Research reveals how coronacrisis impacted payments in Latin America

Latin Americans are buying much more online but are not changing their payment habits at the same speed

Latin America

Research reveals how coronacrisis impacted payments in Latin America. Source: pexels.com

EBANX has found that e-commerce has grown immensely in Latin America, with an expected growth rate of 8.49%. The economic sector is also expected to reach a market value of $200 billion.

A survey was carried out to expound on the impacts of the coronavirus pandemic on online purchases in Mexico, Brazil, Chile, and Colombia. The Beyond Borders 2020/2021 analysis revealed that 52 million Latin American people will make their first online purchases during the crisis.

This is a 30% increase in some countries, a trend that was estimated to be attained by 2022.

In Brazil, debit cards and digital wallets have advanced in the e-commerce sectors, attaining a 32% growth rate in some countries.

In Brazil, cash vouchers such as boleto bancário defined up to 20% of online purchases. Brazilians “updated” the method: 68% of the 1,900 respondents in the country said they prefer boleto for online purchases, and 56% said they pay the voucher electronically. This was the same case in Mexico, with OXXO contributing to 20% of online purchases.

Widespread local and traditional payment methods also surged in international e-commerce. For instance, 68% of consumers in Brazil stated that boleto was their preferred method of payment in cross border bargains.

We’ve reported that dLocal and Microsoft announced a collaboration to reach new customers in emerging markets with localized payment methods.

SEE ALSO: