The Q3 2023 survey results on payment methods used in eCommerce in Latin America reveal that credit cards remain the preferred option regionally, constituting 40.7% of the regional mix across the 18 included countries. However, in specific markets, their influence reaches up to 80%. Following closely are payment solutions linked to eWallets and similar platforms, comprising 22.6%, continuing their growth trend from 14.5% in our 2021 Q1 survey. Debit cards maintain their significance at 16.7%, payment networks and cash options at 11.4%, bank transfers at 6.3%, and other options like BNPL, post-payment, and crypto-related at the remaining 2.2%.
The share of account-to-account (A2A) transfers in the value of eCommerce-related payments is on the rise, particularly notable in Brazil, Colombia, and Peru. In Argentina, new regulations promoting QR code interoperability and mandating payment service providers to accept direct payments from bank accounts influence a shift in the payment mix as consumers become familiar with available options. The adoption of new alternatives is not always seamless, with countries like Mexico experiencing gradual and slow growth. On the other hand, options like PIX in Brazil have reduced costs for merchants and significantly improved financial inclusion due to fast transactions, mobile app usability, and widespread QR code adoption.
Analyzing the evolution over time, a gradual reduction in credit card usage in favor of eWallets or instant payment alternatives is evident. This trend is observed in various countries, with the pace of change being rapid in some markets and much slower in others. Moreover, the preference for cash, payment networks, or similar methods continues to decline, although it is expected to maintain a portion of the transaction volume for several years.
