Online payment processors in Latin America

Features

eCommerce growth

The number of eCommerce users in Latin America and the Caribbean is expected to reach 387.67 million by 2027*. * Source: Statista, 2023
Growing digitization

Mobile internet penetration in Latin America is forecast to reach 67% of the population, leading to a digital payments revolution in the region*. * Source: Statista, 2023
Alternative payment methods

Whether due to a large unbanked population or even cultural reasons, alternative payment methods reign in Latin America.
Installments preference

With some differences in each country, installment payments are highly preferred by Latin American customers.

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Argentina

Argentina responds very well to payment innovation, with a penetration rate of 95% for fintech and banking*.

* Source: AMI, 2022

Credit and debit cards
- Visa
- Mastercard
- CMR Falabella
- Nativa
- Tarjeta Shopping
- Cencosud
- Cordial
- Cabal
- Naranja
- Argencard
- Maestro
- CashCard
- American Express
- Cordobesa
- Banco Provincia
Cash-based payments
- Rapipago
- Pago Fácil
Online bank transfers
- Itaú
- Citi
- HSBC
- Credicoop
- Macro
- Banco Nación
- Galicia
- Santander
- BBVA

Learn more about Argentina View Documentation

Bolivia

Bolivia's eCommerce market is small but aiming to grow along with over 7.5 million internet users. With a population of 11.59 million, 51% hold a bank account with a financial institution, but only 7,2% of them have a credit card, and yet 9% have made online purchases.

Credit and debit cards
- Visa
- Mastercard
Cash-based payments
- Pago al paso
Online bank transfers
- BCP
QR Payment
- Vpay

View Documentation

Brazil

Digitally advanced and with a wide range of online consumers, Brazil is the birthplace of successful real-time payments in Latin America.

Credit and debit cards
- Visa
- Mastercard
- Maestro
- American Express
- JCB
- Discover
- Aura
- Hipercard
- Elo
- Mercado livre
Wallets
- PicPay
- MercadoPago
Cash-based payments
- Boleto Bancario
Online bank transfers
- Itaú
- Santander
- Mercadopago
- PicPay
- PIX
- Caixa
- Bradesco
- Banco do Brazil
PIX
- Pix

Learn more about Brazil View Documentation

Chile

In recent years Chile has shown impressive economic growth, directly impacting the business opportunities in the country.

Credit and debit cards
- Visa
- Mastercard
- CMR Falabella
- American Express
- Diners
- Magna
- MACH
Wallets
- MercadoPago
Cash-based payments
- Sencillito
- Servipag
Online bank transfers
- Itaú
- Santander
- BBVA
- Mercadopago
- Scotiabank
- Banco Falabella
- Khipu
- WebPay Red compra
- Transbank

Learn more about Chile View Documentation

Colombia

Colombia’s Gross Domestic Product (GDP) is expected to steadily grow 1.8% in 2024, proving that Colombia can represent excellent opportunities for eCommerce in Latin America*.

*Source: OECD, 2023

Credit and debit cards
- Visa
- Mastercard
- American Express
- Diners
- Codensa
Wallets
- MercadoPago
Cash-based payments
- Colsubsidio
- Exito
- Efecty
- Davivienda
- Bancolombia
Online bank transfers
- PSE
- Bancolombia

Learn more about Colombia View Documentation

Costa Rica

Costa Rica With a population of 5 million and over 1 million eShoppers, Costa Rica has an eCommerce market of $2.3B. Cross border transactions account for 77% of the eCommerce volume. Although eCommerce is projected to shrink 22% in 2020 due to the current pandemic, it is expected to recover in 2021 with a 39% YoY growth.

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Credit and debit cards
- Visa
- Mastercard
Cash-based payments
- Banco Nacional
Online bank transfers
- Expres
- BCR

View Documentation

Ecuador

eCommerce 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.

Credit and debit cards
- Visa
- Mastercard
- Diners
- Discover
- Alia
Cash-based payments
- Paysafe
- Payvalida
Online bank transfers
- Payvalida
- Paysafe

View Documentation

El Salvador

As the smallest country in continental America, El Salvador’s eCommerce revenue is US$ 500 million with a projected annual growth rate of 11.41%. With only 30% of the population having access to banking services, cash-based solutions and online payment methods dominate the market as almost half of the country’s population are internet users, standing at 45%, and the internet penetration rate is high at 59% for the country of 6 million people.

Credit and debit cards
- Visa
- Mastercard
- American Express
- Diners
- JCB
- Discover
- Visa Debit
- Mastercard Debit
Cash-based payments
- Puntoexpres

View Documentation

Guatemala

Guatemala boasts a relatively high internet penetration rate of 65%. While cash is the primary method of payment in the market, the country of 16 million people has an eCommerce market value of US$ 240 million that is bolstered by mostly offline cards, despite only 12% of the population using them.

Credit and debit cards
- Visa
- Mastercard
- American Express
- Diners
- JCB
- Discover
Cash-based payments
- Akisipuedo

View Documentation

Mexico

With a vibrant economic landscape and an ever-evolving digital sphere, Mexico has become the second most important economy in Latin America.

Credit and debit cards
- Visa
- Mastercard
- American Express
- Visa Debit
- Mastercard Debit
- Carnet
Wallets
- MercadoPago
Cash-based payments
- OXXO
- S PayNet
- OXXO pay
- Datalogic
Online bank transfers
- Santander
- BBVA Bancomer
- Codi
- Banorte
- SPEI

Learn more about Mexico View Documentation

Nicaragua

Nicaragua has a population of 6 million. In 2021, the revenue of eCommerce in Nicaragua amounted to $3B. Only 31% of the population holds an account in a financial institution, and Internet penetration is at 43%.

Credit and debit cards
- Visa
- Mastercard
- American Express
- Diners
- JCB
- Discover
- Visa Debit
- Mastercard Debit

View Documentation

Panama

Panama has a population of 4.2 million. Ecommerce market was $2.4B in 2019, projected to grow 20% in 2020. Only 50% of the population holds an account in a financial institution, 30% have a debit card and only 10% a Credit Card.

Credit and debit cards
- Visa
- Mastercard
- Tarjeta clave
Online bank transfers
- Nequi

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Paraguay

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 eCommerce market is growing, as well the country’s internet penetration.

Credit and debit cards
- Visa
- Mastercard
- American Express
- Diners
- Bancard
- Bancard Check
Cash-based payments
- Infonet Cobranzas
- Pago Express

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Peru

Although Peru is one of the smallest eCommerce markets in Latin America and still, a very much cash economy, Peru’s $3.3 billion eCommerce 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.

Credit and debit cards
- Visa
- Mastercard
- American Express
- Visa Debit
- Mastercard Debit
Wallets
- Yape
Cash-based payments
- Western Union
- Caja Arequipa
- Agente Multibanco Kasnet
- Pago Efectivo
Online bank transfers
- BBVA
- Scotiabank
- BanBif
- Banco de Credito
- Interbank
- Pago Efectivo

View Documentation

Dominican Republic

The Dominican Republic has a population of 10.7 million. In 2019, the revenue of eCommerce in the Dominican Republic amounted to $1.8B. 40% of the population is unbanked, and Internet penetration is at 76.8%. Around 20% has a Credit Card and 30% has a Debit Card.

Credit and debit cards
- Visa
- Mastercard
Online bank transfers
- Popular

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Uruguay

In LATAM, Uruguay is referred to as a ‘país boutique’ or a boutique country. With a small population of 3.4 million and exemplary eCommerce development metrics for Latin America, Uruguay’s eCommerce 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.