Latin America 2021 Online Payment Methods After COVID-19

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Cashless transactions in Latin America are expected to more than double from 2020 to 2030. The latest publication “Online payment methods in Latin America 2021 after COVID-19” provides an overview of the current state and future trends of the payments market online in Latin America.

New York, August 19, 2021 (GLOBE NEWSWIRE) – Reportlinker.com announces the publication of the report “Online Payment Methods in Latin America 2021 after COVID-19” – https://www.reportlinker.com/p06127032/?utm_source = GNW
Among other findings, the publication reveals that in Latin America, a smartphone was the preferred device to use when shopping online in 2020.

Global payments market has shifted dramatically to cashless transactions due to COVID-19 in 2020

The global payments market has been fundamentally affected by the COVID-19 health crisis in different industries internationally. Due to limitations imposed by administrations in many countries, conventional payment structures have shifted to digitized structures as they were safer, faster and more convenient amid COVID-19 in 2020. Consumers in most countries have shifted their preferences towards mobile payments, so companies have focused on providing them with experiences on digital or mobile platforms. After the start of the pandemic, consumers turned to payment types where there was less interaction, so cashless transactions are expected to double globally by 2030, the Asia-Pacific region in head. While the two lagging regions were Africa and Latin America. Most of these non-cash payments were to be held by contactless cards in 2020.

Mobile payments gained momentum in Latin America in 2020, with more than 70% of Mercado Libre’s online sales made via a mobile device

Amid the pandemic, Latin American consumers have mainly opted for smartphones when shopping online, and with such usage increasing from 2019 to 2020. Mercado Libre, a major player in online retailing in the region, reported that more than 70% of sales were made via mobile in 2020. The value of digital purchases via mobile increased by almost 80% in Brazil from 2019 to 2020. However, some consumers have also avoided the applications of mobile payment, because about a quarter of people polled in a survey in Brazil said they thought they weren’t safe or didn’t know how they worked.

The ‘credit card’ was the most common payment method among Latin Americans in 2020 when shopping online and in stores

After the start of the COVID-19 pandemic, there has been a downward trend in cash use in Latin America, with more than 60% of consumers reducing cash use by at least 20% by 2020. The largest share of those who decreased the use of cash was observed. in Chile, where more than 70% of customers said they paid less in cash. The most common payment method in the region for online and offline purchases was a “credit card”. Real-time payments also gained momentum in Latin America in 2020, with the fastest growing RTP transactions expected from 2020 to 2025 in Colombia, with a CAGR of over 100%, and in Peru, with a CAGR of over 70%.

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Read the full report: https://www.reportlinker.com/p06127032/?utm_source=GNW

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