Latin America Online Payment Methods 2024

The volume of real-time payments in Latin America is expected to nearly quadruple by 2027

Credit cards dominate the digital payment landscape and B2C E-Commerce

Latin America, like other regions, is witnessing a surge in digital payment adoption amid the global push towards digitalization in payments. However, this transition isn't uniform. In Latin America, credit cards dominate B2C E-Commerce sales, comprising over 50% of total payment methods in 2022. Digital wallets rank fourth, with a low double-digit share.

Brazil leads in credit card ownership and transactions, exceeding 50% of total B2C E-Commerce sales. Moreover, credit cards dominated online payments in Latin America, while BNPL accounted for only a small fraction of B2C E-Commerce sales, yet witnessed significant annual increases, particularly in Colombia, with triple-digit growth from 2021 to 2022, mirroring adoption trends in countries like Chile and Peru, though annual growth in Mexico and Brazil was surpassed only by account-based transfers and Pix.

Real-time payments witness rising popularity in Latin America

Real-time payments, emerging as a digital substitute for cash, are gaining traction in Latin America; with the volume projected to nearly quadruple by 2027 from 2022 levels, indicating a growing preference for this online payment method.

Consequently, the share of real-time payments in the region's total electronic payments is forecasted to nearly double between 2022 and 2027, surpassing the 50% threshold. Peru is anticipated to see one of the highest CAGRs for real-time payment transactions during this period, while Chile is expected to have one of the lowest.

Key Questions Covered

• What were the top payment methods used by shoppers in Latin America to make purchases online?
• Which payment trends are reshaping Latin America's payments landscape?
• What are the fastest-growing online payment methods in Argentina, Brazil and Mexico?
• How high is digital payment adoption among adults in various countries in Latin America?
• How is the number of real-time payment transactions projected to develop in Latin America?