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

ITC, ICS tie up to help Moroccan textile value chain

Textiles | On 21st Apr 2018

ITC, ICS tie up to help Moroccan textile value chain

The International Trade Centre (ITC) has partnered with ICS, which...

Bangladesh garment manufacturers call for fair pricing

Apparel/Garments | On 21st Apr 2018

Bangladesh garment manufacturers call for fair pricing

Bangladesh garment manufacturers want a ‘commensurate adjustment’ by...

Pak ministry proposes extension to PM package for 2018-19

Textiles | On 21st Apr 2018

Pak ministry proposes extension to PM package for 2018-19

Pakistani textile ministry has reportedly proposed extending the...

Interviews View All

Siddharth Biyani
Mangalam Industries Pvt Ltd

‘The manufacturing sector is improving day-by-day, becoming better in...

Abhishek Samdaria
Reflete

GST will certainly reduce a lot of paperwork in future

Luke Otten
Wigwam Mills Inc

Wigwam aims to recycle discarded yarn that doesn’t make it through the...

Harsh Shah

Established in 1956 with a small beginning, Embee today manufactures a...

Abhishek Pachauri

Reckon Industries adapts latest systems for manufacturing from designing...

John Kelley

Textile Events is one of the largest textile fair in the United Kingdom,...

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Marten Alkhagen
Swerea IVF AB

Marten Alkhagen, Senior Scientist - Nonwoven and Technical Textiles of...

Robert Brunner
Devereux

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

Akta Adani
India Boulevard

India Boulevard is a San Francisco-based curated fashion marketplace that...

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

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

Leave your Comments


April 2018

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
69.9%
No
12.6%
Skip
17.5%

Total Votes: 103

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
63.1%
No
29.1%
Skip
7.8%

Total Votes: 103

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
87.4%
No
8.7%
Skip
3.9%

Total Votes: 103

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
82.5%
No
7.8%
Skip
9.7%

Total Votes: 103


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