According to dLocal, the emerging markets payment platform, popular local payment methods, like Pix, eWallets and cash-to-digital solutions are no longer a nice-to-have, but a must for Latin American (LatAm) merchants selling online.
For LatAm shoppers, accessible payment solutions are considered either “important” or “extremely important”, with nearly 70 per cent stating they are unlikely to buy from sites that do not support said payment methods as dLocal publishes findings from its new survey of over 1,000 consumers across Argentina, Brazil, Chile, Colombia, and Mexico.
Research findings indicate that alternative payment methods (APMs), including Pix, eWallets, and cash-to-digital solutions, are projected to overtake card payments in major markets by 2026. This trend is expected to continue, with forecasts predicting that APMs will account for 69 per cent of global eCommerce transactions, totalling 360 billion by 2029.
Report highlightsLatAm consumers have overwhelmingly favourable opinions of Chinese brands (less than two per cent view them negatively), but are far less brand loyal than their American counterparts.Ninety-four per cent of LatAm shoppers labelled being able to pay with alternative payment methods as a non-negotiable.Quality and affordability are the top considerations for LatAm consumers; delivery speed, often thought of as critical in the US, was a top consideration for less than six per cent.
“Payments are inherently local. Our research confirms that success in LatAm eCommerce depends on meeting consumers where they are—offering the payment options they trust and use every day,” said Carlos Menendez, COO of dLocal. “With our ‘One dLocal’ model, we simplify this complexity for global merchants, enabling seamless access to over 900 local payment methods across more than 50 markets.”
The report also explores the rise of Chinese eCommerce brands, the importance of quality and price, and the growing influence of young, digital-first consumers. As LatAm is projected to account for 65 per cent of global economic growth by 2035, the opportunity for global brands has never been greater.
