The Latin American Market is Booming under the Acceleration of COVID-19. Are You Still Stagnant Due to the Payment Issue?
In the early years, the development of e-commerce in the Latin American market was hindered by payment method differences, language diversification, backward logistics, and customs clearance difficulties.
However, in the past two years, while the global economy was badly impacted by the Covid-19, cross-border e-commerce in Latin countries has been developing steadily. During the epidemic, as more and more consumers turn to online shopping via mobile phones, shopping platforms are luring cross‑border e‑commerce traders to expand into this part of the world. Therefore, the Latin American e-commerce market will usher in a period of vibrant market development over the next few years.
The Latin American market has always been a virgin territory that we want to reach out to but dare not. But the opportunity always belongs to the pioneers. This article will unveil the mystery of the rapid development of the Latin American market from the following aspects with the hope of helping you head to the market.
The Development of E-commerce in Latin America in the Past Five Years
According to Euromonitor International, Peru’s e-commerce growth rate became the top in 2021, with a growth rate of 87%. The report shows that Brazil is followed by Peru with a growth rate of 61%, and Colombia and Mexico with a growth rate of 53% and 50% ranking third and fourth. Experts pointed out that Brazil and Mexico are still the largest markets in Latin America due to their large populations and high GDP.
Various and Abundant Payment Methods in Latin American
The e-commerce payment methods in Latin American countries are very complex and diverse. Brazil has a variety of payment methods including Boleto, PIX, credit card, debit card, cash payment, bank transfer, etc. While Mexicans often use OXXO, Colombia loves PSE, Argentina is popular with Pago, and Chile prefers card payments.
Diversified payment methods make it difficult for cross-border e-commerce companies to integrate all payment methods when collecting money, which largely limits the growth of cross-border e-commerce.
How the payment solution provided by Epay solves your problem
In addition to the rapidly developing cross-border e-commerce industry, the currently popular live streaming platform, overseas game platforms also encountered the same obstacles. When users want to reward streamers or recharge game coins, they have nothing to do but give up payment due to there are no suitable payment methods for them, which seriously affects the user growth of the platform.
Therefore, if you want to cover your business in more Latin American countries and provide suitable payment methods for different groups of people, it is particularly important to cooperate with a platform that integrates all payment methods in Latin America. At present, Epay’s payment products have covered major countries in Latin America, integrating flexible and mainstream cash payment, cheap and fast local bank payment, and instant e-wallet payment, providing you with a diversified and localized one-stop payment method, so as to achieve user growth and improve order conversion rate.
In addition to the above-mentioned payment methods, we also support Chile Servipag, Colombia Efecty in, etc. Cooperating with more than 380 local banks and 180,000 cash spots, our payment service covers 14 Latin countries including Brazil, Mexico, Colombia, Argentina, Chile, Uruguay, Panama, Ecuador, etc., which can meet all your business needs in Latin America.
Epay is continuing to strengthen the cooperation with local banks and licensed institutions around the world to help you realize the great ambition of cross-border business with simpler and more efficient payment methods.