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July 24, 2020
Businesses across the world are rethinking their strategies after COVID-19 turned their operations upside down and few markets look as promising as Latin America when it comes to eCommerce. The region has a huge population that is highly connected and embraces technology, especially if it can be applied using their favorite gadgets: their smartphones. Global merchants looking to expand their horizons in this new post-pandemic era should pay attention to Latin America’s huge potential.
With more than 210 million consumers, Brazil is the largest market in the region and the 2020 Global Payments Report by Worldpay from FIS indicates that the country’s eCommerce rate is set to grow 53 percent by 2023. Mexico comes next as the second most vibrant market and the sector is projected to expand 57 percent over the same period. However, the most impressive numbers come from Argentina, where eCommerce is set to increase 104 percent over the next three years.
And the best is yet to come for merchants targeting the region. The need to social distance during the coronavirus pandemic brought thousands of new customers to online shops and should speed up this incredible market development.
Opportunities are endless in Latin America, but the region has complex regulations, notably concerning payments, that vary from country to country. Merchants headquartered abroad need to work with a processing partner that deeply understands the market. Let’s take Brazil as an example. Boleto Bancário is a PostPay payment method unique to the country that accounts for 16 percent of the region’s eCommerce transactions. Companies looking to attract local customers cannot fail to offer this payment option.
Even though Latin America is a complex market, there are four online payment trends that are common to the region:
Some of Latin America’s consumer payment methods are changing in line with broad global trends, like the move toward digital wallets, yet the region also presents movements of its own. Knowing how to navigate the different markets of the region is key to thriving in this area that is booming with opportunities.
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