Territories - Latin America

Ecuador’s payment landscape reflects a blend of traditional and digital approaches as it adapts to increasing e-commerce. Cash remains dominant, preferred by around 36.5% of the population, especially among the unbanked 40%. This preference has led businesses to offer cash payment options even for digital purchases. Credit and debit cards follow, accounting for approximately 28% and 24% of payments, respectively. Digital payments, although growing, still make up a small portion—eWallets are used by only about 1% of Ecuadorians. E-commerce is on the rise, with transaction volumes nearing $3 billion in 2023, driven by expanding mobile access as over 93% of Ecuadorians use mobile devices for shopping. The demand for cross-border e-commerce is also significant, with over half of the transactions involving international sellers​.