Latin Americans are buying much more online but are not changing their payment habits at the same speed
Research reveals how coronacrisis impacted payments in Latin America. Source: pexels.com
EBANX has found that e-commerce has grown immensely in Latin America, with an expected growth rate of 8.49%. The economic sector is also expected to reach a market value of $200 billion.
A survey was carried out to expound on the impacts of the coronavirus pandemic on online purchases in Mexico, Brazil, Chile, and Colombia. The Beyond Borders 2020/2021 analysis revealed that 52 million Latin American people will make their first online purchases during the crisis.
This is a 30% increase in some countries, a trend that was estimated to be attained by 2022.
In Brazil, debit cards and digital wallets have advanced in the e-commerce sectors, attaining a 32% growth rate in some countries.
In Brazil, cash vouchers such as boleto bancário defined up to 20% of online purchases. Brazilians “updated” the method: 68% of the 1,900 respondents in the country said they prefer boleto for online purchases, and 56% said they pay the voucher electronically. This was the same case in Mexico, with OXXO contributing to 20% of online purchases.
Widespread local and traditional payment methods also surged in international e-commerce. For instance, 68% of consumers in Brazil stated that boleto was their preferred method of payment in cross border bargains.
We’ve reported that dLocal and Microsoft announced a collaboration to reach new customers in emerging markets with localized payment methods.
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