e-Commerce and Payments in Guatemala
A multi-cultural market with many business opportunities.
Due to its highly established and extensive telecommunications sector, Guatemala presents Latin America's largest market potential. The country boasts a relatively high internet penetration rate of 67% while cash is still the preferred payment method of the majority of its populace.
Market Overview
-
Population
17.97 million
-
Online Population
12.4 million
-
Currency
GTQ
-
e-Commerce Market Value
$8.5 billion
-
GDP
$95 billion
-
GDP per Capita
$5,473.00
Available Local Payment Method
Akisi Puedo
Type
Cash
Regions
South & Central America
Banco Agromercantil
Type
Cash
Regions
South & Central America
Banco de Antigua
Type
Cash
Regions
South & Central America
Banco G&T Continental
Type
Cash
Regions
South & Central America
Banco Industrial
Type
Cash
Regions
South & Central America
Banrural
Type
Cash
Regions
South & Central America
Bantrab
Type
Cash
Regions
South & Central America
Caja de Desarrollo
Type
Cash
Regions
South & Central America
Ficohsa
Type
Cash
Regions
South & Central America
Fundación Génesis
Type
Cash
Regions
South & Central America
Grupo Walmart
Type
Cash
Regions
South & Central America
InterBanco Guatemala
Type
Cash
Regions
South & Central America
Pronet
Type
Cash
Regions
South & Central America
Super24
Type
Cash
Regions
South & Central America
Key Takeaways
- Cash is the most popular form of payment in the market; Guatemala has an eCommerce industry worth US$ 8.5 billion.
- 6 out of 10 Guatemalan online buyers make online purchases at least once a month with an average spending of $450 where 95% of purchases are made thru internatonal retailers.
- Culturally, Guatemalans favor in-person interactions, but younger generations are embracing technology and skipping the conventional retail model.
- 46.24% of Guatemala’s GDP is generated by the services sector. Tourism, healthcare, customer service, financial services, banking, hospitality, communication, and retail make up the majority of the sector.
