Home / Knowledge / News / Apparel/Garments / Payment via mobile phones gains ground in Latin America
Payment via mobile phones gains ground in Latin America
07
Dec '13
The new “Latin America Online Payment Methods 2013 – Second Half 2013“ by Hamburg-based secondary market research company yStats.com indicates that online payment continues its growth in the emerging markets of this dynamic region.

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.

ystats


Must ReadView All

Courtesy: American Silk Mills

Textiles | On 18th Oct 2017

Sutlej Textiles adds American Silk Mills to its portfolio

Sutlej Textiles and Industries Ltd (STIL) has announced the...

Arvind Limited executive directors Punit Lalbhai (left) and Kulin Lalbhai explaining the project to Gujarat chief minister Vijay Rupani. Courtesy: Arvind Ltd

Apparel/Garments | On 18th Oct 2017

Arvind to set up mega apparel facility in Gujarat

Arvind Limited, one of India’s largest textile to retail...

Cotton stocks accumulating everywhere outside of China

Textiles | On 18th Oct 2017

Cotton stocks accumulating everywhere outside of China

Global cotton stocks outside of China are expected to rise by nearly...

Interviews View All

Kamlesh Vaghela
RK Textiles

Very few machinery manufacturers have R&D units

Shiladitya K Joshi
Truetzschler India Private Limited

India ITME provides a platform to interact with our stakeholders

Poojaa Kumar Deepak
Zeven

Zeven's performance sports apparel is designed for the Indian body type,...

Harmeet Singh

New Delhi-based Jogindra Industries Private Limited provides an assortment ...

Liz Manning

<div><b>Liz Manning</b>, Business Development Manager at Catexel, has...

Rikesh Mistry

Jupiter Comtex Pvt Ltd, established in 1973, started its textile machinery ...

Steve Cole
Xerium Technologies

Steve Cole of Xerium Technologies discusses the industry. Xerium is the...

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Urs Stalder
Sanitized AG

Urs Stalder, CEO, Sanitized AG, talks about the increasing use of hygiene...

Pranav Mishra
Huemn

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

Madhu Jain
Madhu Jain

She grew up in the walled city of Old Delhi, completed her studies, and...

Igor Chapurin
Chapurin

"Now we can see the Russian trend in international fashion. And Russian...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

October 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
77.3%
No
13.6%
Skip
9.1%

Total Votes: 66

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
60.6%
No
28.8%
Skip
10.6%

Total Votes: 66

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
84.8%
No
10.6%
Skip
4.5%

Total Votes: 66

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
74.2%
No
12.1%
Skip
13.6%

Total Votes: 66


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search