ARTICLE
From coins to clicks: The digital wallet wave in LATAM
25 March 2024
In Latin America, cash is still widely used despite the pandemic. However, mobile payments are crucial for digital economy participation, and their global value is projected to exceed $10tn by 2025, indicating their growing popularity.
In Latin America cash remains dominant despite the pandemic-induced demand for digital banking. According to McKinsey, in LATAM, where credit and debit cards are more established, cash accounts for 36 percent of POS transaction value.
Mobile payments, however, are critical to enabling people to participate in the digital economy. While the region attracts fintech and digital business investments, achieving meaningful impact, especially among the un(der)banked, depends on accessible and affordable mobile payment solutions.
The rise of technology has opened doors to a multitude of innovative ways to not only make payments but to bid farewell to physical wallets. The surge in their usage is notable. Statistics from our report show the value of payments using digital wallets is projected to increase globally from its 2020 value of $5.5tn to over $10tn in 2025.
As consumers increasingly seek quick and easy payment experiences beyond traditional methods, mobile wallets are gaining popularity across LATAM.
A win-win for consumers and businesses
Download our research Digital wallets: How to get your slice of a $10 trillion industry to learn how businesses like yours, whether a bank, a fintech or a non-bank, can reap the benefits of this lucrative and highly customer-centric opportunity.
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