Latin America’s Digital Payments Market Expands Amid Fintech Innovation and E-Commerce Boom
Latin America’s Digital Payment Market Poised for Growth
The digital payments sector in Latin America is set to reach USD 0.3 trillion by 2027, tripling its value. Growth is driven by financial inclusion, fintech advancements, and regulatory support. Despite expansion, its global share will remain below 10%, far behind Asia-Pacific and North America. Mobile payments and digital wallets are reshaping the financial landscape.
E-Commerce Surge Drives Digital Payment Shift
Retail E-Commerce sales in Latin America are projected to surpass USD 260 billion by 2028, driven by mobile commerce and shifting payment habits. Brazil’s Pix is transforming transactions, debit cards now lead in Mexico, and Argentina is seeing rapid digital wallet adoption. Chile and Colombia still rely on credit cards, but alternatives are growing.
Alternative Payments and Crypto Gain Ground
Though credit and debit cards accounted for over 60% of payments in 2023, real-time payments, A2A transfers, and digital wallets are expanding. Cryptocurrency adoption has doubled, with ownership exceeding 55 million in 2024. Argentina leads in crypto adoption within Latin America, followed by Brazil and Venezuela.
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