Daria Kordiukova
Latin America is undoubtedly one of the hottest regions for developing financial technologies and payment systems. With rapid growth in financial inclusion, widespread adoption of mobile payments, and the introduction of innovative solutions, Latin America is now the epicenter of global financial transformation.
What are the reasons for this rapid development? Read more ⬇️
The Latam region shows high growth rates in financial and technological development, attracting millions of previously unbanked customers to the formal banking sector.
The young and technologically active population is actively adapting to innovations such as mobile wallets, QR codes, and cryptocurrencies.
According to a McKinsey study, debit cards have replaced cash as the primary payment method among region residents. In addition, mobile payments have gained popularity, especially in Argentina and Peru.
In 2019, only 30-50% of the Latin American population had accounts with financial institutions, while by 2021, this figure had risen to around 73%.
However, despite the growth in non-cash payments, cash remains important, especially among low-income populations.
Regional differences also play a significant role. Mobile payments are more popular in countries where QR codes are widely used. In contrast, in countries with high penetration of contactless payments, consumers are less likely to switch to other technologies.
Demographic factors also significantly impact the adoption of new payment methods. Millennials are the most prominent advocates of mobile payments, with 17% saying it is their preferred payment method, compared to 12% of Generation Z and 13% of Generation X.
However, in general terms, we can separate the priorities for each age group of users.
It is essential to create intuitive solutions that are integrated into the mobile environment.
Innovations in the form of microtransactions, gamification, and social impact.
Providing safe and understandable products with a high level of personalization.
Tranzzo provides high-quality payment solutions for the Latin American market with several key advantages:
The platform supports more than 180 international and local payment methods, which allows businesses to accept payments in local currencies and meet the needs of customers in different countries of the region.
Tranzzo develops payment solutions tailored to each merchant's specifics, which helps expand business without restrictions and increase revenue.
Three levels of fraud protection, live monitoring, and more than 200 risk markers provide maximum protection against fraud, which is especially important in markets with high financial risk.
Tranzzo provides round-the-clock support for buyers and sellers, ready to answer questions at any time, which is critical for businesses operating in international markets.
Tranzzo is a reliable partner for businesses seeking to operate successfully in the Latin American market.
