The Latin American region presently has 300 million digital consumers, with a 20% increase expected by 2027, according to a recent PayU GPO report.
The rapid expansion emphasizes the region’s role as a crucial market, fueled by increased internet access and a developing economy.
According to a report by The Paypers, between 2019 and 2022, the number of Latin American shoppers utilizing PayU to conduct e-commerce payments more than doubled, going from 15.3 million to 29.3 million. Furthermore, the figure is predicted to rise in the coming months, reaching a projected 33.9 million by 2024.
Latin America’s booming regions, including Argentina, Brazil, Chile, Colombia, Mexico, and Peru, are predicted to enjoy a 25% increase in e-commerce market volume, bolstering the region’s position.
Despite inflation, the survey indicated that Brazil and Mexico are poised to dominate the Latin American e-commerce sector, with compound annual growth rates of 77.2% and 68.2%, respectively, by 2027.