Latin America experiences accelerated growth in the use of digital wallets, with Argentina and Brazil at the head. In the last year, virtual wallets represented 21% of the expenditure in electronic commerce and are expected to reach 28% in 2027. Digitization, financial inclusion and population banking promoting this transformation.
The last report of Coelsa, The entity that in Argentina processes electronic payments and resolves the interoperability of the system, there were 262 million active digital accounts at the end of the year 2024, with an average of 4 CBU (banking) and 3.5 CVU (virtual) per person. In the last four -month period of 2024 there were 1,769 million transactions, 47% more than the same period of the previous year. Payments made by transfer (both bank and virtual accounts) grew 44% but those made by using QR exploded: +212% in that period.
The universe. The use of virtual wallets experienced great growth worldwide, driven by financial digitalization, comfort and security offered by these payment methods. According to the report “The Global Payments Report 2024”Prepared by WorldPay, digital wallets represented 70% of all digital transactions globally and this figure is expected to continue increasing, with projections that indicate an annual growth of 21% to 2027. In electronic commerce, this payment method already represents 20% of global expenditure, while at physical points of sale they reached 15%.
Latin America was no stranger to this transformation, with accelerated growth in the adoption of digital wallets in recent years. According to this report, they represented 21% of the expenditure in electronic commerce in the region and is projected to reach 28% by 2027, Duplicating its presence in the market. In physical points of sale, its use grew from 15% to 29%, gradually displacing cash and approaching credit and debit cards, which still lead the market, with 35% participation. The consolidation of payment systems account (A2A), such as Pix In Brazil, it also promoted digital transformation, offering efficient and safe alternatives.
“The boom is due to multiple factors: remote work, delivery applications and constant trips or handle own dollars from the cell phone, which ceased to be a luxury,” he says Daniel Di Giovanni, Senior Product Manager of Vibrant, one of the wallets that has been growing, developed within the Stellar network.
Reasons. The need for financial inclusion led many non -banking people to use these tools as their main payment method and to reduce cash dependence. Inflation and economic volatility in some countries also promoted the search for digital alternatives that allow greater transactions stability. “Government incentives and growing competition in the Fintech sector facilitated greater adoption, while pandemic accelerated the digitalization of trade, permanently changing consumption habits”he added
The five Latin American countries that most use digital wallets are:
- Argentina: With a 31% participation in electronic commerce and 18% at physical points of sale, Market Pay Lead the market with a 63% preference among consumers.
- Brazil: The PX system has revolutionized digital payments in the country, representing 30% of the total digital transactions and consolidating the leadership of digital wallets.
- Mexico: With a 24% of e-commerce spending And 16% at physical points of sale, digital wallets have grown exponentially, driven by Fintech advance.
- Colombia: The adoption of digital wallets has reached 19% of e-commerce and 12% at points of sale, favoring digital banking and promoting financial inclusion.
- Chili: Although with less adoption, digital wallets represent 16% of electronic commerce and 10% at points of sale, with sustained growth in recent years.
Each country in the region presents particularities that favored the rise of digital wallets, from the consolidation of Fintech platforms to regulations that promote competence and financial security. For example, Argentina and Brazil lead the market with significant advances in digital infrastructure and mass adoption of mobile payments. The projections indicate that, by 2027, digital wallets will exceed 30% of all electronic transactions in the region, consolidating as the dominant payment method. Worldwide, It is estimated that by 2030, the use of cash will fall below 10% in the main economies, but digital wallets will exceed 40% of total electronic payments.
The integration of artificial intelligence and blockchain will improve the safety and efficiency of the platforms, while the proliferation of digital currencies of central banks (CBDCS) will contribute to the adoption of digital payments in emerging markets. It is in this context that Latin America is positioned as one of the most dynamic regions in the transformation of the payment ecosystem, rapidly redefining the digital economy.
By Marcelo Alfano
