Payment Methods in Latin America

Payment Methods in Latin America

Connect over 100 local and global payment methods to accept payments and issue payouts to customers anywhere in the world

Discover popular payment systems and methods in South America

The priorities of local policy-makers within South American countries have positioned the region as highly attractive for e-Commerce enterprises, with strong potential for growth. Since 2011, the percentage of individuals with bank accounts has risen from 39% to 51%. Of Latin America’s 617 million people, 300 million use the Internet, with 135 million engaged in online shopping.

Payments with cards is the preferred way of making payments in Latin America, as this method accounts for most transactions. For example, in Brazil, the largest country in South America, credit cards account for more than 60% of payments, with 68% of the population owning a bank account and a 32% card penetration rate. Additionally, most South American countries have a widespread network of local providers — shops or post offices — able to take cash payments for online purchases. e-Wallets only account for 6% of the market share, but this is expected to grow over the next few years.

Brazil

With a population of more than 211 million people, Brazil is the largest online market in the Latin American region, representing over 40% of the region’s e-Commerce sales. The revenue in the e-Commerce market in Brasil is projected to reach $23,846 million in 2021.

Boleto Bancário

Boleto Bancario is the leading payment system in Brazil, with over 24% of online purchases paid for via this method.

Boleto allows customers to pay in a number of ways: bank transfer, credit card, or by converting currency into boleto (a pre-paid voucher).

Learn more about the Boleto Bancario payment method here.

SafetyPay

SafetyPay is a popular payment method in Latin America, operating in Brazil and Mexico. SafetyPay offers online cardless bank transfers and online cash system. Local customers use SafetyPay to buy goods and services from retail, travel, finances, and other industries.

Learn more about payment options with SafetyPay here.

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