According to various reports, this format is beginning to consolidate in the region, growing by 19.2% in e-commerce platforms during 2021, figures that could increase, according to experts.
Digital wallets have gained ground amid the technological momentum generated by the pandemic, according to the Global Payments Report, prepared by FIS, in its 2022 edition. In 2021, 52% of e-com was made via a mobile device globally, and in Latin America, 19.2% of payments were made through a digital wallet.
This modality, which exploded in the midst of the health crisis, allows the unbanked to be part of the digital economy. In digital commerce, digital wallets and Buy Now Pay Later (BPNL), also known as BPNL, continue to emerge as the preferred payment options.
According to the study, the share of credit cards in e-commerce payments is expected to decline from 21%, reached in 2021, to 18.8% in 2025. While digital wallets, which globally reached a 48.6% share, are projected to reach a 52.2% presence in e-commerce as a means of payment.
In this regard, PMI Américas Chile SpA, a Fintech that streamlines international payments and collections with a focus on the Chilean export sector and companies that provide services abroad, comments that one of the challenges in Chile is that this type of service can generate consumer confidence, so that companies join in implementing this means of payment successfully.
"It is important for companies to know in detail the benefits offered by each system. In our case, it is not just a digital wallet, but we offer a payment ecosystem, integrating also a wide "marketplace" of value-added services. For example, our PMI "super wallet" not only offers the possibility of making internal and cross-border transfers, but also integrates access to insurance, payment of services, and other financial services such as micro-loans," says Alex Pereira, CEO of PMI Americas.
Lump sum payments
PMI is a Fintech that provides payment solutions for online commerce in emerging markets. PMI's API-based cross-border payments and collections solutions provide global merchants with a single payments solution to integrate collections and disbursements of funds in local currency, while extending value-added payee benefits through the issuance of digital wallets and debit and prepaid card issuance, under a robust KYC program and strict compliance processes. "Headquartered in Mexico, we have offices in the United States, Brazil, Colombia, Peru, Uruguay and Chile, where through partnerships with leading financial institutions in each country, we offer a broad menu of payment solutions supported by a robust compliance area that looks after clients' interests, in full alignment with regulatory obligations in the markets where we operate," says Alex Pereira.
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