Rapyd research finds growing adoption of digital payments in LATAM

Friday 17 December 2021 08:04 CET | News

UK-based fintech Rapyd has released the results of a new survey exploring the adoption of digital finance tools and ecommerce in Argentina, Colombia, Mexico, and Brazil.

The survey found that among those with active bank accounts there is a strong and growing preference for digital services, setting the stage for continued growth across the region. Usage of bank apps and online banking services is high in LATAM, with 98% of Brazilian, 94% of Mexican and Colombian, and 89% of Argentinian bank customers stating regular usage, according to the study.

The trend is not restricted to bank-supplied services, with the region also demonstrating extremely high usage of non-bank payment apps. 96% of Mexicans and Brazilians, 87% of Colombians, and 84% of Argentinians regularly use applications such as PayPal, Modo, MercadoPago, and others, shows data in the research.

The survey also found rapid adoption of social commerce and a marked increase in purchases. Over 50% of consumers surveyed have made social commerce purchases, and 40% identified the greater variety of payment methods as a benefit for choosing social commerce.

Additional findings further demonstrate the rising importance of digital and mobile-first financial services: 

  • Latin Americans’ willingness to leave traditional banks in favour of digital-only banks shows that 83% of Brazilians, 65% of Mexicans, 67% of Colombians, and 34% of Argentinians are currently express readiness to make the shift;

  • When making social commerce purchases the most dominant payment method in Colombia and Mexico is a bank transfer, with 61% in Colombia, 54% in Mexico, and 41% in Argentina;

  • While social commerce continues to lag behind traditional ecommerce with over 55% of LATAM consumers citing their remaining preference for traditional ecommerce channels.

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Keywords: digital payments, Rapyd, online banking, research, ecommerce, mobile payments
Categories: Payments & Commerce
Countries: Latin America
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Payments & Commerce

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