e-Commerce and Payments in Panama
Leading the way with innovative payment alternatives.
Credit cards are the primary method of payment used by consumers in Panama. However, other payment alternatives including e-wallets and bank transfer apps are also widely recognized in the Panamanian market.
Market Overview
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Population
4.48 million
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Online Population
2.9 million
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Currency
PAB
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e-Commerce Market Value
$2.61 billion
-
GDP
$82.26 billion
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GDP per Capita
$17,350.08
Available Local Payment Method
El Machetazo
Type
Cash
Regions
South & Central America
Punto Pago
Type
Cash
Regions
South & Central America
Super Xtra
Type
Cash
Regions
South & Central America
Western Union
Type
Cash
Regions
South & Central America
Key Takeaways
- Panama is the first Latin American country to sign a Digital Country Partnership with MasterCard.
- Only 50% of Panamanians have a bank account, 30% have a debit card, and only 10% have a credit card.
- Tourism, trade, and other well-developed service industries make up the majority of Panama’s economy.
- Around 90% of Panamanians who purchase online select goods and services from other countries.
- Panamanians prefer to pay in cash, even at upscale hotels and eateries. The US dollar is the only form of legal money accepted in the nation. Small local businesses and those in remote locations steer clear of US dollar bills that are 50 and 100. However, the government also issues Panamanian balboa coins at 1, 5, 10, 25, and 50 cents.
