Latin America Online Payment Methods 2021 Post COVID-19 code:1538

Latin America Online Payment Methods 2021 Post COVID-19
OVERVIEW
TABLE OF CONTENTS
COMPANIES MENTIONED
Countries Covered: Argentina, Brazil, Chile, Colombia, Dominican Republic, Mexico, Peru
Pages: 91
Publication Date: 04/08/2021
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Questions Covered in the report:
  • What were the top devices used for the purchase of products and services online in Latin America before and during the pandemic?
  • How the usage of real-time payments is expected to change in countries of Latin America by 2025?
  • What were the top payment methods preferred for online shopping on international websites in Brazil amid COVID-19?
  • What are the top reasons not to use mobile payment applications for Brazilian consumers?
  • What are the preferred payment methods for consumers in Mexico and how this is going to change in 2025?

Key Findings:

Over 60% of Latin Americans reduced using cash by at least 20% in 2020: new yStats.com report

After the onset of COVID-19, cashless transactions via contactless cards were expected to surge by 50% globally from 2020 to 2021

COVID-19 had a significant impact on the payment market across various industries globally. Due to imposed restrictions by the governments, traditional payment forms shifted to digital ones as they were faster, plus more secure and convenient amid the health crisis in 2020. This contributed to the acceleration of various contactless and online payments and the emergence of alternative ones. Mobile payments particularly were rapidly adopted in the countries such as Indonesia, India and China, as businesses concentrated on providing customers with mobile- or digital-first platforms that include opportunities to pay with online cards, via smartphones, watched or other digital gadgets. With these reforms and consumers’ behavior change, various trends emerged globally. Namely, cashless transactions were projected to more than double over the world by 2030, with the Asia-Pacific region leading in numbers. Whereas, the two lagging regions were Africa and Latin America. Moreover, consumers mostly turned to contactless cards over the year 2020, so the value of transactions executed via contactless cards was expected to grow by about 50% worldwide from 2020 to 2021, accounting for almost 80% of the overall contactless transactions value. Furthermore, one of the alternative ways that gained as well momentum globally in 2020 amid COVID-19 was BNPL (Buy Now Pay Later) service.  Due to the increased demand in splitting the costs with credit, the BNPL transactions were forecasted to more than triple from 2021 by 2026.

In Latin America, “smartphone” was the most widely used device for shopping online in 2020

When it came to shopping online in Latin America, consumers of various nations had divergent preferences regarding the device to use to purchase or pay online. The most common device used to purchase digitally was a smartphone, increasing in use compared to 2019. In fact, Mercado Libre, the leading online merchant in the region reported that over 70% of its sales in 2020 were carried out through a mobile device. In addition, in Brazil, the value of online purchases made via a mobile phone surged by nearly 80% from 2019 to 2020. Despite this, a quarter of consumers in Brazil responded to a 2021 survey that they did not think that mobile payment apps are safe and therefore do not use them and a similar percentage of respondents did not know how they worked. In the Dominican Republic, however, although mobile payments were popular, the number of such transactions dropped by about 70 thousand from 2019 to 2020, perhaps due to the economic crisis occasioned by the pandemic.

Chile was the leading market where consumers reported reducing cash use in 2020

After the onset of COVID-19, the use of cash in Latin America decreased significantly, as over 60% of respondents to a survey claimed that they reduced cash use by at least 20% in 2020, with Chile leading in this reported drop (74%). However, in some countries, “cash” still prevailed over the other forms of payments – in Argentina and Colombia, around 80% of consumers reported paying with cash within a recent month in 2020. When shopping in-store and online, Latin Americans’ first choice of preferred payment method was “credit cards”, and the second choice fell on “cash” in Argentina, while “debit card” was in second place in Colombia. Real-time payments are also increasing in use in the region, with growth projected through 2025. The fastest growth of RTP was predicted to be seen in Colombia, with a CAGR of over 100%, and in Peru, a CAGR of over 70% is expected.

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1.Management Summary

2.Global Developments

  • Post-COVID-19 Online & Mobile Payment Market, August 2021
  • Post-COVID-19 Online & Mobile Payment Market, August 2021
  • Number of Cashless Transactions, in billions, CAGR, in %,  2020, 2025f & 2030f
  • Value of Contactless Card Transactions, in USD trillion, 2020 & 2021e
  • Value of Virtual Card Transactions, in USD trillion, 2021e & 2026f
  • Value of Buy Now Pay Later Transactions, in USD billion, 2021e & 2026f
  • Breakdown of Opinions on Whether Blockchain Will Replace Current Payment Schemes in the Next 10 Years, in % of Respondents, 2020
  • Share of Contactless Card Transactions, in % of Overall Contactless Transaction Value, 2021e
  • Top Low-Value Payment Methods That Will Be the Most Used in a Country, in % of Respondents, 2020
  • Top 10 Countries’ B2C E-Commerce Sales, by B2C E-Commerce Sales Growth, in % Y-o-Y Change, 2020e
  • B2C E-Commerce Year-on-Year Growth Rate, by Region, in %, 2020e
  • Internet Penetration Rate, in % of Households, 2020
  • Proximity Mobile Payment Users in Select Countries, in % of Smartphone Users, 2021e
  • Value of Losses Due to E-Commerce Fraud, in USD billion, 2020 & 2021e
  • Number of Users Making Online Payment With Facial Recognition, in billions, 2020 & 2025f
  • Number Of Users Who Will Be Confirming Transactions With Voice Recognition, in millions, 2020 & 2025f

3.Latin America

3.1.Regional

  • Post-COVID-19 Online Payment Market, August 2021
  • Card Ownership in Select Countries, by Card Type, in % of Internet-Using and Banked Population, 2019 & 2020
  • Top Devices Used For The Purchase of Products/Services Online, in % of Internet-Using & Banked Adults, 2019 & 2020
  • Cash Usage Decrease, in % of Consumers, 2020
  • Top Payment Methods Used for In-Store Purchases, in % of Consumers, 2020
  • Top Payment Methods Used for E-Commerce Purchases Amid COVID-19, in % of Consumers, 2020
  • B2C E-Commerce Sales Year-on-Year Change, by 3 Forecasts Made in Nov 2019, May 2020 & Dec 2020, 2018 – 2022f
  • B2C E-Commerce Sales, in USD billion, 2019 – 2020e
  • Breakdown of Mercado Libre B2C E-Commerce Sales, by Select Countries, by Mobile & Non-Mobile, in % of Total B2C E-Commerce Sales, 2020e

3.2.Brazil

  • Number of WhatsApp Users, in millions, Y-o-Y Change, in %, 2019 – 2024f
  • Number of Real-Time Payment Transactions, in billions, 2020 & 2025f
  • Breakdown of Payment Methods, in % of Volume, 2020 & 2025f
  • Top Payment Methods Preferred For Online Shopping on International Websites, in % of Cross-Border Consumers, 2020
  • Breakdown of EBANX Online Merchants’ Payment Methods Offered, in % of Total Volume of Payments, Q1 2019 – Q4 2020
  • Top Payment Methods Used When Shopping Online via a Mobile, in % of Consumers, June 2021
  • Top Reasons Not to Use Mobile Payment App, in % of Consumers, June 2021
  • Share of Consumers Who Already Made a Purchase Online, in %, June 2021
  • Value of Overall Card Payments, in BRL trillion, 2019 & 2020
  • Value of Debit and Credit Card Payments, in BRL billion, 2019 & 2020
  • Value of Prepaid Card Payments, in BRL billion, 2019 & 2020
  • Value of Online Purchases Made by a Mobile Phone, in BRL billion, 2019 & 2020
  • Card Ownership, by Debit, Credit and Prepaid Cards, in % of Brazilian IBA Adults, 2019 & 2020
  • Top Devices Used to Purchase a Product/Service Online, in % of Brazilian IBA Adults, 2019 & 2020
  • Share of Respondents Who Suffered and Did not Suffer from Financial Fraud, in %, 2019 & 2021

3.3.Mexico

  • Top Payment Methods Preferred For Online Shopping on International Websites, in % of Cross-Border Consumers, 2020
  • Average Value of Credit and Debit Cards Transactions, in MXN, 2015 – 2020
  • Number of Real-Time Payment Transactions, in billions, 2020 & 2025f
  • Breakdown of Payment Methods, in % of Volume, 2020 & 2025f
  • Value of Debit Card E-Commerce Transactions, in MXN billion, Number of Debit Card E-Commerce Transactions, in millions, Q1 2020 & Q1 2021
  • Value of Credit Card E-Commerce Transactions, in MXN billion, Number of Credit Card E-Commerce Transactions, in millions, Q1 2020 & Q1 2021
  • Share of Purchases Made via Credit and Debit Cards, in % of Value and Volume of E-Commerce Purchases, Q1 2021
  • Card Ownership, by Debit, Credit and Prepaid Cards, in % of Mexico IBA Adults, 2019 & 2020
  • Top Devices Used to Purchase a Product/Service Online, in % of Mexico IBA Adults, 2019 & 2020

3.4.Argentina

  • Breakdown of Top Payment Methods, in % Total Sales Made in a Year, 2019 & 2020
  • Card Ownership, by Debit, Credit and Prepaid Cards, in % of Argentine IBA Adults, 2019 & 2020
  • Number of Real-Time Payment Transactions, in millions, 2020 & 2025f
  • Breakdown of Payment Methods, in % of Volume, 2020 & 2025f
  • Top Payment Methods Used in the Past Month, in % of Argentine IBA Adults, 2019 & 2020

3.5.Colombia

  • Top Payment Methods Preferred For Online Shopping on International Websites, in % of Cross-Border Consumers, 2020
  • Card Ownership, by Debit, Credit and Prepaid Cards, in % of Colombian IBA Adults, 2019 & 2020
  • Top Payment Methods Used in the Past Month, in % of Colombian IBA Adults, 2019 & 2020
  • Number of Real-Time Payment Transactions, in millions, 2020 & 2025f
  • Breakdown of Payment Methods, in % of Volume, 2020 & 2025f

3.6.Chile

  • Top Payment Methods Preferred For Online Shopping on International Websites, in % of Cross-Border Consumers, 2020
  • Top Payment Methods Used in the Past Month, in % of Chilean IBA Adults, 2019 & 2020
  • Top Devices Used to Purchase a Product/Service Online, in % of Chilean IBA Adults, 2019 & 2020
  • Number of Real-Time Payment Transactions, in millions, 2020 & 2025f
  • Breakdown of Payment Methods, in % of Volume, 2020 & 2025f
  • Online Payment Transactions, in % Year-on-Year Change, H1 2015 – H1 2020

3.7.Peru

  • Card Ownership, by Debit, Credit and Prepaid Cards, in % of Peruvian IBA Adults, 2019 & 2020
  • Card Ownership, by Debit, Credit and Prepaid Cards, in % of Peruvian IBA Adults, 2019 & 2020
  • Top Payment Methods Used in the Past Month, in % of Peruvian IBA Adults, 2019 & 2020
  • Breakdown of Payment Methods, in % of Volume, 2020 & 2025f
  • Number of Real-Time Payment Transactions, in millions, 2020 & 2025f

3.8.Dominican Republic

  • Card Ownership, by Debit, Credit and Prepaid Cards, in % of Dominican Republic IBA Adults, 2019 & 2020
  • Number of Mobile Payment Users, in millions, 2015 – 2020 & H1 2021
  • Value of Instant Payments, in USD billion, and Number, in millions, 2019 – 2020 & H1 2021
  • Domestic E-Commerce Transactions with Payment Cards, incl. Number, in thousands, and Value, in DOP million, by Card Type, 2019, 2020 & H1 2021
  • International E-Commerce Transactions with Payment Cards, incl. Number, in thousands, and Value, in DOP million, by Card Type, 2019, 2020 & H1 2021
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  • ACI Worldwide
  • Boleto Bancario
  • Central Bank of Brazil
  • Ethereum
  • MasterCard
  • Mercado Libre
  • PayPal
  • Robinhood Markets Inc.
  • Square Inc
  • Visa
  • Whatsapp
Read More

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