Because of the number of consumers who use mobile phones but have no relationship with a bank, mobile payments also have a great potential for growth.
Development of online payments in Latin America is encouraged by increasing banking coverage of the population and growing acceptance of online shopping. Governmental regulations also are generally designed to stimulate growth.
Local and international online payment service providers are increasingly active in the region: Brazil based MercadoPago, reached over 20 million transactions in Latin America in 2012, and US-based SafetyPay secured several millions USD investment from a World Bank subsidiary to facilitate online payments in Latin America.
Mobile payment also has a great potential to develop in the region, driven by growing smartphone penetration. The yStats.com report provides facts, figures and developments concerning online and mobile payment in countries in the region.
In May 2013, the Brazilian government passed a new decree to facilitate and regulate mobile and electronic payments. By far the most used payment method in B2C E-Commerce in 2012 in Brazil was credit card, followed by local banking method Boleto Bancario.
In Argentina, just over 10% of Internet users used mobile banking and under 10% used mobile wallet. Of those who are interested in mobile wallets, the majority would prefer a bank as the mobile payment provider. In Peru, mobile payment is regarded as a tool for financial inclusion, as mobile phone penetration is much higher than banking coverage. In Colombia, the value of online payment transactions is forecasted to grow by a double digit rate this year compared to 2012.
‘Mobile payments also have a high potential in Colombia, as a small double-digit share of Internet users used mobile banking or mobile wallets last year. In Venezuela, new regulations were introduced in October 2013, creating a legal framework for non-bank payment processers.
Meanwhile, in the northernmost Latin American market, credit card penetration increased in Mexico in 2013, creating a potential for further development of online payments. Meanwhile, the share of consumers in Mexico who would prefer to pay with mobile methods over traditional wallet if given a choice is among the highest worldwide.
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