89% of Latin Americans Already Use Digital Payments, but 47% Still Depend on Cash
89% of consumers in Latin America already use digital payments, but cash remains present in almost half of transactions, according to...
TL;DR
- 89% of Latin American consumers use digital payments, but cash is still used in 47% of transactions.
- The primary barrier to digital payment adoption is the lack of acceptance in many businesses.
- Consumers prioritize security (95%) and reliability (94%) when choosing payment methods.
- Barriers for non-adopters include insufficient protection, unclear failure processes, and inefficient customer service.
- Financial inclusion is evolving from mere access to accounts and cards to usability, reliability, and constant utility.
- The industry is shifting focus towards 'financial health,' encompassing income management, handling emergencies, and future planning.
- Colombia faces challenges in expanding digital payment acceptance, bridging gaps in small businesses, and building user trust.