Prior to the COVID-19 outbreak, non-traditional payment methods such as digital wallets and app-based transactions comprised 31% of all e-commerce activities. By 2022, this figure had skyrocketed to over 40% of all online transactions.
The dramatic ascent of the FinTech market over the previous decade spurred this shift. High demand for digital payment options led businesses to innovate a plethora of solutions, including unique credit/debit card offerings, digital wallets, digital currencies, tokens, and cryptocurrencies.
In Latin America, pioneers such as PicPay, Nubank, and Mercado Pago made their mark. This entrepreneurial explosion not only broadened the spectrum of digital payment services available to consumers, but also attracted new customers to the market, thus enlarging the potential clientele for all financial services.
Recently, we hosted a webinar scrutinising the rapidly evolving landscape of digital finance in Latin America. The event delved into the burgeoning alternative payment methods and dissected comprehensive strategies to safeguard and sustain the FinTech industry while encouraging continued growth.
The webinar marked the unveiling of Access Partnership’s paper, “Five Strategies for De-Risking FinTech and Digital Payments in Latin America”. This paper delves into the five key considerations for financial service institutions entering the Latin American market. It emphasises the immense potential of this customer base and its substantial influence on digital trade, financial inclusivity, and overall economic growth.
These advancements in the digital payment ecosystem are paramount for financial inclusion, ensuring the smooth operation of digital commerce, and stimulating economic growth, offering benefits to businesses and consumers alike.
For those who were unable to attend the event, we invite you to watch the recording below to catch up on the insightful discussions and the launch of the enlightening paper.
Download “Five Strategies for De-Risking FinTech and Digital Payments in Latin America” in the link below.
