Consumer behavior and the digitalization of payments in Latin America and the Caribbean

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At Visa, we work to build an inclusive economy that enables more people in more parts of the world to access secure, frictionless payment services and experiences. To achieve this, we constantly listen to consumer feedback, which helps us better understand their preferences and anticipate their demands in order to offer innovative, intuitive and relevant solutions.


Study on consumer use and attitudes in Latin America and the Caribbean in 2023

We just launched a study exploring how consumers move money in the context of digital migration that accelerated in the region in the years following the pandemic. The study suggests that how people spend how to get spain number for whatsapp their money is influenced by how they receive it and also notes that those who receive money digitally tend to make more digital payments. More than 60% of respondents said they receive money through bank transfers, 43% receive cash, and 14% receive funds through other digital means, such as apps and digital wallets.

Those who receive money via a digital method — whether bank transfers or other digital options — typically use five different methods to pay: cash, credit card, debit card or other digital options. Similarly, those who usually receive cash are more likely to also use cash for their payments. According to the study, 52% of respondents receive cash and pay in cash, compared to 42% and 46% of those who receive money via bank transfer or app, respectively.


Preferred payment method

While it appears to depend largely on what the consumer is purchasing, the study reveals that the primary payment method for respondents remains cash across all categories except for online purchases, P2P payments and high-dollar purchases. For purchases in the latter category, the study shows that only 29% of respondents use cash, while the rest prefer some digital option such as credit or debit cards, or apps.

Latin American and Caribbean consumers who choose to pay digitally are increasingly turning to digital wallets. In fact, these mobile apps, where users can virtually load and store a physical card to make payments quickly and easily, are expected to account for 50% of all eCommerce globally by 2024¹. In a region where cash still reigns supreme, digital wallets and other money management tools are becoming an important gateway for the unbanked or underbanked population.


How consumers save money

Although saving is a widespread concept in the region—at a cultural level and due to the economic volatility of most markets—the study highlights that only 63% of consumers surveyed save in some way and that only 33% save regularly. The scenario with investments is similar: only 36% of respondents currently make some type of investment.

An interesting aspect suggested by the study is that new cryptocurrency savings trends are gaining traction in Latin America and the Caribbean, shaping and redefining investment possibilities in this region. According to the study, 23% of consumers who responded affirmatively invest in cryptocurrencies, which is slightly lower than that of consumers who use other more popular investment channels.

If you want to read the document, click here for the full versionStudy on consumer use and attitudes in Latin America and the Caribbean in 2023.



Research methodology

The Latin American and Caribbean Consumer Usage and Attitudes Study for 2023 was conducted on the general population, with people over 16 years of age and from high, medium and lower-middle socioeconomic levels. The methodology consisted of qualitative and quantitative techniques in eight markets in Latin America and the Caribbean, and included 48 focus groups, 8 three-day interactive blogs and 14,000 online interviews. The study was conducted by Maru/Matchbox.

[1] “The Global Payments Report”. FIS WorldPay, 2022.