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Latin America Online Payment Methods 2021 Post COVID-19

  • ID: 5397898
  • Report
  • August 2021
  • Region: Latin America
  • 91 Pages
  • yStats GmbH & Co. KG
Cashless Transactions in Latin America Were Projected to More Than Double from 2020 to 2030
The report “Latin America Online Payment Methods 2021 Post COVID-19” provides insights into the current state and future trends of online payment market in Latin America. Among other findings, the publication reveals that in Latin America, a smartphone was the most preferred device to use when shopping online in 2020.

Global payment market shifted towards cashless transactions significantly due to COVID-19 in 2020

The global payment market has been fundamentally affected by the COVID-19 health crisis across different industries internationally. Because of forced limitations by the administrations in many nations, the conventional payment structures moved to digitalized ones as they were safer, quicker and more convenient in the midst of COVID-19 in 2020. Consumers in most countries shifted their preferences towards mobile payments, therefore businesses strived to provide them with experiences on digital- or mobile-first platforms. After the onset of the pandemic, consumers turned to the types of payments where there was less interaction, thus, cashless transactions were projected to increase twofold globally by 2030, with the Asia-Pacific region leading in them. Whereas, the two lagging regions were Africa and Latin America. Most of these non-cash payment value was expected to be held by contactless cards in 2020.

Mobile payments gained momentum in Latin America in 2020, with over 70% of Mercado Libre online sales made via a mobile device

Amid the pandemic, Latin American consumers mostly opted for smartphones when shopping online, and with such usage growing 2019 to 2020. Mercado Libre, a major online retail player in the region, reported that over 70% of sales were made via mobile in 2020. The value of digital purchases via mobile spiked in Brazil by almost 80% from 2019 to 2020. However, there were also consumers who avoided mobile payment apps, as around a quarter of respondents to a survey in Brazil reported that they believed they were unsafe or that they did not know how they worked.

Report Coverage


  • This report covers the online payment market in Latin America. It takes into account a wide definition of online payment, including payment methods used in online shopping and mobile payment, such as remote and proximity payments. In addition, information related to the impact of the coronavirus (COVID-19) on digital payments in Latin America and worldwide was included in this report.
  • The report includes data mostly published in the previous 12 months. The exact date of publication of the source is stated on each chart. The time period which the data refers to differs by source.

Report Structure


  • The global chapter opens the report, featuring an overview of global online and mobile payment developments.
  • Next, information about the regional development is included, covering online and mobile payment. Furthermore, a text chart summarizing the impact of the health crisis on digital payments and post COVID-19 trends in Latin America.
  • The rest of the report contains country-specific information. The countries in the region are presented in the descending order of B2C E-Commerce sales.
  • Depending on data availability, the following types of market information are included: payment methods most used by online shoppers, number and value of online/mobile payment transactions, mobile payment usage and consumer awareness of mobile payment services. Not all the mentioned types of information are available for each of the covered countries.

Please note: For this report, the purchase of an Enterprise license allows up to ten worldwide users of an organization access to the report
Note: Product cover images may vary from those shown

1. Management Summary


2. Global Developments


  • Post-COVID-19 Online & Mobile Payment Market, August 2021
  • Post-COVID-19 Online & Mobile Payment Market, August 2021
  • Number of Cashless Transactions, in billions, CAGR, in %,  2020, 2025f & 2030f 
  • Value of Contactless Card Transactions, in USD trillion, 2020 & 2021e
  • Value of Virtual Card Transactions, in USD trillion, 2021e & 2026f
  • Value of Buy Now Pay Later Transactions, in USD billion, 2021e & 2026f
  • Breakdown of Opinions on Whether Blockchain Will Replace Current Payment Schemes in the Next 10 Years, in % of Respondents, 2020
  • Share of Contactless Card Transactions, in % of Overall Contactless Transaction Value, 2021e
  • Top Low-Value Payment Methods That Will Be the Most Used in a Country, in % of Respondents, 2020
  • Top 10 Countries’ B2C E-Commerce Sales, by B2C E-Commerce Sales Growth, in % Y-o-Y Change, 2020e 
  • B2C E-Commerce Year-on-Year Growth Rate, by Region, in %, 2020e
  • Internet Penetration Rate, in % of Households, 2020 
  • Proximity Mobile Payment Users in Select Countries, in % of Smartphone Users, 2021e
  • Value of Losses Due to E-Commerce Fraud, in USD billion, 2020 & 2021e
  • Number of Users Making Online Payment With Facial Recognition, in billions, 2020 & 2025f 
  • Number Of Users Who Will Be Confirming Transactions With Voice Recognition, in millions, 2020 & 2025f 

3. Latin America


3.1. Regional


  • Post-COVID-19 Online Payment Market, August 2021
  • Card Ownership in Select Countries, by Card Type, in % of Internet-Using and Banked Population, 2019 & 2020
  • Top Devices Used For The Purchase of Products/Services Online, in % of Internet-Using & Banked Adults, 2019 & 2020 
  • Cash Usage Decrease, in % of Consumers, 2020
  • Top Payment Methods Used for In-Store Purchases, in % of Consumers, 2020
  • Top Payment Methods Used for E-Commerce Purchases Amid COVID-19, in % of Consumers, 2020
  • B2C E-Commerce Sales Year-on-Year Change, by 3 Forecasts Made in Nov 2019, May 2020 & Dec 2020, 2018 - 2022f 
  • B2C E-Commerce Sales, in USD billion, 2019 - 2020e 
  • Breakdown of Mercado Libre B2C E-Commerce Sales, by Select Countries, by Mobile & Non-Mobile, in % of Total B2C E-Commerce Sales, 2020e 

3.2. Brazil


  • Number of WhatsApp Users, in millions, Y-o-Y Change, in %, 2019 - 2024f
  • Number of Real-Time Payment Transactions, in billions, 2020 & 2025f 
  • Breakdown of Payment Methods, in % of Volume, 2020 & 2025f
  • Top Payment Methods Preferred For Online Shopping on International Websites, in % of Cross-Border Consumers, 2020
  • Breakdown of EBANX Online Merchants’ Payment Methods Offered, in % of Total Volume of Payments, Q1 2019 - Q4 2020 
  • Top Payment Methods Used When Shopping Online via a Mobile, in % of Consumers, June 2021 
  • Top Reasons Not to Use Mobile Payment App, in % of Consumers, June 2021 
  • Share of Consumers Who Already Made a Purchase Online, in %, June 2021
  • Value of Overall Card Payments, in BRL trillion, 2019 & 2020
  • Value of Debit and Credit Card Payments, in BRL billion, 2019 & 2020
  • Value of Prepaid Card Payments, in BRL billion, 2019 & 2020
  • Value of Online Purchases Made by a Mobile Phone, in BRL billion, 2019 & 2020
  • Card Ownership, by Debit, Credit and Prepaid Cards, in % of Brazilian IBA Adults, 2019 & 2020 
  • Top Devices Used to Purchase a Product/Service Online, in % of Brazilian IBA Adults, 2019 & 2020 
  • Share of Respondents Who Suffered and Did not Suffer from Financial Fraud, in %, 2019 & 2021

3.3.Mexico


  • Top Payment Methods Preferred For Online Shopping on International Websites, in % of Cross-Border Consumers, 2020
  • Average Value of Credit and Debit Cards Transactions, in MXN, 2015 - 2020 
  • Number of Real-Time Payment Transactions, in billions, 2020 & 2025f 
  • Breakdown of Payment Methods, in % of Volume, 2020 & 2025f
  • Value of Debit Card E-Commerce Transactions, in MXN billion, Number of Debit Card E-Commerce Transactions, in millions, Q1 2020 & Q1 2021
  • Value of Credit Card E-Commerce Transactions, in MXN billion, Number of Credit Card E-Commerce Transactions, in millions, Q1 2020 & Q1 2021
  • Share of Purchases Made via Credit and Debit Cards, in % of Value and Volume of E-Commerce Purchases, Q1 2021
  • Card Ownership, by Debit, Credit and Prepaid Cards, in % of Mexico IBA Adults, 2019 & 2020 
  • Top Devices Used to Purchase a Product/Service Online, in % of Mexico IBA Adults, 2019 & 2020 

3.4. Argentina


  • Breakdown of Top Payment Methods, in % Total Sales Made in a Year, 2019 & 2020
  • Card Ownership, by Debit, Credit and Prepaid Cards, in % of Argentine IBA Adults, 2019 & 2020 
  • Number of Real-Time Payment Transactions, in millions, 2020 & 2025f 
  • Breakdown of Payment Methods, in % of Volume, 2020 & 2025f 
  • Top Payment Methods Used in the Past Month, in % of Argentine IBA Adults, 2019 & 2020

3.5. Colombia


  • Top Payment Methods Preferred For Online Shopping on International Websites, in % of Cross-Border Consumers, 2020
  • Card Ownership, by Debit, Credit and Prepaid Cards, in % of Colombian IBA Adults, 2019 & 2020 
  • Top Payment Methods Used in the Past Month, in % of Colombian IBA Adults, 2019 & 2020
  • Number of Real-Time Payment Transactions, in millions, 2020 & 2025f 
  • Breakdown of Payment Methods, in % of Volume, 2020 & 2025f

3.6. Chile


  • Top Payment Methods Preferred For Online Shopping on International Websites, in % of Cross-Border Consumers, 2020
  • Top Payment Methods Used in the Past Month, in % of Chilean IBA Adults, 2019 & 2020
  • Top Devices Used to Purchase a Product/Service Online, in % of Chilean IBA Adults, 2019 & 2020 
  • Number of Real-Time Payment Transactions, in millions, 2020 & 2025f 
  • Breakdown of Payment Methods, in % of Volume, 2020 & 2025f
  • Online Payment Transactions, in % Year-on-Year Change, H1 2015 - H1 2020 

3.7. Peru


  • Card Ownership, by Debit, Credit and Prepaid Cards, in % of Peruvian IBA Adults, 2019 & 2020 
  • Card Ownership, by Debit, Credit and Prepaid Cards, in % of Peruvian IBA Adults, 2019 & 2020 
  • Top Payment Methods Used in the Past Month, in % of Peruvian IBA Adults, 2019 & 2020
  • Breakdown of Payment Methods, in % of Volume, 2020 & 2025f 
  • Number of Real-Time Payment Transactions, in millions, 2020 & 2025f 

3.8. Dominican Republic


  • Card Ownership, by Debit, Credit and Prepaid Cards, in % of Dominican Republic IBA Adults, 2019 & 2020 
  • Number of Mobile Payment Users, in millions, 2015 - 2020 & H1 2021
  • Value of Instant Payments, in USD billion, and Number, in millions, 2019 - 2020 & H1 2021
  • Domestic E-Commerce Transactions with Payment Cards, incl. Number, in thousands, and Value, in DOP million, by Card Type, 2019, 2020 & H1 2021
  • International E-Commerce Transactions with Payment Cards, incl. Number, in thousands, and Value, in DOP million, by Card Type, 2019, 2020 & H1 2021
Note: Product cover images may vary from those shown

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