Rapyd research finds growing adoption of digital payments in LATAM

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.