Latin America Online Payment Methods 2024
The volume of real-time payments in Latin America is expected to nearly quadruple by 2027: New yStats.com report
Credit cards dominate the digital payment landscape and B2C E-Commerce
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, as per yStats.com’s report. 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.
- 1. Key Takeaways
- Key Takeaways of Latin America Online Payment Methods, October 2023
- 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
- Breakdown of B2C E-Commerce Sales, by Payment Methods, in %, 2022e
- B2C E-Commerce Payment Volume, by Payment Method, in USD billion, and Year-on-Year B2C E-Commerce Payment Method Growth, in %, 2022e
- Share of Adults That Made a Digital Payment, in %, 2022
- Value of Overall Card Payments, in BRL trillion, 2021 & 2022
- Value of Debit and Credit Card Payments, in BRL billion, 2021 & 2022
- Number of Real-Time Payment Transactions, in billions, 2022 & 2027f
- 4.3. Mexico
- Breakdown of B2C E-Commerce Sales, by Payment Methods, in %, 2022e
- B2C E-Commerce Payment Volume, by Payment Method, in USD billion, and Year-on-Year B2C E-Commerce Payment Method Growth, in %, 2022e
- Share of Adults That Made a Digital Payment, in %, 2022
- Share of Adults Who Have a Mobile Wallet And Have Used It in the Past Year, in %, 2022
- Number of Real-Time Payment Transactions, in billions, 2022 & 2027f
- 4.4. Argentina
- Number of Real-Time Payment Transactions, in billions, 2022 & 2027f
- Share of Adults That Made a Digital Payment, in %, 2022
- Share of Adults That Made a Digital Payment, in %, 2022
- Number of Real-Time Payment Transactions, in millions, 2022 & 2027f
- 4.5. Colombia
- Breakdown of B2C E-Commerce Sales, by Payment Method, in %, 2022e
- B2C E-Commerce Payment Volume, by Payment Method, in USD billion, and Year-on-Year B2C E-Commerce Payment Method Growth, in %, 2022e
- Share of Adults That Made a Digital Payment, in %, 2022
- Number of Real-Time Payment Transactions, in millions, 2022 & 2027f
- 4.6. Chile
- Breakdown of B2C E-Commerce Sales, by Payment Methods, in %, 2022e
- B2C E-Commerce Payment Volume, by Payment Method, in USD billion, and Year-on-Year B2C E-Commerce Payment Method Growth, in %, 2022e
- Share of Adults That Made a Digital Payment, in %, 2022
- Number of Real-Time Payment Transactions, in billions, 2022 & 2027f
- 4.7. Dominican Republic
- Share of Adults That Made a Digital Payment, in %, 2022
- Breakdown of Bank Card Operations Volume, by Channel, in %, August 2022 & August 2023
- Breakdown of Bank Card Operations Value, by Channel, in %, August 2022 & August 2023
- Number of Internet Banking Users, in millions, 2020-2022
- 4.8. Peru
- Breakdown of B2C E-Commerce Sales, by Payment Method, in %, 2022e
- B2C E-Commerce Payment Volume, by Payment Method, in USD billion, and Year-on-Year B2C E-Commerce Payment Method Growth, in %, 2022e
- Share of Adults That Made a Digital Payment, in %, 2022
- Number of Real-Time Payment Transactions, in billions, 2022 & 2027f
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