Other Latin American Countries
South America and Central America are quickly becoming home to small, yet mighty ecommerce powerhouses
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Digital Commerce
Market Info
Home to an increasingly urbanized population of more than 670 million people, approximately 64% of the entire population of the American continent.
More than 300 million digital buyers, it is expected that Latin America will grow by more than 20 percent until 2027.
Source: Beyond Borders 2022-2023
Solutions
Pay-in with locally preferred payment methods and hybrid funds settlement (domestic and/or international).
International and domestic payouts in local currency.
Tailored vertical solutions including megapayments & single transactions
Payment Methods
A diverse and regularly expanding payment portfolio covering cards to APMs to support the unique payment preferences throughout LatAm.
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Central America Market Outlook
The Central America region comprises six countries (also referred to as C6) with a total population of 185 million people and a GDP of US$7,11 thousand per capita, making the region’s economy the seventh largest in Latin America after Brazil, Mexico, Argentina, Colombia, Chile and Peru.
Panama
Panama’s economy is projected to grow at 5.7% in 2023 and 5.8% in 2024. Almost 90% of Panamanians who buy online choose international products and services. With 2.94 million internet users, Panama’s internet penetration rate was over 66% of the total population. Internet users in Panama increased by 139 thousand (+5.0%) between 2021 and 2022.
Payment methods available:
Costa Rica
5.19 million people live in Costa Rica and 4.66 million of them are internet users, in other words, 89.6% of Costa Ricans (also called Ticos) are connected. Data shows that Costa Rica’s population increased by 28 thousand (+0.5%) between 2022 and 2023.
Payment methods available:
Guatemala
Guatemala is home to 17.97 million people and 10.86 million of them are internet users. Following a large rebound in 2021 (8%), Guatemala’s economy grew by an estimated 4% in 2022, driven by private consumption. 95% of the money spent on e-commerce in Guatemala is through international companies.
Payment methods available:
El Salvador
Despite being the smallest country in Central America, El Salvador’s total population is 6.35 million and there were 4.55 million internet users representing an internet penetration of 71.7%. E-commerce revenues in El Salvador are expected to have an annual growth rate of 11.40%, and the economy grew by 2.8% in 2022 and is expected to average 2.3% in 2023.
Payment methods available:
Dominican Republic
With a population of 11.28 million,the Dominican Republic has been one of the fastest growing economies in Latin America and the Caribbean in the last decade. Real GDP grew by 4.9% in 2022, driven by services. The eCommerce market in the Dominican Republic is projected to grow by 11.47% (2023-2027) resulting in a market volume of US$2365.00m in 2027 and user penetration will be 54.0% in 2023 and is expected to hit 58.6% by 2027.
Payment methods available:
Jamaica
With a population of 2.8 million, Jamaica foresees significant economic growth in the Digital Commerce market. In 2024, the projected transaction value is €1.13 billion, displaying an 8.74% annual growth rate. By 2028, it is expected to reach €1.58 billion, with an estimated user base of 1.53 million. The average transaction value per user in 2024 is €0.96k, solidifying Jamaica's position in the expanding digital economy.
Payment methods available:
Bahamas
With a population exceeding 400 thousand, the Bahamas has become a key player in the digital commerce market, valued at USD 600 million. Credit cards dominate at 57%, followed by debit cards at 32%. An impressive 81% of online sales are cross-border, reflecting the region's highest share. This dynamic digital commerce landscape aligns with the country's economic rebound, marked by a 4.3% increase in real GDP in 2023 and a sub-9% unemployment rate.
Payment methods available:
High Potential Rising Countries in Latam
Paraguay
Paraguay is the 76th largest market for eCommerce with a predicted revenue of US$1,445.1 million by 2023. Revenue is expected to show a compound annual growth rate (CAGR 2023-2027) of 14.2%, resulting in a projected market volume of US$2,462.1 million by 2027. With an expected increase of 18.9% in 2023, Paraguay is an important rising market in the South America region.
Payment methods available:
Credit cards, debit cards and prepaid cards.
Uruguay
Uruguay stands out in Latin America for its egalitarian society, economic and political stability, and highly educated middle-class population. Uruguay's economy grew by 4.8% in 2022 and for 2023, a growth of 2.7% is expected. Uruguay is an important eCommerce market in South America, with a predicted revenue of US$2,417.4 million by 2023. Revenue is expected to show a compound annual growth rate (CAGR 2023-2027) of 13.7%, resulting in a projected market volume of US$4,043.7 million by 2027. The most preferred payment method of 53% of the Uruguayans online purchases were credit or debit card.
Payment methods available:
Credit cards, debit cards and prepaid cards.
Ecuador
Ecuador is the 53rd largest market for eCommerce with a predicted revenue of US$3,793.8 million by 2023. Revenue is expected to show a compound annual growth rate (CAGR 2023-2027) of 12.9%, resulting in a projected market volume of US$6,153.4 million by 2027. Ecuadorian eCommerce market expects an increase of 16.1% in 2023. Ecuador’s total population was 18.10 million in January 2023, with 14.72 million internet users in Ecuador and internet penetration is at 81.3%. 13.30 million Ecuadorians use social media, equating to 73.5% of the total population.
Payment methods available:
Credit and debit cards, bank transfer and cash voucher.
Bolivia
Bolivia is a relevant market for eCommerce with a predicted revenue of US$1,970.1 million by 2023. Revenue is expected to show a compound annual growth rate (CAGR 2023-2027) of 13.2%, resulting in a projected market volume of US$3,239.3 million by 2027. The Bolivian eCommerce market is expected to increase by 16.5% in 2023.
Payment methods available:
Credit and debit cards and PagosNet.