E-wallets have gained momentum in Latin America (LATAM) and are bringing millions of new customers to online commerce, according to internal data from EBANX.
Almost 75% of purchases made with digital wallets are from new customers, who had never bought within these merchants before, as internal data from EBANX shows – considering merchants who have been processing with EBANX for at least one year.
EBANX currently integrates with six different e-wallets as a payment method, which have around 50 million users across LATAM. This payment method is available for any global company that wants to seize the region's ecommerce, one of the fastest-growing markets in the world.
According to EBANX internal data, merchants who integrate with e-wallets as a payment method had an increase of 5% on their new customers’ base since they started to offer this payment option. E-wallets already respond for 11% of ecommerce volume in LATAM, with USD 20.5 billion in transactions in 2020, according to a forecast from AMI (Americas Market Intelligence) for the seven main markets in the region (Brazil, Mexico, Colombia, Argentina, Chile, Peru, Uruguay).
The growth rate is impressive: in Chile, e-wallets increased 32% in volume of payments in 2020; in Colombia, 20%, according to Beyond Borders, EBANX's annual study on the state of ecommerce in LATAM.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now