Digital payments in Latin America- statistics & facts

E-commerce, streaming services, and online food deliveries are only a few of the many segments that have emerged as a result of digitalization. None of them, however, would be able to function the way they currently do if it weren’t for the impact of technology on the way financial transactions are made. While digital payments are essential for commercial exchanges to take place on the web, they also influence how businesses interact with clients in an analog environment. Contactless payments, for instance, have proven to be an especially useful alternative to cash when it comes to keeping social distance – a measure that became necessary throughout the COVID-19 pandemic. In Latin America, digital payments had been increasing in popularity already before the sanitary crisis. In fact, the transaction value of digital commerce in the region was estimated at more than 100 billion U.S. dollars in 2019 and is now expected to increase by approximately 73% by 2025.

A market for every age

While transactions are anticipated to rise, it is not only the value of transfers that shows an increasing trend. By 2025, the number of people taking part in digital commerce in Latin America was contemplated to reach 268 million buyers. In 2021 the same figure was estimated at approximately 225 million customers. According to a survey carried out among internet users, that year, close to six in every ten Argentinians aged 30 to 49 were making use of online payment methods. This was the group with the highest share of online shoppers in the South American country. In Brazil, the same was true for around half of Brazilian respondents within the same age group. Meanwhile in Mexico, people aged 60 to 64 were the ones who would most commonly shop on the web, with a share of 56%. Moreover, the same survey reported that a third of Mexican interviewees, four in ten Argentinian respondents, and more than half of Brazilians taking part in the survey could imagine dealing with financial transactions exclusively online.

Brazilian startups on the lead

As the demand for digital payments increases, the offer of purchasing methods evolves. Companies with services such as digital banking, digital wallets, and online payment platforms have become more and more popular. The Brazilian fintech startup PicPay, for instance, reported more than 40 million users in 2020, with around eight million monthly visits recorded only in Brazil in March 2021. Moreover, Nubank – the largest online bank in Latin America – had an estimated 30 million users in 2020. The Brazilian financial technology bank was founded in 2013 and established itself by offering a credit card that could be managed entirely online. Since then, the company has launched a variety of services that have contributed to its popularity among Latin American consumers, such as a loyalty program and the bank’s NuConta digital account.
This text provides general information. Statista assumes no liability for the information given being complete or correct. Due to varying update cycles, statistics can display more up-to-date data than referenced in the text.
Published by Statista Research Department, Jun 23, 2023

Key insights

Value of payment transactions
14tn USD
Transaction value of digital commerce
87bn USD
Number of users of digital commerce
204m
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