Payment 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.
Credit cards are the preferred payment method 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 32% card penetration. 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.