Rising markets: Prime opportunities for global expansion

Rising economies are pushing the global economy forward. Markets like Latin America and Africa have presented fresh and unique opportunities for global businesses looking to reach new customers and expand their global footprint.

For companies looking to prioritize their global expansion strategy, Latin America and Africa should be top of mind. Both regions' fast-paced growth applies to giants like Brazil, Mexico, and South Africa, but it's especially remarkable in other countries like Peru, Bolivia, Guatemala, Nigeria, and Kenya. By 2025, digital commerce growth rates can go as high as 70% in LatAm; meanwhile, Africa's digital buyers are forecast to surpass half a billion.

Learn more about Rising Markets

Brazil

LatAm's largest e-commerce market

Latin America’s largest economy is fueling commerce growth and digitalization for the region. Globally known for its instant payment rocket, PIX, Brazil is paving the way in payment innovation.

Why Brazil

Its openness for cross-border operations

Cross-border online sales in Brazil grew 38% YoY in 2022, and its digital commerce expects growth of 20% annually through 2025.

Brazilians' preference for APMs

Alternative payment methods have been gaining impressive ground, with Pix leading the race and doubling, each year, the online sales volume in the country.

The country has its way of paying.

Domestic credit cards were the most used payment method in e-commerce in 2022, followed by Pix. BNPL is the method with the fastest YoY growth.

Its revenue potential for global companies

With 53% of Latam’s e-commerce market share. Brazil is essential to have on your radar.

Sources: EBANX & AMI, datapack 2022.

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Chile

South America's richest country

With volcanoes, mountains, lakes, and a flourishing economy, Chile is famous for having the largest GDP per capita in South America and an above-average banked population.

Why Chile

The highest card penetration

Unlike most of its neighbors in Latin America, internationally-enabled credit cards were Chile's most-used payment method in 2022.

Cross-border e-commerce growth

The cross-border business model has been growing faster than the domestic e-commerce in the country, with a 31% YoY growth in 2022.

Bank transfers: a trend?

Bank transfers are the fastest-growing payment method in 2022 and could become one of Chileans' favorites for online purchases.

Great market reach and payment coverage

Voucher payments, local credit and debit cards, online alternatives, and digital wallets are all payment options in Chile.

Sources: EBANX & AMI, datapack 2022.

More about Chile

Colombia

Among the most innovative economies

The arrival of enterprise companies in the market continues to feed e-commerce demand throughout the digital ecosystem. Colombian online consumers are used to and willing to buy from international brands.

Why Colombia

A mobile-first population

Colombians are mobile-first consumers and have fueled a double-digit annual sales growth exclusively on this device.

Massive e-commerce penetration

Reaching 80% of digital commerce penetration, Colombia has a large population connected to the internet.

The Shared Economy rising

Businesses such as ride-hailing and delivery apps are experiencing rapid maturation over the last two years, growing faster than any other verticals at a pace of 44%.

Online alternative payment methods are next in line by preference

Favoring beyond cards, Colombians' preferences toward payments lie in alternative methods such as Bank transfers. Digital Wallets are some of the fastest-growing payment options.

Sources: EBANX & AMI, datapack 2022.

More about Colombia

Mexico

A highly connected, mobile-first society

The second largest market in Latin America, Mexico's growing digital population and economic maturation are increasingly attracting global companies to its growing digital commerce.

Why Mexico

Keen for cross-border commerce

Mexicans have increased interest in global companies, as cross-border sales are growing faster than domestic: 38% YoY growth in 2022.

Mobile purchases outclass

Mexico's digital commerce transactions made through mobile, taking 75% of the share in 2022, which makes it an essential piece of any payments strategy.

Travel & Tourism

Despite the impact of COVID-19, this industry still has shown enormous potential for enterprises, as its growth pace stands at 37%, the country's fastest-growing vertical.

Unique payment preferences

Mexico's population prefers to make payments online. Installments are heavily used, and other online alternative options had a 110% YoY growth in 2022.

Sources: EBANX & AMI, datapack 2022.

More about Mexico

Peru

A country with a promising digital future

Although Peruvians are still in an early digital adoption stage, the country shows massive potential, as having one of the highest growth rates in internet users in Latin America.

Why consider Peru

LatAm's third most rapidly growing digital market

Peru’s economy is one of the fastest-growing countries in Latin America, and its digital market had a 49% YoY growth in 2022.

Enormous e-commerce penetration

Regarding digital behavior, Peru is a market with increasing opportunities, as e-commerce makes up 58% of the market share.

Cross-border possibilities are prime

The opportunities for global brands in Peru are expanding quickly, where the growth rate is set at 58% YoY, above the Latin American average rate.

Cash-based payments are still evolving

Despite becoming a digital-savvy population, Peruvians still prefer cash-based payments; however, credit cards have increased their share considerably.

Sources: EBANX & AMI, datapack 2022.

More about Peru

additional rising latin american economies finding traction

Beyond these well-known and prosperous markets in Latin America, other countries throughout the region are growing fast and should be on the radar for companies looking to be first to market. Meet the power of Argentina, Bolivia, Ecuador, Uruguay, Paraguay, and Central America.

Argentina

The fifth-largest digital commerce market in Latin America, Argentina consistently shows fast development in business opportunities, where annual growth is 50% YoY and digital commerce penetration is 77% YoY, the third highest in the region.

More about Argentina

Bolivia

While the country is navigating challenges related to its economic landscape, Bolivia represents an impressive market with a number of entrance opportunities, including a medium-term growth of 23%, surpassing the median average of Latin America.

Ecuador

With a population of 18.1 million people, Ecuador is an emerging consumer market with a growing e-commerce sector with 38% online user penetration and solid possibilities for cross-border businesses overtaking the domestic sales rate.

Uruguay

Uruguay stands out in Latin America for its economic and political stability and highly educated middle-class population. Regarding its digital characteristics, the economy shows a significant e-commerce penetration, where 70% of adults have made online purchases in the last year.

Paraguay

With a growth of more than 46% in 2022, the digital commerce market in Paraguay is one of the most promising, as the second fastest-growing Latin American country. Regarding medium-term growth, considering the Compound annual growth rate (CAGR) through 2021-2025, Paraguay is set in first place at 49%

Central America

Across Central America, the essentials for making the most out of the region are set: high internet penetration, increasing digital behavior, and a substantial addressable market, even with most of the population still distant from digital financial trends. Plus, the region holds the highest growth rate of digital commerce in the whole LatAm, performing at 90%

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the time for africa

has come

The power of the African market has finally come front and center, presenting massive possibilities for global businesses to grow. Home to more mobile money users than any other region worldwide, Africa is now becoming the hub for an innovative fintech landscape. Compensating for the low bank account penetration and credit card ownership on the continent, several startups launched new digital payment solutions, such as mobile money, which are more accessible than formal financial services and have growing traction.

Africa's e-commerce users are forecast to surpass half a billion, and e-commerce penetration will reach 40% by 2025. Meet the main markets leading this transformation:

Nigeria

The country's digital landscape is booming, and it has one of Africa's most extensively connected economies. With the continent's most prominent and youngest population, Nigeria presents a vast digital audience. The country has one of the best network coverages and good infrastructure for mobile connectivity in Africa.

Kenya

The country is one of the fastest growing economies in Africa, as digital commerce has been increasing significantly over the last few years, especially among small and medium enterprises, because of increased convenience and efforts to avoid physical interactions throughout the pandemic.

South Africa

As one of the largest countries in Africa, South Africa’s economy is powerful yet has long been fueled through private enterprise. The digital behavior of its population has shown great potential for businesses as 41% of the South African population shops online, and 82% of online shoppers buy via smartphone.

More about Africa

Expansion to latin america and africa made easy

With all the components required to establish a rising economy, both regions have shown prime options for players pursuing business development and scalability. Making the most of Africa and Latin America, be ready for your business's next big boom. EBANX can take you there.

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