900

U.S. Fax: 646-607-1904
Fax (outside U.S.): +353-1-481-1716

SOURCE Research and Markets