Unlock your local payment methods in Latin America

LatAm high-growth markets are facing a rapidly growing online shopping audience. Global companies are boosting their sales through localized payment experiences offering credit & debit cards, installments, cash payments, and bank transfers.

Why Latin America, and why now?

Latin America offers extraordinary opportunities to international merchants to drive loyalty and position themselves as locally-savvy brands.

Illustration about ecommerce shoppers
Domestic Credit card icon

Handling domestic credit and debit cards

Going local is a game-changer. Local payment methods represent 67% of all eCommerce spend regionally. This means that international merchants relying exclusively on a cross-border payments strategy forfeit access to $42 billion in addressable market.

Alternative payment methods icon

Alternative Payments Methods

In Latin America, consumer's culture matters. Cash payment methods like Boleto Bancario (Brazil) and Oxxo (Mexico); Bank transfers in Colombia, Mexico, and Chile have become so predominant as needed. Enabling alternative payment methods helps to unlock the payment frictions within these markets.

eShoppers icon

eShoppers and tech-savvy consumers

Latin America is an incredibly fertile ground for mobile-ready eCommerce, especially digital goods that can be delivered and consumed on the mobile channel. Mobile commerce will reach 52.7% of all eCommerce sales by 2022.

Installments icon

Installments

To be competitive, international merchants must think seriously about offering installments, which are available only through local acquirers. Installments represent up to 58% of the eCommerce spend in some markets and are considered a must.

Why Latin America, and why now?

Latin America offers extraordinary opportunities to international merchants to drive loyalty and position themselves as locally-savvy brands.

Illustration about ecommerce shoppers
Domestic Credit card icon

Handling domestic credit and debit cards

Going local is a game-changer. Local payment methods represent 67% of all eCommerce spend regionally. This means that international merchants relying exclusively on a cross-border payments strategy forfeit access to $42 billion in addressable market.

Alternative payment methods icon

Alternative Payments Methods

In Latin America, consumer's culture matters. Cash payment methods like Boleto Bancario (Brazil) and Oxxo (Mexico); Bank transfers in Colombia, Mexico, and Chile have become so predominant as needed. Enabling alternative payment methods helps to unlock the payment frictions within these markets.

eShoppers icon

eShoppers and tech-savvy consumers

Latin America is an incredibly fertile ground for mobile-ready eCommerce, especially digital goods that can be delivered and consumed on the mobile channel. Mobile commerce will reach 52.7% of all eCommerce sales by 2022.

Installments icon

Installments

To be competitive, international merchants must think seriously about offering installments, which are available only through connecting to local acquirers. Installments represent up to 58% of eCommerce spend in some markets and are considered a must.

Offer your shopppers the local payment methods they are used to pay

Our powerful solution enables your eCommerce business to boost your payment conversion rates and uplift up to 20% your card payment success rates. Reach more consumers offering the most relevant local payment methods effortlessly.

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Payment methods example

Payments in LatAm are complex: we help you make it easy

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

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Cash

Pago Fácil
Rapipago

Online bank transfers & eWallets

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

Credit & Debit Cards

VISA
Argencard
Mastercard
CMR Falabella
Naranja
Cabal
Cabal Debit
Cordobesa
Cordial
Cencosud
Diners Club
Tarjeta Shopping
Nativa
Maestro

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.

Online bank transfers

BNB

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

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Boleto Bancário

Boleto Bancário

Online Banking, PIX & eWallets

Banco do Brazil
Itaú
Bradesco
Santander
Caixa
PIX
Mercadopago

Credit & Debit Cards

VISA
Mastercard
American Express
Mercado livre
Elo
Hipercard
JCB
Aura
Discover

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 eCommerce 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.

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Cash

Servipag

Online Bank Transfers, Debit Cards & eWallets

WebPay Red compra
Mercadopago
Khipu
BBVA
Santander
Itaú
Banco Falabella
Scotiabank

Credit Cards

Mastercard
American Express
VISA
Diners Club
Presto
CMR Falabella
Magna

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

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Cash

Efecty
Baloto
Exito
Colsubsidio

11 more retail agents

Online bank transfers & eWallets

PSE
Mercadopago
Codensa
Davivienda

Credit & Debit Cards

Mastercard
American Express
VISA
Diners Club International

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.

Cash

Banco Nacional

Credit & Debit Cards

VISA
Mastercard

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 & Debit cards

VISA
Mastercard

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.

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Cash

Pago Efectivo

Credit & Debit Cards

VISA
Mastercard
Alia

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.

Cash

Puntoexprés

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.

Cash

Akisipuedo

Mexico is Latin America’s second-largest market for eCommerce. 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 eCommerce spend. However, 46% of total eCommerce 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.

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Cash

Oxxo

Online bank transfers & eWallets

SPEI
BBVA Bancomer
Santander
Banorte
Mercadopago
Codi

Credit & Debit Cards

Mastercard
American Express
VISA
VISA Debit
Mastercard debit

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 & Debit cards

VISA
Mastercard
Tarjeta clave

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.

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Cash

Pago Express

Credit & Debit Cards

VISA
Mastercard
American Express
Bancard

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.

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Cash

Pago Efectivo
Western Union
Agente Multibanco Kasnet
Caja Arequipa

Online bank transfers

Scotianbank
Interbank
BBVA
Banco de Crédito
BanBif

Credit & Debit Cards

VISA
VISA Debit
Mastercard
Mastercard Debit
American Express

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.

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Cash

Red Pagos
Abitab

Credit & Debit Cards

VISA
Mastercard
Oca Card
Lider
Diners Club International
X