Latin America Online Payment Methods 2020 & COVID-19’s Impact

Latin America Online Payment Methods 2020 & COVID-19’s Impact

  • April 2020 •
  • 87 pages •
  • Report ID: 5889788 •
  • Format: PDF
Coronavirus affects digital payments development in Latin America

Latin America’s Digital Payments Boosted During the Coronavirus Outbreak

Since the outbreak of the COVID-19 pandemic, online purchase transactions have been on the rise in countries including Brazil and Mexico, according to information included in the report. In Chile, online card payments for goods and services more than doubled at the end of March 2020 compared to the same period in 2019. However, as the travel sector and in-store purchases are negatively affected by the pandemic, the global trend is that total payments revenues would decline in 2020, but return to growth in 2021.

Cards Outpace Alternative Means in Latin America’s Online Retail

Bank card was the leading E-Commerce payment method payment method in Latin America. It outranked alternative payment means such as cash on delivery, in-store payments and bank transfers in Argentina, Brazil, Colombia, Mexico, and other countries covered in report. Digital payments solutions are also gaining traction. For example, payment transactions processed by Mercado Pago surged by more than +50% in 2019, with more than half of this volume processed outside of the E-Commerce marketplace operated by Mercado Libre.

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