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1022407

Latin America Online Payment Methods 2021 Post COVID-19

Published: | yStats.com GmbH & Co. KG | 91 Pages | Delivery time: 1-2 business days

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Latin America Online Payment Methods 2021 Post COVID-19
Published: August 4, 2021
yStats.com GmbH & Co. KG
Content info: 91 Pages
Delivery time: 1-2 business days
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  • Table of Contents
Description

Cashless transactions in Latin America were projected to more than double from 2020 to 2030: new yStats.com report.

The latest publication from Germany-based online research firm yStats.com, "Latin America Online Payment Methods 2021 Post COVID-19" provides insights into the current state and future trends of online payment market in Latin America. Among other findings, the publication reveals that in Latin America, a smartphone was the most preferred device to use when shopping online in 2020.

Global payment market shifted towards cashless transactions significantly due to COVID-19 in 2020

The global payment market has been fundamentally affected by the COVID-19 health crisis across different industries internationally. Because of forced limitations by the administrations in many nations, the conventional payment structures moved to digitalized ones as they were safer, quicker and more convenient in the midst of COVID-19 in 2020. Consumers in most countries shifted their preferences towards mobile payments, therefore businesses strived to provide them with experiences on digital- or mobile-first platforms. After the onset of the pandemic, consumers turned to the types of payments where there was less interaction, thus, cashless transactions were projected to increase twofold globally by 2030, with the Asia-Pacific region leading in them. Whereas, the two lagging regions were Africa and Latin America. Most of these non-cash payment value was expected to be held by contactless cards in 2020.

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

Amid the pandemic, Latin American consumers mostly opted for smartphones when shopping online, and with such usage growing 2019 to 2020. Mercado Libre, a major online retail player in the region, reported that over 70% of sales were made via mobile in 2020. The value of digital purchases via mobile spiked in Brazil by almost 80% from 2019 to 2020. However, there were also consumers who avoided mobile payment apps, as around a quarter of respondents to a survey in Brazil reported that they believed they were unsafe or that they did not know how they worked.

"Credit card" was the most common payment method among Latin Americans in 2020 when shopping both online and in-store

After the COVID-19 pandemic started, there was a downward trend in cash usage in Latin America, with over 60% of consumers reducing the use of cash by at least 20% in 2020. The biggest share of those who decreased using cash was seen in Chile, where more than 70% of customers reported paying less with cash. The most common payment method in the region for both online and offline purchases was a "credit card". Real-time payments also gained momentum in Latin America in 2020, with the fastest growth of RTP transactions projected to be seen from 2020 to 2025 in Colombia, at a CAGR of over 100%, and in Peru, at a CAGR of more than 70%.

Covered Regions:

Latin America.

Companies Mentioned:

Mercado Libre, Boleto Bancário, Central Bank of Brazil, Visa, Ethereum, Mastercard, ACI Worldwide, PayPal, Square Inc., Robinhood Markets Inc., WhatsApp.

Table of Contents
Product Code: 1538

Table of Contents

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 CountriesÁ™∂-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 MerchantsÁ™∂-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