Businesses in Latin America bet on the adoption of new payment methods

BPC, a leading global payments firm, recently presented a report in which it analyzes how the transactional evolution has been for banking and organizations such as neobanks and fintechs, when offering alternatives to businesses and their clients.

For Mauricio Fernández, Director of Operations for the Americas at BPC, “The modernization of payment platforms for banks, transactional service providers and other entities that offer similar solutions is evolving rapidly throughout the world. Latin America is a continuously expanding market that offers possibilities for businesses in the region to incorporate methods that impact the life of the final consumer and meet their financial needs”, dice

For the case of Latin America, The three main trends in payment methods that are consolidating are credit cards, cash transactions and alternative payments. According to the VII Report on Financial Inclusion published by the Latin American Federation of Banks (Felaban), in 2020 the region reached the record figure of 1,000 million credit card units in circulationIn addition, the average year-on-year growth rate in 2021 for credit cards reached 21%, while that of debit cards was close to 13%.

During 2021, global e-commerce transactions increased by 14% and their volume is expected to exceed USD 8.3 trillion by 2025. It is also expected that more than half of this spending will occur through mobile devices. The digitization trend shows how trade Significantly increased demand for innovative payment solutions in order to create fluid, efficient and secure customer experiences.

“Merchants today expect payment processing organizations to act as true allies of their business, to understand their needs and to be able to adapt to what their customers are looking for. to facilitate your processes, guarantee security and promote the adoption of different payment methods. The evolution of the Point of Sale Terminal (POS), QR payments, the new generation of POS (Dataphones) are part of the benefits that technology produces in the financial and commercial ecosystem of the world”, concludes Fernandez.

–