Apr
Top Payment Methods in Latin America
Latin America has undergone a significant transformation in payment methods over the past five years, driven by two key factors: digitalization and financial inclusion, which complement each other. It is estimated that 35 million new consumers in LatAm will access the internet for the first time between 2024 and 2026, bringing the region close to full penetration.1 Between 2017 and 2024, the number of fintech companies in the financial system has grown by 340%, according to a study by Mastercard and Americas Market Intelligence (2025).2
As a consequence, the most popular payment methods in Latin America changed. Currently, the situation could result in:
- A significant decrease in the use of cash for transactions both online and offline
- Less and less widespread use of credit and debit cards in Latin America
- A consequent increase in alternative payment methods in the form of digital wallets and RTP systems. In fact, Latin America is the region with the highest projection of RTP growth in the world (a CAGR of 29% between 2022 and 2027, according to ACI Worldwide3
Below is a breakdown of the leading payment methods across the region, to then show the main payment methods in its six key markets: Brazil, Mexico, Colombia, Argentina, Chile, and Peru.
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Leading payment methods in Latin America
Top payment methods for online purchases in Latin America
Payments and Commerce Market Intelligence (PCMI) is the leading payments intelligence firm globally, with outstanding research in payment methods in Latin American e-commerce.
The most recent update to its E-commerce Data Library mentions the following payment methods in Latin America by share of market volume in 2024 (see graph). These calculations are made taking into account the contribution of 15 Latin American markets.
Payments with Pix in Latin American e-commerce
The situation with Pix is unique in a way because it alone makes up 22% of payments for purchases online across Latin America, even though this payment system is only located in Brazil, at least for the time being.
Note: the Pix International platform is under development for cross-border purchases and the use of Pix in Latin America. However, because of the system’s complexity a launch date has yet to be determined.
Payments by credit card in Latin American e-commerce
Credit cards still have the biggest market share for e-commerce payment methods in Latin America in 2024, equivalent to 42%. However, there has been a decline in the use of cards in the region. In 2019, historical data from PCMI show a 56% market share for credit cards, representing a decrease of 14 percentage points over the past 5 years.
Alternative payment methods in Latin American e-commerce
The use of digital wallets and A2A systems (“account-to-account payments”) constitutes 46% of e-commerce turnover in Latin America, according to PCMI. We estimate that A2A payment methods in Latin America will have the highest share in the world thanks to the contribution of Pix.
In addition to Pix, the rise of alternative payment methods in Latin America is evidenced by the popularity of systems like Nequi and Daviplata (Colombia), Yape and PLIN (Peru), MODO (Argentina), SPEI (Mexico), SINPE Móvil (Costa Rica), and Simple (Bolivia). There are a range of options in the region, from private solutions with closed loop systems, to government-managed ones, and interoperable open systems.
Top payment methods for in-person purchases in Latin America
In terms of payment methods for in-person transactions in Latin America, it is worth mentioning the latest data from the company Worldpay,4 looking at the contribution of the top six markets: Argentina, Brazil, Chile, Colombia, Mexico, and Peru:
Cash payment for in-person purchases in Latin America
Cash remains the dominant payment method for in-person purchases in Latin America, accounting for 25% of sales volume, on par with credit cards. However, a potential decline of eight percentage points is expected by 2030, with Worldpay projecting cash usage to drop to 17% in the region.
Payments with digital wallets in Latin America
According to the Worldpay report, digital wallets are expected to reach a 23% share of in-person sales volume in Latin America by 2030, marking a 10-percentage-point increase compared to 2024.
The trend coincides with the global dominance of digital wallets, which we explain in detail in our article on global payment methods. What is interesting is that, in Latin America, wallets began operating in most countries around the end of the pandemic, a relatively short time ago. In broad terms, there are two main types of technology: tokenized wallets based on cards (such as Apple Pay and Google Pay), and wallets that store a balance of money and/or save cards connected to bank accounts.
Latin America: payment methods in its six leading markets
Having made this general analysis, we now need to look at the differences between the different markets. Below we show the most significant payment methods in the countries that make up 96% of online sales in the region, namely Brazil, Mexico, Colombia, Argentina, Chile, and Peru. For electronic commerce, we used the 2024 data from our E-commerce Data Library. For payment methods in face-to-face purchases, we used the 2024 data available in the Worldpay report (2025).5
To facilitate browsing, you can choose the country you are interested in from the menu below:
- Payment methods in Brazil
- Payment methods in Mexico
- Payment methods in Colombia
- Payment methods in Argentina
- Payment methods in Chile
- Payment methods in Peru
Leading Payment methods in Brazil
Top payment methods for e-commerce in Brazil
In Brazil’s e-commerce market, credit cards currently lead with a 44% share, followed by Pix in second place with 40%. PCMI projects that by 2027, Pix’s market share will surpass that of credit cards, reaching 51% versus 36%.
Top payment methods for in-person purchases in Brazil
Thanks to Pix, account-to-account (A2A) payment methods in Brazil now lead the market share at the point of sale (POS). According to Worldpay, Pix accounts for 33% of total payment volume in the country, combining both POS and e-commerce transactions. As for other methods:
Credit cards remain relevant, capturing 26% of POS payments.
Cash usage has declined significantly — ten years ago, in 2014, it accounted for 68% of POS sales. By 2024, that figure has dropped to 17%, largely due to the adoption of Pix.
Leading payment methods in Mexico
Top payment methods for e-commerce in Mexico
In Mexico’s e-commerce market, debit cards lead with a 38% share of sales volume in 2024. However, PCMI projects this share will drop to 23% by 2027, while debit cards are expected to reach an impressive 46% share.
Despite credit cards growing at a 12% CAGR between 2024 and 2027, other payment methods will experience stronger growth, including debit cards (32% CAGR) and digital wallets (29% CAGR).
Top payment methods for in-person purchases in Mexico
In Mexico, cash remains the dominant payment method for in-person purchases, accounting for 35% of sales volume in 2024 — one of the highest rates in the region.
When it comes to credit cards, they hold slightly more relevance than debit cards. However, the direct use of cards (whether debit or credit) is expected to decline in favor of digital wallets. According to Worldpay, 35% of Mexican consumers fund their digital wallets with debit cards, 34% with credit cards, and only 12% with cash.
Leading payment methods in Colombia
Top payment methods for e-commerce in Colombia
Credit cards are the most widely used payment method in Colombian e-commerce, though their share is expected to decline by four percentage points by 2027.
Bank transfers are by far the second most popular payment method in Colombia. PCMI projects that by 2027, bank transfers will nearly match credit cards in market share, reaching 41% compared to 42% for credit cards. The success of this payment method is partly due to the PSE payment button, a system widely adopted by e-commerce platforms and various collection systems, including public utilities.
Top payment methods for in-person purchases in Colombia
Colombia has a cash-heavy economy. However, the upcoming launch of Bre-B in June 2025 — an instant payment system developed by the Banco de la República — is expected to shift the landscape in favor of A2A payment methods, which currently account for less than 1% of the market. The system is designed to follow Brazil’s Pix model.
Digital wallet usage is also projected to grow, with forecasts showing they could make up 32% of POS transaction volume in Colombia by 2030. Currently, Nequi is the most widely used digital wallet (54% of Colombians), followed by PayPal (25%) and Daviplata (22%).
Leading payment methods in Argentina
Top payment methods for e-commerce in Argentina
In Argentina’s e-commerce market, digital wallets are the most widely used payment method, holding a 46% share in 2024, according to PCMI. This payment method is projected to grow at a 25% CAGR through 2027, reaching 59% of online transaction volume.
Another method with impressive growth projections is Buy Now, Pay Later (BNPL), expected to grow at a 40% CAGR between 2024 and 2027, although its share of sales volume will remain below 2%.
In contrast, credit and debit cards are expected to see flat growth, with a projected CAGR of 3% and 1%, respectively, by 2027.
Top payment methods for in-person purchases in Argentina
For in-person purchases in Argentina, cash and cards remain the most commonly used payment methods. However, digital wallets — currently holding a 25% share in 2024 — are expected to surge to 39% by 2030, becoming the leading method. Meanwhile, cash is projected to decline to just 16%.
In the digital wallet space, Mercado Pago (from Mercado Libre) leads the ecosystem, followed by MODO and Cuenta DNI (Banco Provincia). When it comes to online shopping, Mercado Pago’s dominance is even greater, with 58% of Argentinians reporting frequent use.
Leading payment methods in Chile
Top payment methods for e-commerce in Chile
In Chile’s e-commerce market, an impressive 60% of online sales volume is paid with credit cards, according to PCMI. This payment method will remain dominant, reaching 61% by 2027. Specifically, credit cards enabled for international purchases are expected to grow at a 10% CAGR between 2024 and 2027.
In Chile, the contribution of different payment methods in e-commerce is expected to remain relatively stable, as projected growth rates are low compared to other markets. Digital wallets will be the fastest-growing payment method, but their growth will be limited to a 12% CAGR through 2027.
Top payment methods for in-person purchases in Chile
Thanks to the widespread use of debit cards, Chile is considered one of the most financially inclusive countries in Latin America. For in-person purchases, debit accounts for an impressive 39% of payment volume. However, Worldpay projects this share will decline to 31% by 2030 — in favor of digital methods: wallets are expected to reach a 24% share by 2030, and A2A methods 13%.
Digital wallets are the fastest-growing payment method, with a projected CAGR of 18% between 2024 and 2030. The current market leaders are Mercado Pago, PayPal, and MACH. In POS transactions, the growth of wallet usage will be even more remarkable, with volume increasing 172% over the next six years — from US$17 billion in 2024 to US$46 billion in 2030.
Leading payment methods in Peru
Top payment methods for e-commerce in Peru
In Peru’s e-commerce market, debit cards are the most popular payment method, holding a 49% share of sales volume in 2024, followed by credit cards at 27%. These shares are expected to remain relatively stable through 2027.
Another payment method with promising growth projections in Peru is BNPL. Although it holds less than a 1% market share in 2024, it is expected to grow at a 35% CAGR between 2024 and 2027, according to PCMI.
Top payment methods for in-person purchases in Peru
Cash continues to play a major role in in-person purchases in Peru, accounting for 31% of transactions in 2024. However, that share is projected to fall to 20% by 2030. Similarly, traditional payment methods like credit and debit cards are also expected to decline.
In contrast, digital payment methods are set to grow significantly — especially A2A payments, which are projected to become the leading method by 2030, capturing 45% of the market. Currently, Yape and PLIN dominate the space: 54% of Peruvians report using Yape for in-person payments, while 34% use PLIN.
Next steps
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Sources
- PCMI Global E-commerce Data Library. (2025). This figure includes the seven largest markets in the region: Argentina, Brazil, Chile, Colombia, Ecuador, Mexico, and Peru ↩︎
- Mastercard. (February 6, 2025). Mastercard’s new report highlights the key role of fintechs in driving financial inclusion in Latin America and the Caribbean ↩︎
- ACI Worldwide, 2023. 2023 Prime Time for Real-Time Report ↩︎
- Worldpay. (2025). Global Payments Report 2025 ↩︎
- Worldpay. (2025). Global Payments Report 2025 ↩︎
