Latin America Online Payment Methods 2024: Credit Cards Dominate the Digital Payment Landscape and B2C E-Commerce, with Real-time Payments Witnessing Rising Popularity in Latin America

Latin America Online Payment Methods 2024: Credit Cards Dominate the Digital Payment Landscape and B2C E-Commerce, with Real-time Payments Witnessing Rising Popularity in Latin America

DUBLIN, Feb. 15, 2024 /PRNewswire/ — The “Latin America Online Payment Methods 2024” report has been added to ResearchAndMarkets.com’s offering.

Volume of Real-Time Payments in Latin America is Forecast to Nearly Quadruple by 2027

Latin America, like other regions, is witnessing a surge in digital payment adoption amid the global push towards digitalization in payments. However, this transition isn’t uniform. In Latin America, credit cards dominate B2C E-Commerce sales, comprising over 50% of total payment methods in 2022. Digital wallets rank fourth, with a low double-digit share.

Brazil leads in credit card ownership and transactions, exceeding 50% of total B2C E-Commerce sales. Moreover, credit cards dominated online payments in Latin America, while BNPL accounted for only a small fraction of B2C E-Commerce sales, yet witnessed significant annual increases, particularly in Colombia, with triple-digit growth from 2021 to 2022, mirroring adoption trends in countries like Chile and Peru, though annual growth in Mexico and Brazil was surpassed only by account-based transfers and Pix.

Real-time payments witness rising popularity in Latin America

Real-time payments, emerging as a digital substitute for cash, are gaining traction in Latin America; with the volume projected to nearly quadruple by 2027 from 2022 levels, indicating a growing preference for this online payment method.

Consequently, the share of real-time payments in the region’s total electronic payments is forecasted to nearly double between 2022 and 2027, surpassing the 50% threshold. Peru is anticipated to see one of the highest CAGRs for real-time payment transactions during this period, while Chile is expected to have one of the lowest.

Key Questions Covered

  • What were the top payment methods used by shoppers in Latin America to make purchases online?
  • Which payment trends are reshaping Latin America’s payments landscape?
  • What are the fastest-growing online payment methods in Argentina, Brazil and Mexico?
  • How high is digital payment adoption among adults in various countries in Latin America?
  • How is the number of real-time payment transactions projected to develop in Latin America?

Company Coverage:

  • Pix
  • Yape
  • MACH

Key Topics Covered:

1. Key Takeaways

2. Management Summary

3. Global Developments

  • Overview of the Online and Mobile Payment Trends, September 2023
  • B2C E-Commerce Payment Value, in USD trillion, 2023e & 2027f
  • Preferred Online Payment Methods For E-Commerce Purchases, in % of Adults, June 2022
  • Preferred Payment Method When Shopping Online, in % of Respondents, October 2022
  • Value of Contactless Card Transactions, in USD trillion, 2022e & 2027f
  • Virtual Card Transaction Value, in USD trillion, 2022e & 2027f
  • BNPL B2C E-Commerce Sales, in USD billion, 2022e & 2027f
  • Number of BNPL Users, in millions, 2022e & 2027f
  • Value of Digital Wallet Transactions, in USD trillion, 2023e & 2028f
  • Total Number of OEM Pay E-Commerce Transactions, in USD billion, Growth in Transactions, in %, & Average Transaction Volume Per OEM Pay User, in USD, 2026f
  • Share of OEM Pay E-Commerce Transactions Stemming From Purchases of Digital Goods, in %, 2026f
  • Top Reasons Because of Which Respondents Are Likely to Abandon Checkout, in % of Adults, June 2022
  • Most Accessible vs Most Preferred Online Payment Method, in % of Adults, June 2022
  • Share of Consumers Agreeing With the Following Statements Related to Security of Online Payment, in %, April 2023
  • Share of Consumers Agreeing With the Following Statements Related to Digital and Mobile Wallets, in %, April 2023
  • Top Consumer Expectations at Checkout When Making Online Purchases, incl. “Payment Methods”, in % of Respondents, October 2022
  • QR Code Payment Transaction Value, in USD billion, 2023e & 2028f
  • Cryptocurrency Payment Value, in USD billion, 2020-2025f
  • Mobile Money Statistics, incl. Number of Live Services, Registered Accounts, in millions, Active Accounts, in millions, Transaction Volume in millions, and Transaction Value, in USD billion, and Year-on-Year Growth, in %, by Region, 2022

4. Latin America

4.1. Regional

  • Online & Mobile Payment Trends, October 2023
  • Breakdown of B2C E-Commerce Sales, by Payment Methods, in %, 2022e
  • Breakdown of Payment Methods Used for Streaming and Digital Goods Purchases, in %, 2022e
  • Breakdown of Online Travel Payments Volume, by Payment Method, in %, 2022e
  • Card Ownership in Select Countries, by Card Type, in % of Internet Users, 2021 & August 2022
  • Real-Time Payments Volume, in billions, 2022 & 2027f
  • Real-Time Payments Share of Total Electronic Payments, in %, 2022 & 2027f

4.2. Brazil
4.3. Mexico
4.4. Argentina
4.5. Colombia
4.6. Chile
4.7. Dominican Republic
4.8. Peru

For more information about this report visit https://www.researchandmarkets.com/r/d69oeb

About ResearchAndMarkets.com
ResearchAndMarkets.com is the world’s leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.

Media Contact:

Research and Markets
Laura Wood, Senior Manager
[email protected] 
 
For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
 
U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716

Logo: https://mma.prnewswire.com/media/539438/Research_and_Markets_Logo.jpg

SOURCE Research and Markets

Originally published at https://www.prnewswire.com/news-releases/latin-america-online-payment-methods-2024-credit-cards-dominate-the-digital-payment-landscape-and-b2c-e-commerce-with-real-time-payments-witnessing-rising-popularity-in-latin-america-302062949.html

author avatar
Books Editor

- best PR -

best company for press release distribution