The annual study is based on data from multiple sources, including market forecasts by Americas Market Intelligence (AMI), a strategic market research consulting company, and anonymised EBANX data on LATAM consumer’s behaviours and preferences.
Some of LATAM’s countries such as Brazil and Mexico are expected to grow steadily at about 30% per year, and newly emerging markets including Bolivia, Guatemala, Paraguay and Peru are expected to grow even faster, above 40% and going as high as 80% each year, the study relates.
This rapid acceleration is mainly driven by the widespread adoption of new payment methods such as e-wallets and Pix, the Brazilian instant-payments system, as found in the annual study Beyond Borders 2021/2022, now in its third edition. EBANX’s new data shows that Pix's average order value is 38% higher than that of credit cards and boletos (a cash-voucher payment method that is used throughout Brazil) and will nearly double every year until 2024.
The Brazilian instant-payments system is expected to account for around USD USD 9.5 billion of online payments in 2021, as forecasted by AMI. This amount would represent about 6% of all digital commerce volume in Brazil during 2021, which makes this payment method more popular than debit cards, AMI’s data shows.
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