Proximity mobile payments are reshaping traditional payment methods in Latin America, providing consumers with a faster, more convenient and streamlined payment experience for their everyday purchases. This year, we forecast that 13.3% of Latin America smartphone users ages 14 and older will make at least one proximity mobile payment. That represents 33.4 million individuals or 6.7% of the region’s population.
In response to changing consumer behavior, mobile payment platforms around the world are innovating quicker than their traditional bank counterparts. Latin America is no exception; it is home to Argentina-based Mercado Pago, a major player in the global adoption of cashless transactions.