Rapyd, a global Fintech-as-a-Service company, has released the results of a new survey exploring the adoption of digital finance tools and eCommerce in Argentina, Colombia, Mexico and Brazil.
Despite the region’s large ‘unbanked’ population, the survey found that among those with active bank accounts there is a strong and growing preference for digital services, setting the stage for continued growth across the region.
Usage of bank apps and online banking services is high in Latin America, with 98% of Brazilian, 94% of Mexican and Colombian, and 89% of Argentinian bank customers stating regular usage.
The trend is not restricted to bank-supplied services, with the region also demonstrating extremely high usage of non-bank payment apps. A total of 96% of Mexicans and Brazilians, 87% of Colombians and 84% of Argentinians regularly use applications such as PayPal, Modo and MercadoPago.
“Latin America is quickly emerging as one of the most digital-savvy markets for financial services,” said Eric Rosenthal, VP of Rapyd for the Americas.
“Whether you’re a company already operating there or you’re poised to enter the market for the first time, it would be unwise to ignore the shifts in consumer behavior. Our data strongly indicates that businesses with an eye on Latin America should meet consumers where they are increasingly operating – digitally.”
