Market Coverage: Prime opportunities for global expansion in emerging markets
Latin America, Africa, and Asia are propelling the global economy.
While residents in these regions benefit from greater access to international brands and enhanced purchasing power through local payment methods, these markets unveil untapped opportunities for companies eager to connect with fresh clientele and extend their global influence. Why?
With growth rates soaring into the double digits and an unparalleled surge in digital consumers, Latin America and the African market collectively harbor around 600 million online shoppers. Meanwhile, across Asia, fast-growing digital commerce markets such as India and Southeast Asian countries are rapidly expanding their online consumer base and creating new opportunities for global companies.
LATIN AMERICA
Fueling a digital revolution with 300+ million digital buyers and a staggering 20% digital economy growth by 2027, the Latin American market project is booming. The hypergrowth scenario extends to sectors like gaming, e-commerce, streaming, and technology (SaaS), with growth rates up to 3 times the global average.
EBANX currently covers 14 markets in the region
Brazil
Home to around 215 million people, Latin America's largest economy and digital commerce market, it's poised for 20% annual online sales growth till 2025. The country also has a high preference for alternative payment methods, such as the instant payment Pix, which propelled the digital market revolution in the country
Mexico
In Latin America's second-largest economy, Mexico's digital commerce realm thrives. With a projected 25% expansion in online sales through 2025, the Mexican market is poised for remarkable growth. There's a rising preference for alternative payment methods, especially among the unbanked, with OXXO (a voucher payment method) being a key financial service.
Colombia
Colombia's digital commerce is expected to grow 23% annually till 2025, amplified by a rise in e-commerce penetration from 47% in 2020 to 80% in 2022. The nation's affinity for alternative payment methods acts as a catalyst for digital sales. At the same time, 2022 saw BNPL (Buy Now, Pay Later) solutions spearhead the growth charts, boasting a staggering 208% expansion.
Chile
Chile's digital commerce is set for a solid 19% annual expansion through 2025 since its e-commerce penetration reached 80% in 2022. With an enviable record of banking accessibility, nearly every individual in Chile holds credit and debit cards, with 74.3% of the populace owning bank accounts.
Peru
Embarking on a journey of 21% annual growth till 2025, Peru emerges as a digital powerhouse. Its digitalization prowess outshines even the United States and Canada since the country ranks ahead of the United States and Canada in the UN's Global Digitalization Index.
Argentina
As Latin America's fifth-largest digital commerce market, Argentina boasts an impressive 50% annual growth rate, with a robust 77% penetration rate YoY (the third-highest penetration rate in the region).
Ecuador
Ecuador boasts 18.1 million people and a thriving digital commerce sector, featuring 38% online user penetration. Cross-border prospects exceed domestic sales, offering solid possibilities for global brands.
Uruguay
Stable Uruguay shines in Latin America with an equable society, economic stability, and an educated middle class. Digital commerce flourishes there since 70% of adults have made at least one online purchase in 2022.
Paraguay
Paraguay's digital commerce skyrocketed by 46% in 2022, ranking as the second-fastest-growing Latin American country. With a 49% CAGR through 2021-2025, it leads when it comes to medium-term growth.
Bolivia
Bolivia's evolving market offers entry points amidst economic challenges. With a medium-term growth of 23%, surpassing Latin America's median average, it's a landscape of potential.
Central America
Central America presents prime opportunities with high internet penetration, surging digital behavior, and a vast addressable market. Despite some distance from digital financial trends, the region leads LatAm with a remarkable 90% growth rate in digital commerce.
Sources: Beyond Borders 2022/2023 - EBANX & AMI, datapack 2022.
AFRICA
The African market is the frontier for global brands. With the largest count of mobile money users and the fastest-growing number of digital buyers worldwide, it fosters innovative digital businesses and inclusive economic growth. Projecting 500 million online shoppers with a 40% penetration rate by 2025, Africa's potential is undeniable.
EBANX currently covers three key markets in the region
South Africa, Nigeria, and Kenya are the digital powerhouses in Africa, leading in internet connectivity, population, consumer spending, and digital commerce.
South Africa
South Africa's digital commerce landscape presents promising opportunities. It's poised for growth with robust internet connectivity and a 70% digital payment adoption rate. While digital commerce currently has a 38% penetration rate, the market is on an upward trajectory, reaching almost USD 11 billion in 2022 and projected to grow at a 14% annual rate through 2027. South Africa's thriving digital sectors like gaming, digital content, and SaaS make it an attractive destination for global companies seeking expansion.
Nigeria
Nigeria, Africa's most populous nation, is at the forefront of financial innovation, poised to drive digital payments and online consumption across the region. Despite starting from a lower digital adoption base, recent regulatory policies have spurred financial innovation and digital payments growth. With over 164 innovation hubs and four unicorn startups, Nigeria is embracing mobile technology with a 65% penetration rate, expanding account ownership and financial access. The proliferation of smartphones, accounting for 44% of all mobile phones, is set to further fuel Nigeria's emergence as a dynamic hub for financial innovation and opportunity.
Kenya
Kenya stands out as a prime market for digital commerce, particularly in mobile-centric sectors like gaming, social, and streaming. With digital literacy rates surpassing the African average, Kenya boasts impressive financial inclusion statistics, with 79% of its population having an account and 76% making digital payments. The country's success story in financial inclusion is synonymous with mobile money, exemplified by M-PESA, which has transformed how people transact, with over 90% of adults now using this convenient platform. Kenya's pioneering spirit in mobile money positions it as a lucrative destination for digital commerce players.
Source: Beyond Borders - Africa - Special Edition - 2023/2024
Middle East and North Africa
The MENA region offers strong expansion opportunities for global merchants, combining large-scale markets like Turkey with fast-growing digital economies such as Egypt. With rising financial inclusion, high mobile connectivity, and rapid digital commerce growth, local payment coverage is essential to reach millions of new online consumers across the region.
EBANX currently covers two key markets in the region
Egypt and Turkey are two of MENA’s most strategic digital commerce markets, combining strong consumer scale, rising financial inclusion, and expanding online payment adoption across the region.
Egypt
Egypt, Africa's second-largest economy, boasts high mobile and internet penetration rates, driven by a youthful population. The government's push for digital finance, including a local card scheme and incentives for digital wallets, is set to boost online consumption. Financial inclusion has doubled in six years, with 67% of adults having accounts. The digital commerce market is expected to double to USD 17 billion by 2026, fueled by a growing young population with rising disposable income. Alternative payments are crucial, as only 22% of adults have credit or debit cards, and cash transactions dominate e-commerce.
Turkey
As the largest e-commerce market in MENA, Turkey offers strong opportunities for global merchants seeking scale and purchasing power. With digital commerce expected to reach $123B by 2026 and a highly banked population of 85M consumers, the market combines strong card usage with growing alternative payment adoption, making local payment coverage essential for successful expansion.
Sources: PCMI, 2025; UN, 2026; Statista
Southeast Asia
Southeast Asia is one of the world’s fastest-growing digital commerce regions, with 675M+ consumers across mobile-first markets and a $268B e-commerce opportunity. Driven by wallet- and A2A-led payment ecosystems and strong cross-border demand, the region offers significant growth potential for global merchants ready to localize payment acceptance.
EBANX currently covers three key markets in the region
The Philippines, Indonesia, and Thailand are Southeast Asia’s most relevant digital commerce markets, combining large online populations, and strong adoption of wallets and real-time payment methods.
The Philippines
The Philippines’ digital commerce market presents strong growth potential for global merchants. With 118M people and one of Southeast Asia’s most active online populations, e-commerce is expected to reach $43B by 2026. Driven by high digital wallet adoption and strong cross-border demand, the market offers attractive opportunities for companies ready to localize payment acceptance.
Indonesia
Home to the largest digital economy in Southeast Asia, Indonesia offers significant expansion potential for global merchants. With a population of 274M and e-commerce expected to reach $106B by 2026, the market is driven by strong digital wallet adoption and a rapidly growing middle class, making localized payment acceptance essential to scale.
Thailand
One of Southeast Asia’s most financially connected markets, Thailand combines high banking penetration with strong adoption of real-time payments. With e-commerce expected to reach $51B by 2026 and A2A transfers already representing a major share of transactions, the country offers attractive opportunities for merchants aligned with local payment behavior.
Sources: PCMI, 2025; UN, 2026
South Asia
India
The most populous country in the world, with 1.4 billion people, boasts a consumer class of 470 million, outpacing the entire U.S. population. Driving South Asia's digital commerce, the country anticipates a remarkable 35% growth by 2025 and a $148 billion market in 2023.
Why India?
Sources: Beyond Borders - India - Special Edition - 2023/2024
EXPANSION TO RISING MARKETS MADE EASY
With hypergrowth components, the emerging markets covered by EBANX offer prime opportunities for global brands seeking business development and scalability. Join the opportunities circle and have the leading payments partner for expansion at your side.
Your turning point in expansion starts now.
Explore Beyond Borders 2026, EBANX’s annual study with data and expert insights on digital payments in emerging markets.