The Spread of Internet Banking In LATAM

Latin America has taken to internet banking, but use varies dramatically from country to country. Unsurprisingly, Brazil leads the way with the largest absolute number of online banking users. In 2014, according to comScore, over half the number of banking transactions in Brazil were digital. This equates to just over 26 million unique visitors, but does not represent the highest reach. At 44% reach, Brazil comes second to Venezuela, which enjoys the highest penetration at 54.7%.

However, Latin America has been one of the slowest regions in the world to embrace online banking. The region’s penetration is 33% of the population (aged 15 and older). The country with the lowest penetration is Mexico, with just over 15% of the population getting involved.

The reason for the slow penetration of internet banking throughout the region is thought to be down to the populations greater use of in-person banking services. Banking customers in the region prefer to use bank branches and ATMs, rather than the digital services. It terms of breakdown, in-person services represents over 60% of all transactions, which compares to 40% in North America.

As for other countries in the region, Argentina has 5.3 million visitors with a 30% reach; Colombia 3.2m and 27.1%; Chile 3m and 46.5%; Peru 1.5m and 23.2%; and Uruguay, 0.4m and 23.7%.

About allpago

allpago international is the leading payment provider for the LATAM region. allpago provides the most relevant local payment methods through one API and one single platform. Allpago offers the best conversion rates ensuring state-of-the-art technology and legal advice necessary for a successful e-Commerce operation in Latin America.

allpago enables start-ups to Fortune 500 companies to offer the necessary local payment methods in the Latin American market, which account for around 80% of their revenues. Current clients include Art.com, Getty Images, Intel Security McAfee, Norton Symantec, Paylogic, Sumup, Teamviewer and many other leading payment and digital companies.

Reference: eMarketer