eCommerce Payment Methods (18 countries average, USD value) - 2023.Q1
Latin America is a region with a rapidly growing e-commerce industry, and payment methods are an essential factor in the success of online businesses. According to the results of the RankingsLatAm 2023.Q1 Survey, Credit cards are the most popular payment method in the region, accounting for 39.7% of online purchases. This is not surprising, as credit cards are widely accepted and offer a convenient way for consumers to make online payments.
E-wallets are another popular payment method in Latin America, accounting for 20.7% of online purchases. This is due in part to the region's high rates of mobile phone adoption, which has driven the popularity of mobile payments.
Debit cards are the third most common payment method, with a 16.3% share of online purchases. However, it is worth noting that debit cards are less commonly used in some countries in the region.
Cash and collections, which includes payments made through physical outlets or via courier, account for 14.3% of online purchases. Bank transfers, while less commonly used, still account for a significant portion of online payments, with a 6.4% share. Finally, other payment methods account for 2.7% of online purchases.
Understanding these payment trends is critical for businesses looking to enter the Latin American market and ensure they offer the payment options their customers prefer.
* Cash & Collections includes direct account options such as A2A and CoD (cash on delivery)
** eWallets includes direct debits and account deposits in some countries.
*** Other includes Crypto, PrePaid, eWallets prepaid cards, BNPL (buy now pay later) and other local fintech products.