COUNTRIES OF COVERAGE

Everything you need to know about payment localization in today’s fastest growing markets

LATAM

With $7.7 billion in total e-commerce spending in 2017 and a compounded annual growth rate (CAGR) of 37% for 2019, Argentina is Latin America’s third-largest market for e-commerce. Merchants without a local payments strategy are unable to reach 79% or $6.1 billion of the Argentine e-commerce market. Installments are especially important in this market where local cards and alternative payment methods are prevalent.

Internet penetration: 93%   |    Smartphone penetration: 73%

How people pay in Argentina
Domestic credit card 47%
International credit card 33%
Cash 15%
Debit card 1%
Online bank 1%
Other 3%
Payment methods we support

Cash

Pago Fácil
Rapipago

Online bank transfers

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BBVA Francés
Banco Provincia
Citi
Macro
Credicoop
Itaú
HSBC
Galicia
Banco Nación

Local cards

VISA
Mastercard
American Express
Argencard
Cabal
CMR Falabella
Diners Club International
Cabal Débito
Naranja
Cencosud
Cordobesa
Cordial
Nativa
Tarjeta Shopping
Maestro

With a population of 202 million and projected $41 billion e-commerce market in 2019, Brazil is the largest economy in Latin America in e-commerce and beyond. Accounting for nearly 36% of the entire region, Brazil’s e-commerce market expects to remain among the top 10 e-commerce markets globally due to the projected growth of 17% through 2021.

Internet penetration: 70%   |    Smartphone penetration: 67%

How people pay in Brazil
Domestic credit card 36%
International credit card 24%
Cash (Boleto) 19%
E-wallet 14%
Debit card 3%
Online bank 3%
Other 1%
Payment methods we support

Cash

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Online bank transfers

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Itaú
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Local cards

VISA
Mastercard
American Express
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Chile country

Chile is the country with the highest banking and Internet penetration in the region. The country’s smartphone penetration is also high — at 76% and growing. Its e-commerce indicators are impressive, as well. Chileans are quite comfortable with online shopping and spend almost twice as much per capita as shoppers in Brazil and Argentina.

Internet penetration: 82%   |    Smartphone penetration: 76%

How people pay in Chile
International credit card 35%
Domestic credit card 25%
Debit card 25%
Cash 10%
Online bank 3%
Other 2%
Payment methods we support

Cash

Servipago

Online bank transfers

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Local cards

VISA
Mastercard
American Express
Diners Club International
Presto
CMR Falabella
Magna
Colombia Country

Supported by an open economy, a stable political environment, and a burgeoning tech industry, Colombia’s e-commerce market of $7 billion is the fourth-largest in the region and is expecting to reach $15 billion by 2021.

Internet penetration: 68%   |    Smartphone penetration: 75%

How people pay in Colombia
International credit card 42%
Online bank 24%
Cash 15%
Debit card 11%
Domestic credit card 5%
Other 3%
Payment methods we support

Cash

Efecty
Davivienda
Baloto

Online bank transfers

PSE

Local cards

VISA
Mastercard
American Express
Diners Club International
Ecuador country

E-commerce in Ecuador is still relatively small. Similar to other markets in LATAM, the main reason for consumers not buying online is the lack of trust. However, new technology and information available are shifting people’s behavior, feeling more confident with putting their payment information online, and taking the market to the expected $1.2B in 2020. One particularity that makes this market different is that the main currency is US dollars.

Internet penetration: 79%

How people pay in Ecuador
Credit cards 44%
Debit card 24%
E-wallet 14%
Cash 12%
Bank transfer 2%
Other 4%
Payment methods we support

Credit Cards

VISA
Mastercard
Alia card logo
Mexico Country

Mexico is Latin America’s second-largest market for e-commerce. It is expected to reach nearly $48 billion by 2021. Smartphone penetration is at 72% and continues to expand rapidly. Global merchants accepting credit cards through international rails, tap into 40% of e-commerce spend. However, 46% of total e-commerce volume is generated by local debit cards and popular cash payments like OXXO and thus only accessible to merchants who are offering local cards and cash in their payment mix.

(Law & Regulations)

Internet penetration: 67%   |    Smartphone penetration: 72%

How people pay in Mexico
International credit card 40%
Debit card 24%
Cash 20%
Online bank 3%
Domestic credit card 2%
Other 11%
Payment methods we support

Cash

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Online bank transfers

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Local cards

Mastercard
American Express
VISA
VISA Debit
Mastercard debit
Paraguay Country

Paraguay is a small and open economy with nearly 7 million people and a GDP of $41 billion. Over the past decade, the Paraguayan economy grew on average 5% annually. The country’s $1.3 billion e-commerce market is growing, as well the country’s internet penetration.

Internet penetration: 89%

How people pay in Paraguay
International credit card 93%
Cash 3%
Debit card 2%
Domestic credit card 1%
Other 1%
Payment methods we support

Cash

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Cash

Bancard
Peru Country

Although Peru is one of the smallest e-commerce markets in Latin America and still, a very much cash economy, Peru’s $3.3 billion e-commerce market is growing rapidly. It is forecasted to grow 40% year-over-year through 2019. In 2016, 91% of online sales took place on a desktop and 85% were to local Peruvian merchants.

Internet penetration: 73%   |    Smartphone penetration: 58%

How people pay in Peru
International credit card 43%
Cash 25%
Domestic credit card 10%
Debit card 6%
Online bank 4%
Other 12%
Payment methods we support

Cash

Pago Efectivo
Western Union

Online bank transfers

Scotiabank
Interbank
BBVA
Banco de Crédito BCP

Credit and debit cards

VISA
Mastercard
VISA Debit
Uruguay Country

In LATAM, Uruguay is referred to as a ‘país boutique’ or a boutique country. With a small population of 3.4 million and exemplary e-commerce development metrics for Latin America, Uruguay’s e-commerce market is growing at a rapid 31%. Uruguayans are highly computer and mobile literate, and the country’s Internet and smartphone penetration, at 88% and 65% respectively, have positioned Uruguay well ahead of most of its neighbors.

Internet penetration: 88%   |    Smartphone penetration: 85%

How people pay in Uruguay
International credit card 39%
Domestic credit card 31%
Cash 20%
Debit card 3%
Other 7%
Payment methods we support

Cash

Redpagos

Local Cards

VISA
Mastercard
Oca Card
Diners Club International
Lider

APAC

China country

China is one of the fastest-growing major economies in the world. In 2017, e-commerce in China generated close to $1 trillion in sales. The demand for e-commerce is fueled by rapid smartphone adoption, increased Internet penetration, availability of secure online payment mechanisms and reduced delivery times. Fuelled by growing prosperity, Chinese e-commerce continues to expand rapidly – by 27% a year. Chinese online shoppers most commonly use e-wallets to pay for goods and services. The most popular categories are clothing, travel, and food.

Internet penetration: 57%   |    Smartphone penetration: 83%

How people pay in China
E-wallet 49%
Credit card 25%
Cash 9%
Online bank 8%
Other 9%
Payment methods we support

Online Bank Transfers

China merchants bank
Postal Savings Bank
China everbright bank
SPD Bank
China minsheng bank
ICBC
China construction bank
Agricultural bank china
Bank of China

Credit & debit cards

UnionPay
India country

With a population of over 1.36 billion, India is the world’s second most populous country. From 2014 to 2016, it was the world’s fastest-growing economy but was overtaken by China in 2017. Fueled by multilateral digitization efforts that are bringing 1 billion of India’s citizens online and into the financial mainstream, the country’s $42.4 billion e-commerce market is undergoing tremendous expansion. By 2021, it is expected to reach $64 billion, growing at a compound annual growth rate of 23%.

Internet penetration: 41%   |    Smartphone penetration: 40%

How people pay in India
Cash 26%
Credit card 23%
Debit card 18%
Online bank 9%
Domestic card 6%
Other 18%
Payment methods we support

Immediate payment service

UPI

Online bank transfers

Axis Bank
Union Bank
State bank of india
Canara Bank

Local cards

VISA
Mastercard
American Express
Diners Club International
Rupay

Online bank transfers

paytm
Indonesia country

With the fourth biggest population in the world, and yet the least-developed e-commerce market in Southeast Asia, Indonesia is facing a dramatic rise in the market size, going from just over $3 billion in 2015 to $11 billion in 2019. Almost 56% of the population is currently online, and the number of debit and credit cards issued is only 15%. As with many developing economies, the shift online is happening through mobile, with over 90% of online users in Indonesia going online via their phone.

Internet penetration: 56%  |   Smartphone penetration: 60%

How people pay in Indonesia
Bank transfer 50%
International credit card 20%
Cash 13%
E-wallet 7%
Debit card 6%
Domestic credit card 2%
Other 2%
Payment methods we support

Cash

alfamart
AlfaMidi
Indomaret
Da+Dan
Lawson

Bank transfers

bca
bank bri
Mandiri
BNI
Alto
Maybank
Permata bank
Prima
Link
Atm Bersana

Local credit & Debit Cards

VISA
Mastercard
American Express
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e-Wallets

OVO
Cash

EMEA

Egypt country

Egypt’s population reached 100 million people in 2019. With internet penetration at 49% and bancarization levels of 14%, the government is pushing for increased banking access and expansion of mobile and internet access. Egypt’s is a young, but growing market for e-commerce with 8 million shoppers and $1.5 billion in annual sales. Here, cash is still king; 64% of all online purchases are paid with cash.

Internet penetration: 49%   |    Smartphone penetration: 31%

How people pay in Egypt
Cash 64%
Domestic credit card 10%
International credit card 5%
Online bank 4%
Debit card 4%
Other 13%
Payment methods we support

Omnichannel

Fawry

Local cards

VISA
Mastercard
Morocco country

With 36 million transactions a year, Morocco is the fourth largest e-commerce market in Africa. Smartphone penetration is at 57% and is the main internet access for most Moroccans. Approximately 7% of Moroccan Internet users shop online and the country’s e-commerce market is worth $244 million annually. While only 4% of Moroccans have a credit card, 70% of online purchases are conducted using a payment card of one kind or another. Merchants who offer local cards and alternative payment methods in their mix do especially well in this market.

Internet penetration: 62%   |    Smartphone penetration: 57%

How people pay in Morocco
Cash 74%
Domestic credit & Debit card 18%
International credit card 5%
Bank Transfer 1%
Other (mainly digital wallets) 2%
Payment methods we support

Cash

Chaabi cash
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Nigeria country

With its 198 million population, Nigeria is a large market. However, only 11.4 million of those 190M shop online: there is much room to grow. Alternative payment methods are the key to launch operations in Nigeria, as only 3% of Nigerians have cards, and only 29% of online transactions are paid with this payment method. Even more, people have Mobile Money accounts (5.6%) than cards. Mobile optimized checkout flows become more key each year, as smartphone penetration is growing fast from a starting base of 56% today.

Internet penetration: 50%   |    Smartphone penetration: 56%

How people pay in Nigeria
Cash 48%
Debit card 26%
Bank transfer 15%
Domestic credit card 6%
International credit card 2%
E-wallet 2%
Other 1%
Payment methods we support

Credit cards

VISA
Mastercard
American Express

Bank transfers

access logo
Ecobank logo
Sterling bank
Zenith logo
FCMB logo
fsdh logo
Sky bank logo

Bank transfers

Barter logo
South Africa country

With 69% banked population, South Africa is a leader in the African continent for financial inclusion. E-commerce population is highly condensed among card-holders, representing 13% of the country population. Also, almost a quarter of South Africans have shopped online. South Africa is showing promising opportunities, especially in m-commerce with a smartphone adoption (60%) growing at a fast pace.

Internet penetration: 54%   |    Smartphone penetration: 60%

How people pay in South Africa
International credit card 31%
Bank transfer 29%
Debit card 23%
Cash 7%
E-wallet 6%
Domestic credit card 2%
Other 2%
Payment methods we support

Credit & Debit Cards

VISA
Mastercard

Online Bank Transfers

Absa logo
Investec logo
Standard Bank logo
Nedbank
Capitec logo
FNB logo
Turkey Country

Turkey is home to 82 million people who are increasingly digitally savvy and urbanized. Turkish e-commerce market, worth $10.5 billion, is projected to grow at an annual rate of 12.4%. There are currently 33.3 million e-commerce users in Turkey, with an additional projected 10 million new users by 2020. Mobile commerce is already taking a 29% share of all e-commerce transactions and only expected to grow as smartphone penetration grows. Credit cards account for most domestic online transactions and Turkish consumers enjoy taking advantage of monthly installments offered by local issuers.

Internet penetration: 72%   |    Smartphone penetration: 77%

How people pay in Turkey
International credit card 58%
Debit card 19%
Cash 9%
Online Bank 5%
Domestic credit card 2%
Other 7%
Payment methods we support

Local cards

VISA
Mastercard
Fawry
American Express
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