Territories - Latin America

Paraguay’s payment landscape is evolving with a mix of traditional, digital, and alternative methods, especially in urban areas like Asunción. While cash remains important for daily transactions, particularly in small businesses and informal markets, digital payments are becoming increasingly popular. Debit and credit cards are widely accepted, and mobile banking is gaining traction, with many banks offering real-time transfers at no extra fee. Digital wallets, such as Mercado Pago, are also widely used, especially in e-commerce. QR code payments, powered by local banks’ mobile apps, are on the rise, offering a secure and contactless alternative. Paraguay’s e-commerce sector has seen significant growth, with payments through digital wallets and account-based transfers becoming dominant. Recent data suggests Paraguay is adapting well to global payment trends, positioning itself as an active player in Latin America’s rapidly expanding digital commerce scene​.