Increased use of mobile devices places the Argentine market among the countries with the highest global mCommerce growth over the next four years
The eCommerce market in Argentina is set to increase by 83% between 2018 and 2022, to be worth $19.2bn, according to new data from Worldpay. In addition, the country is among the markets that will show the fastest growth in mCommerce, increasing at an annual rate of 26%. The local market is made up of 44.7 million consumers, of whom 81% currently has access to the Internet.
In its 2018 Global Payments Report, Worldpay found that credit cards are the most widely used online, accounting for 26.7% of the market. These are followed by eWallets (22%), bank transfers (14%), debit cards (10%) and cash on delivery (8%). However the gap between credit cards and eWallets is closing when it comes to how Argentine consumers pay online – whilst credit cards meet consumers’ preference to pay by installment, eWallets are providing greater convenience. eWallets are expected to become the most popular online payment as early as next year, forecasted to make up 22% of the market, growing at the same rate.
In this scenario, the top alternative payment methods are bank transfers, MercadoPago and Rapipago.
The rise of eCommerce is expected to reach $4.7tn globally by 2022. The way people shop online is changing too: alternatives to credit and debit cards now account for more than half of eCommerce sales volume and mobile is set to surpass desktop sales by 2023. The report found at least 140 online payment methods in use today.