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Latin America Meets Silicon Valley on Payments (2016)

Panel, Payments, LATAM |
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Latin America: Local payments for an international community

Latin America offers huge opportunities in payments innovation. Despite recession in Brazil, Argentina, and Venezuela and meager GDP growth in Mexico, Colombia and Chile, e-commerce and emerging payments are growing rapidly, from 15%-40% per year depending on the market. With rapid growth for a least five more years, a large unbanked population and expanding penetration of smartphones, the digital transformation has arrived in Latin America’s payments industry.

Yet considerable challenges remain for payment players and merchants in Latin America. The use of cash payment methods, local credit card networks, complicated installment plans, and an opaque yet complex regulatory environment make billing customers a challenge at best and a complete quagmire at worst. Growing competition in the e-commerce enablement space means payment processors must constantly improve their offerings to remain relevant. Companies without a local strategy will perform poorly. As growth returns to the region in 2017, payment players and merchants must be ready to embrace rapid changes.

In our panel, Latin America: Local payments for an international community, we will cover why Latin America is challenging from a payments perspective and identify particular opportunities for innovation. Our panel of e-commerce payment processors and merchants will share insights on how to develop a local payments strategy.

 

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