Latin America’s proximity mobile payment market is growing. We forecast that 11.9% of Latin America smartphone users ages 14 and older will make at least one proximity mobile payment transaction within six months in 2019.
How many people in Latin America use proximity mobile payments?
In 2019, we forecast that 28.2 million individuals in Latin America will make a proximity mobile payment transaction. This number will climb to 48.3 million by 2023, when 17.2% of smartphone users will utilize proximity mobile payments.
What are the leading proximity mobile payment providers in Latin America?
Brazil is the only country where Samsung Pay, Google Pay and Apple Pay are all present. Regional players like Mercado Pago have looked to encourage consumer and merchant adoption of proximity mobile payment solutions across the other Latin American countries.
What’s driving proximity mobile payment adoption?
Proximity mobile payments usage is closely linked to age. Younger consumers in Latin America are adopting this payment method the fastest, citing ease of use while on the go, immediate money transfers and instant confirmation, as well as being a good backup if they forget their purse or wallet.
What are the barriers to proximity mobile payment adoption?
Latin America still needs to overcome a number of obstacles before its proximity mobile payment figures reach those of other regions like North America or Europe. Most notably, mobile payment providers will need to overcome consumers’ reliance on cash, educate them about the security of proximity mobile payments, and find ways to include them in the broader financial ecosystem.
WHAT’S IN THIS REPORT? This report features our latest estimates for proximity mobile payment users in Latin America, with breakouts for Argentina, Brazil and Mexico. It covers our forecasts, third-party data and regional market movements.
KEY STAT: More than a tenth of smartphone users in Latin America will make at least one proximity mobile payment transaction within six months in 2019. We expect double-digit year-over-year usage growth throughout the forecast period.
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