Latin America, with about $6T in nominal GDP, is one of fastest growing economic regions in the world. The way LATAM makes payments is important for a healthy global economy.
* Latin America is diversifying the way it makes payments; account based instant payments, electronic wallets and cash are the most relevant alternatives to cards.
* Convenience and demand driven payment methods that offer instant settlement are taking over.
* PIX, the instant payment scheme in #brasil has been a big change for the payments landscape in the country. PSE in #Colombia is one of the largest payment method in the country today.
* “Buy now pay later” #bnpl, is making an attempt in the region as well, might just see major growth in the next few years.
* Regional payment processors like EBANX, Evertec, BPC Banking Technologies and many more global players are contributing to the growth.
Convenience driven payment offerings beats “traditional payment offerings” most of the time !
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Image credit – FinTechTime, Tyler Pathe EBANX