Other Latin American Countries
South America and Central America are quickly becoming home to small, yet mighty ecommerce powerhouses
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.
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.
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:
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:
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:
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:
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.
On the Roadmap: Available for Integration Soon
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.
On the Roadmap: Available for Integration Soon
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.
On the Roadmap: Available for Integration Soon
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.