Market Overview:

The Latin America mobile payment market exhibited robust growth during 2015-2020. Looking forward, IMARC Group expects the market to continue its robust growth during 2021-2026. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use industries. These insights are included in the report as a major market contributor.

Mobile payment is used to initiate, confirm and authorize financial transactions in exchange for goods and services. It is conducted through various payment instruments, such as bank accounts, debit or credit cards, gift cards and mobile wallets. It generates a code and sends it over the air (OTA), which keeps payment information encrypted. At present, mobile payment is gaining traction in the Latin America region on account of the rising utilization of smartphones and the increasing penetration of the internet.

Mobile payment is more secure, convenient and easy-to-use as compared to other forms of payments. This, along with the rising trend of cashless payment solutions, represents one of the major factors bolstering the market growth in the Latin America region. Moreover, market players are integrating mobile payment solutions with advanced technologies, such as wearables, biometrics and blockchain, to enhance security, which, in turn, is positively influencing the market growth. Furthermore, the growing number of online transactions due to the thriving e-commerce sector and the sudden spread of the coronavirus disease (COVID-19) is anticipated to strengthen the market growth.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the Latin America mobile payment market, along with forecasts at the regional and country level from 2021-2026. Our report has categorized the market based on mode of transaction and application.

Breakup by Mode of Transaction:

• WAP
• NFC
• SMS
• USSD
• Others
   

Breakup by Application:

• Entertainment
• Energy and Utilities
• Healthcare
• Retail
• Hospitality and Transportation
• Others
   

Breakup by Country:

• Brazil
• Mexico
• Argentina
• Colombia
• Chile
• Peru
• Others
   

Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles of the key players.

Report Coverage:

Key Questions Answered in This Report:

• How has the Latin America mobile payment market performed so far and how will it perform in the coming years?
• What has been the impact of COVID-19 on the Latin America mobile payment market?
• What are the key regional markets?
• What is the breakup of the market based on the mode of transaction?
• What is the breakup of the market based on the application?
• What are the various stages in the value chain of the industry?
• What are the key driving factors and challenges in the industry?
• What is the structure of the Latin America mobile payment market and who are the key players?
• What is the degree of competition in the industry?