The way Latin Americans pay is evolving rapidly. In particular, new digital payments options are flourishing.
Brazil’s instant digital payments platform Pix has attracted a huge number of users in just a few months. In Peru, the bank-based Yape app has shot to popularity. And across the region, from Mexico to Chile, Latin Americans are increasingly adopting mobile wallets and QR codes to pay for goods and services.
Yet despite the hype of the new, traditional payment methods still have a strong hold in the market. Credit cards are set to maintain, or even grow, their market share. Merchants are adopting QR codes – but gradually. And fraudulent transactions are a brake on digital adoption.
To explore the changing dynamics of an industry that is fundamental to daily life, iupana and SafetyPay hosted a private forum of six payments leaders from across Latin America in January 2021. The LatAm Payments Services Providers Forum was an opportunity to take stock of the industry’s huge evolution in 2020, and to explore the opportunities and challenges ahead in 2021.
This White Paper sets out four of the key areas of evolution in Latin American payments this year, according to participants in the Forum, which was held virtually on January 23, 2021.
Participants in the 2021 Payments Services Providers Forum were:
- Juliana Etcheverry, Director of Expansion LatAm and Strategic Partnerships at EBANX
- Francisco Andrés León Velandia, Chief Commercial Officer at PayU
- Diego Garaycochea, Managing Director, Krealo
- Antonio Pelaez, Founder/CEO of Dapp
- Rafael Ayala, Managing Director, Latin America, Flywire
- Alfredo Baños, SVP Business Development, SafetyPay
Download this exclusive Special Report to understand the key trends impacting Latin America’s payments industry in 2021.