Dublin, Aug. 12, 2021 (GLOBE NEWSWIRE) -- The "Latin America Online Payment Methods 2021 Post COVID-19" report has been added to ResearchAndMarkets.com's offering.
The report 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.
Key Topics Covered:
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
3.3.Mexico
3.4. Argentina
3.5. Colombia
3.6. Chile
3.7. Peru
3.8. Dominican Republic
For more information about this report visit https://www.researchandmarkets.com/r/xzkb9d
