According to a market report, published by Sheer Analytics and Insights, The Latin America cash-free payments market was valued at $200.3 million in 2021 and it is expected to reach $670.3 million at a CAGR of 10.80% between 2022 and 2032. In Latin America, cash-free payment methods are increasing among customers. Cash-free payments are a new norm, and they take place every single day all around the country. Cash-free payments, despite the security encryption that goes on behind the scenes; occur in real-time, which make them perfect for functions such as online shopping. There are several benefits of cash-free payments such as the fastest speed of the transfer, safe and secure payment, and international payments; it also decreases costs. However, cash-free payments use different networks to access payment rails, which are the types of processing modes. These rails are such as credit cards, SWIFT network, blockchain, and others. Over the last few years, the usage of cards and other digital payments has increased among a large number of customers across Latin America, which has driven the growth of the cash-free payment market in the last few years. Hence, cash or coins are no longer kings in Latin America, and it is estimated to have significant growth during the forecast period.
However, most of the customers in Latin America have shifted their preferences towards mobile payments, thus various businesses have strived to provide them with experiences on digital platforms. Moreover, after the COVID-19 pandemic, people have become more concerned and turned to the types of payments where there is less interaction. Hence, cash-free payment or money transaction is projected to have grown in the upcoming years. Additionally, due to the widespread adoption of smartphones and internet technology, Latin America is expected to have significant market growth. In this country, Open Banking is the sharing through application programming interfaces (APIs) of data by bank and non-bank financial institutions with third parties. Moreover, Open Banking also makes it easier and less costly for both customers and financial institutions to open transition accounts.
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Driven by an increasing digital-savvy population, booming smartphone penetration, and local financial technology, Latin America is estimated to have significant market growth in the upcoming years. As it seems that the smartphone is the most preferred device to use when shopping online. Furthermore, several companies with services such as digital banking, digital wallets, and online payment platforms have become more and more popular in Latin America. Since then, various companies and banks have launched a variety of online services and digital payment platforms for their customers to have secure and safe payment transactions including national and global. Therefore, these major factors are projected to boost the Latin America cash-free payments market throughout the upcoming years. Although, cash remains important in some places of Latin America due to the lack of usage of mobile phones and less promotion of cash-free payments.
According to the study, key players dominating the Latin America cash-free payments market are ACI Worldwide (U.S), Aurus Inc (India), Apple Inc (India), Alphabet Inc (U.S), Amazon Pay (U.S), Adyen (Netherlands), Alipay (China), BillDesk (India), BharatPe (India), Global Payments Inc (U.S), ICICI Bank (India), Instamojo (India), MasterCard (U.S), Novatti Group (Australia), One97 Communications (India), PayPal Holdings (Inc), Pine Labs (India), RazorPay (India), Stripe (U.S), Sage Pay Europe Limited (U.K), Vista Equity Partners (U.S), Visa Inc (U.S), WeChat Pay (China), WEX Inc (U.S), Walmart (U.S), among others.
Latin America Cashfree Payments Market Has Been Segmented Into:
Latin America Cashfree Payments Market – by Payment Type:
Latin America Cashfree Payments Market – by Enterprise Type:
Latin America Cashfree Payments Market – by End-User Type:
Latin America Cashfree Payments Market – by Regions:
Latin America
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