Latin America
Latin America's e-commerce market is growing at an astounding 47% a year.
Latin America is becoming a more appealing option for e-commerce firms and their partners. Massive expansion in financial inclusion, combined with broad connectivity and increasing acceptability of online retail, has resulted in the creation of new markets and opportunities.
UBank Connect in LatAm
- Various connections to bank channels
- Dedicated accounts
- Simple and easy onboarding process
- Flexible and competitive rates
e-Commerce and Alternative Payment Solutions Accelerate in LatAm
Latin America is an appealing market for both domestic and foreign businesses. Local payment options and a customized strategy are critical in this distinct market for companies who want to prosper in the region.
For years, contactless payments have been on the rise, particularly with the outbreak of the pandemic and due to greater reliance on mobile devices. Experts believe that Latin America will soon overtake the United States as the area with the most mobile wallet users. Credit and debit cards seemed to be totally supplanted by mobile wallets by 2020. Alternative payment systems such as eCash, Pix, and QR-code-based services have grown in popularity. Ease, simplicity, and speed are all valid reasons for their adoption.
Available Payment Methods in LatAm
Key Takeaways
- Latin America has become the world’s fastest growing regional e-commerce sector, with a 37% increase to $85 billion USD in 2020.
- In 2021, 50.4% of Latin American internet users made at least one transaction online, through mobile or tablet.
- The overall expected transaction value in the digital payments market is $153.20 billion USD.
- 51% of Latin American customers have previously transacted using cryptoassets. Furthermore, 86% of Latino customers utilized at least one emerging payment option in the previous year.
