Latin America’s e-Commerce market offers huge opportunities.
Although Brazil is currently the largest e-Commerce market in the region (worth US$45 billion in 2016), others, such as Mexico, are predicted to triple in size by 2020. Brazil may be undergoing a period of instability – which may impact its growth potential - however we’re still predicting 44% growth in e-Commerce between 2016 and 2020.
Latin America Payment trends
m-Commerce is key in Latin America – between 2014 and 2015, mobile payments doubled in Brazil (from 21% to 45%) - and Mexico saw a 50% increase.
Traditional cards still dominate – with Credit Cards accounting for 64% of e-Commerce payments in Brazil. MasterCard and Visa are the largest card schemes – with 89% of the market.
Alternative payment methods (such as e-Wallets) – still account for a relatively small percentage of payments in the region – with Brazil 12% and Mexico 8%. With the growth of mobile however, this could change.
As with other regions, there are some local idiosyncrasies within Latin America payments. For example, Cash on Delivery and Bank Transfers are fairly popular in Mexico, whilst Boleto constitutes 15% of all e-Commerce payments in Brazil.
Juan D'Antiochia, General Manager, Latin America, Worldpay eCom
"With double digit growth predicted across the region, Latin America offers great opportunities. And we’re ideally placed to help you maximise on that."
Latin America Markets
We currently support e-Commerce payments in all major markets in the region: including Brazil, Mexico, Argentina, Colombia and Chile.
Our annual Global Payments Report covers these markets in more detail.You can download the report here
Latin America Payment Preferences
If you’re unfamiliar with any of the popular payment methods in the region...Find out more here