The Mastercard company analyzed the main payment methods chosen in Latin America and the Caribbean, within the framework of the LAC Innovation Forum 2023, which explores payment trends in 14 countries in the region.
A new study in countries in the region revealed that despite new digital payment methods, lTrust in cards continues to be the most used digital payment method, reaching 80% of consumers. The Mastercard company analyzed the main payment methods chosen in Latin America and the Caribbean, within the framework of the LAC Innovation Forum 2023, which explores payment trends in 14 countries in the region.
“Cards continue to be the most used digital payment method with 80% of consumers using them, whether online or in a physical store. Additionally, debit cards are classified as the most reliable digital payment method, with 55% of consumers perceiving them as very secure,” the paper said.
In this sense, he added that two-thirds of consumers use digital wallets for transactions online or in physical stores. The two countries that use it the most are Argentina and Uruguay with more than 80% of consumers employed. “In the case of Argentine users, 60% of Argentine users carry less physical money with them,” he highlighted.
Then, regarding devices when purchasing, 44% of consumers use a mobile device to make a transaction, being most used in Brazil (86%) and least in Jamaica (13%). Regarding security, 83% of Latin Americans surveyed indicated that security features are the most influential aspect when choosing which payment method to use, followed by the protection of consumer financial information with 79%.
“Debit cards are the payment method in which they fully trust (36%)followed by bank transfer (34%) and credit card (27%)”, the report explained. The research includes market studies from Argentina, Brazil, Chile, Paraguay, Peru, Uruguay, Ecuador, Colombia, Panama, Costa Rica, Mexico, Dominican Republic, Jamaica and Puerto Rico and consisted of a survey conducted among 9,489 adults aged 18 and older.
Source: Ambito
