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Latin America Online Payment Methods 2022

2,450.00

SKU: 1576 Categories: ,
Sample reports can only be downloaded by members.
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Description

Countries Covered: Argentina, Brazil, Chile, Colombia, Dominican Republic, Mexico, Peru

Pages: 75

Publication Date: 14/06/2022

Questions Covered in the report:

  • What were the top payment methods used by shoppers in Latin America to make purchases online?
  • Which payment trends are re-shaping Latin America’s payments landscape post-pandemic?
  • What are the fastest-growing online payment methods in Argentina, Brazil and Mexico?
  • How do Brazil and Mexico rank vis-à-vis other countries worldwide in mobile payment usage?
  • What are the leading alternative online payment methods in Chile and Peru?

Key Findings:

New yStats.com report: Credit cards dominate the Latin American online payments landscape, but alternative payment means rose during the pandemic

Payment digitalization in Latin America spurred during the pandemic

Following the onset of the COVID-19 pandemic, Latin America saw growing adoption of digital payments as opposed to more traditional payment means, such as physical cash. A forecast cited in this yStats.com report suggests that the share of POS transactions made using cash in Latin America will decrease from over one-third in 2021 to less than one-quarter in 2025. Non-cash payment means, especially cards, are on the growth path and already dominate the online payments channel. In addition, mobile wallet penetration is on the rise, with Latin America projected to have the third-highest number of mobile wallet users worldwide by 2025.

Domestic credit cards lead by B2C E-Commerce payments volume

Domestic credit card is the top online payment method in Latin America, making up almost one-third of total E-Commerce sales in 2021. Alternative payment means, however, outpace credit cards in terms of the growth rate, led by bank transfers and digital wallets. As a result, credit cards’ share of B2C E-Commerce revenues is projected to decrease, giving way to alternative payments.

Popular alternative payment methods include PIX and ServiPag

A new alternative method of payment is gaining popularity in the region’s largest online retail market, Brazil. PIX, a fast transfer service launched by Brazil’s central bank, is projected to reach one-tenth of the online payment volume within the next few years. A similar payment method launched in Mexico, Codi, is also growing at a rapid pace but is lagging behind the adoption rate of its Brazilian counterpart which is already used by half of Brazil’s population. Other local alternative payment means in Latin America include cash-based services, such as ServiPag in Peru. According to data cited in the yStats.com report, ServiPag was used by more than one-third of online shoppers in Peru, as of early 2022.

1. Management Summary

2. Global Developments

  • Online & Mobile Payment Trends, May 2022
  • Payment Value, by E-Commerce Payments and POS Payments, in USD trillion, 2021 & 2026f
  • Share of Cash Payments, in % of Total POS Transaction Value, by Region, 2021 & 2025f
  • Value of Contactless Card Transactions, in USD trillion, 2020 & 2021e
  • Share of Contactless Card Transactions, in % of Overall Contactless Transaction Value, 2021e
  • BNPL B2C E-Commerce Sales, in USD billion, 2021e & 2026f
  • Number of BNPL Users, in millions, 2021e & 2026f
  • BNPL Share of B2C E-Commerce Payments, in %, 2021e & 2026f
  • Value of Digital Wallet Transactions, in USD trillion, 2022f & 2026f
  • Number of B2C E-Commerce Transactions Paid by OEM Mobile Payment Apps, in billions, 2022f & 2026f
  • Number of Mobile Wallet Users, by Region, in millions, 2020 & 2025f
  • Proximity Mobile Payment Users Worldwide, in millions, and Year-on-Year Change, in %, 2020 – 2025f
  • Proximity Mobile Payment User Penetration, in % of Smartphone Users, 2020 – 2025f
  • Proximity Mobile Payment User Penetration, in % of Smartphone Users, 2021e
  • Cryptocurrency Payment Value, in USD billion, 2018 – 2023f

3. Latin America

3.1. Regional

  • Online & Mobile Payment Trends, May 2022
  • Breakdown of Total E-Commerce Sales by Payment Methods, in %, 2021e
  • E-Commerce Payment Volume, by Payment Method, in USD billion, and Year-on-Year E-Commerce Payment Method Growth, in %, 2021e
  • Card Ownership in Select Countries, by Card Type, in % of Banked Internet User Population, 2020 & 2021
  • Number of Digital-Only Banks, 2012 – 2021e
  • Number of Neobank Customers, in millions, 2016 – 2021e

3.2. Brazil

  • Breakdown of Payment Methods in B2C E-Commerce, in % of Sales Volume, 2021
  • Top Payment Methods Used in Mobile Shopping, in % of Mobile Shoppers, June 2021
  • Value of Overall Card Payments, in BRL trillion, 2019 – 2021
  • Value of Debit and Credit Card Payments, in BRL billion, 2020 & 2021
  • Card Ownership, by Debit, Credit and Prepaid Cards, in % of Banked Internet Users, 2020 & 2021
  • Number of Real-Time Payment Transactions, in billions, 2020 & 2025f
  • Mobile Wallet User Penetration, in % of Population, 2020 & 2025f
  • Mobile Wallet Transaction Value, in USD billion, and Volume, in billions, 2020 & 2025f
  • Share of Online Transactions that PIX Users Pay by PIX, in %, 2021
  • E-Commerce Transactions Paid with PIX, in % of Total E-Commerce Volume, 2024f
  • Top Reasons Not to Use Mobile Payment App, in % of Consumers, June 2021
  • Share of Respondents Who Suffered from Financial Fraud, in %, 2019 & 2021

3.3. Mexico

  • E-Commerce Payment Volume, by Payment Method, in USD billion, and Year-on-Year E-Commerce Payment Method Growth, in %, 2021e Breakdown of Online Card Payments by Debit and Credit Card, in %, Q1 2021
  • Number of Real-Time Payment Transactions, in billions, 2020 & 2025f
  • Card Ownership, by Debit, Credit and Prepaid Cards, in % of Banked Internet Users, 2020 & 2021
  • Payment Methods Used To Pay For Cross-Border Online Purchases, in % of Cross-Border Online Shoppers, February 2021
  • Payment Methods Used During Hot Sale 2021, in % of Online Shoppers, June 2021
  • Buy Now Pay Later’s Share of B2C E-Commerce Sales, in %, 2021 & 2025f
  • Average Share of Mobile Fraud, in % of Total Fraud Losses Experienced by Retailers, 2019 & 2021e

3.4. Argentina

  • Breakdown of B2C E-Commerce Sales by Payment Methods, in %, 2021
  • Breakdown of B2C&C2C E-Commerce Sales by Payment Method, in %, 2020 & 2021
  • Card Ownership, by Debit, Credit and Prepaid Cards, in % of Banked Internet Users, 2020 & 2021
  • Top Payment Methods Used in the Past Month, in % of Banked Internet Users, 2020 & 2021
  • Growth of QR Payment Methods, incl. Change in Number of Transactions, Invoices and Operators, in %, November 2021 Compared to September 2021

3.5. Colombia

  • Breakdown of B2C E-Commerce Sales by Payment Methods, in %, 2021e
  • Top Payment Methods Used in the Past Month, in % of Banked Internet Users, 2020 & 2021
  • Card Ownership, by Debit, Credit and Prepaid Cards, in % of Banked Internet Users, 2020 & 2021

3.6. Chile

  • Top Payment Methods Used, in % of B2C E-Commerce Purchases, 2021e
  • E-Commerce Payment Volume, by Payment Method, in USD billion, and Year-on-Year E-Commerce Payment Method Growth, in %, 2021e
  • Share of Online Shoppers Using ServiPag, in %, January 2022
  • Top Payment Methods Used in the Past Month, in % of Banked Internet Users, 2020 & 2021

3.7. Peru

  • Breakdown of B2C E-Commerce Sales by Payment Method, in %, 2020 & 2021
  • E-Commerce Payment Volume, by Payment Method, in USD billion, and Year-on-Year E-Commerce Payment Method Growth, in %, 2021e
  • Card Ownership, by Debit, Credit and Prepaid Cards, in % of Banked Internet Users, 2020 & 2021
  • Top Payment Methods Used in the Past Month, in % of Banked Internet Users, 2020 & 202
  • PIX
  • Paypal
  • ServiPag

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