BRASILIA, Brazil—Will a payments trend in Latin America be mirrored in the U.S as 2023 gets underway?
A new report from EBANX has found 39% of digital commerce payments were made by alternative payment methods in 2022, a significant increase over 2021.
The data released by EBANX, a global payments processor, show that alternative payment methods (APMs) have skyrocketed, reaching a 39% share of total digital-commerce volume – a value of nearly $400 billion, as of the end of 2022, Fintech Magazine reported.
This rise in APMs follows four years of increased growth since 2018. Meanwhile, credit and debit cards have seen their usage decrease, Fintech Magazine stated in its analysis.
The report pinpoints three Latin American countries that are leading the way in digital commerce: Columbia, El Salvador, and Brazil.
“The increase in APMs can be attributed to increased financial inclusion, which has been driven by better fintech and payment offerings, as well as mobile adoption and more flexible options provided for customers regarding credit,” Fintech Magazine said.
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