Territories - Latin America

Panama’s payment landscape reflects a mix of traditional, digital, and emerging alternative methods, spurred by growing e-commerce activity. While cash is still widely used, digital options are gaining ground, with mobile apps and digital wallets seeing significant growth in adoption. The market for electronic payments expanded notably, with around 330 million digital transactions recorded in 2023, marking a shift toward financial inclusion, particularly benefiting smaller businesses and entrepreneurs. E-commerce is booming, supported by platforms like Mercado Libre, WooCommerce, and Amazon, as well as a broadening range of products across fashion, beauty, and household goods. Consumers typically use credit cards, digital wallets, and, increasingly, social commerce for online shopping. The Panamanian government is also supporting digital growth, with initiatives in internet infrastructure and literacy programs that encourage this shift toward a more digital economy​