Apr 16, 2024
Most used payment methods LatAm
It’s fascinating to see the dynamic shift in payment preferences across Latin America (LATAM), a region with great new payment technology adoption. Here’s a summary of the key trends and indicators published in the Global Payments Report 2024:
E-commerce LatAm:
- Credit Cards: They were the dominant online payment method in LATAM, accounting for 35% of the e-commerce transaction value and leading in five out of six markets in the region.
- Account-to-Account (A2A) Payments: LATAM saw the highest A2A payment penetration globally, with 20% of e-commerce transaction value. Brazil’s Pix system played a significant role, leading to 30% of transaction value in Brazil. Colombia and Peru also saw significant A2A adoption, with services like PSE in Colombia and Yape and PLIN in Peru.
- Post-Pay Services: LATAM had the highest global usage of post-pay, a payment method where consumers receive a voucher online and pay in cash at physical stores. It represented 4% of LATAM’s e-commerce transaction value, with Mexico and Peru having even higher rates due to services like OXXO, 7-Eleven, and PagoEfectivo.
Dataset
Payment Methods | Argentina | Brasil | Chile |
---|---|---|---|
Credit cards | 35% | 40% | 26% |
Digital wallets | 31% | 16% | 20% |
Account to account (A2A) | 10% | 30% | 17% |
Debit + prepaid cards | 19% | 9% | 32% |
Others | 1% | 4% | 4% |
Cash on delivery | 3% | 1% | 2% |
Buy now pay later | 1% | <1% | <1% |
Data sources
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