Digital Payments Replace Traditional Payment Methods in Latin America

Latin America is experiencing rapid growth in digital payments. The share of digital transactions in the region’s e-commerce market reached 48% in 2024, and it could increase to 66% by 2030.

According to research by PYMNTS Intelligence and Galileo, the share of digital payments in e-commerce in the LATAM region grew from 14% in 2014 to 48% in 2024, while in POS transactions, it grew from 2% to 30% over the same period. Analysts forecast further strong growth of the digital economy in Latin America.

By 2030, digital payments are expected to account for about 66% of the total volume of online purchases and 49% of transactions in physical stores across Latin American countries. One of the key factors driving the popularity of digital solutions, according to analysts, is the implementation of instant payment systems . For example, Brazil’s PIX system, launched in 2020, processed 64 billion transactions in 2024. Analysts expect that in 2025, PIX will surpass credit cards in terms of online payments, reaching a 44% share of Brazil’s e-commerce market.

Alternative payment methods (APM) are gaining increasing popularity in LATAM. The use of mobile wallets at points of sale is growing by an average of 15% annually, becoming the preferred payment method for many consumers in the region.

Despite their ongoing popularity, bank credit and debit cards are gradually losing ground in the region. In 2024, only about 30% of all e-commerce transactions and 24% of POS transactions in Latin America were made using traditional cards.

In 2024, stablecoins became the primary tool for savings protection in LATAM countries, with about 43% of all money transfers in the region being made using digital assets.