Latin America Online Payment Methods: Full Year 2014
Alternative Methods and Credit Cards Compete in Online Payment in Latin America
NEW YORK, Sept. 21, 2015 /PRNewswire/ -- Online and mobile payments worldwide are forecasted to top three trillion Euros in the next five years. Mobile payment is the growth leader, outpacing online and the total payments market, with further growth expected following the launches of varying mobile payment solutions, including Apple Pay. Fast and one-touch checkout is a trend on the global online and mobile payment market, with one-touch solutions released by Amazon, PayPal and Apple Pay. Another trend is large payment companies preparing to separate from their E-Commerce parent companies. EBay announced plans to spin off PayPal, while Alibaba revealed that it will let Alipay go public after Alibaba's own IPO. The players that have intensified their efforts on the payments markets in 2014 are social networks and messengers, with Twitter, Facebook and Snapchat launching peer-to-peer payments.
In Latin America, credit card and alternative payment methods compete hand to hand for the share of the fast growing B2C E-Commerce market. Region-wide, payment through online payment platforms was only slightly ahead of credit card by penetration on online shoppers in 2014, while in some countries also cash on delivery plays an important role. Furthermore, a common trend in the region was increased use of mobile devices for payment in online shopping, with close to a quarter of online payment users already having paid with smartphone at least once.
In the region's largest market, Brazil, new regulations were adopted in 2013 and 2014, boosting the growth of online and mobile payments. Credit cards were used most in online purchases in Brazil, followed by local banking payment method Boleto Bancario. In Mexico, which ranks next to Brazil by B2C E-Commerce sales, both cash and credit cards were frequently used by online shoppers. Credit and debit cards were in the lead in online retail in Argentina, while close to half of Internet users did not shop online due to fears for safety of their credit card data. Also Colombia and Chile show growth in online and mobile payments: in Colombia payment transactions via mobile phone more than doubled, while in Chile one in every sixth Internet user carried out banking transactions online.
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