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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
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 Ameria'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:
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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SOURCE Research and Markets
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