Aug 18, 2016
The challenge of monetization in the Latin American market is to overcome the obstacles of the population without a bank account (more than 65%), complicated rules and unstable economies. However, it is worth gaining a foothold in this promising market with its significant growth over the last decade.
Popular solutions, such as credit cards and online banking, which are popular in countries with a developed financial structure, have not yet reached the majority of the population. Payments by cell phone, prepaid options and bank deposits dominate the picture.At a Internet age,paymentship must stand at the forefront and provide diversified payment methods for the customers all over the world.
Payment methods in Latin America:
Adding these payment options will allow you to reach a wider range of customers that would not otherwise be available due to the undeveloped infrastructure in your area. Most of these options are based on the principle that the customer can pay the invoice in cash at a local retail store or deposit money at a branch of a bank. For example, online payments are available to the population without a bank account of up to 250 million people in Latin America.
Payment options in Brazil:
Brazil is the largest electronic commerce market in Latin America. According to the latest reports, 42% of e-commerce sales in the region is $ 47.4 billion. To reach the masses of consumers, it is imperative to offer "Boleto bancário", an invoice with a bar code that can be issued online and pay offline in many points of sale and ATMs. This payment method is regulated by the Bankers Association of Brazil and is free of chargebacks.
Payment methods in Mexico:
Mexico is the second largest electronic commerce market in Latin America. Currently, Mexico represents 12.3% of electronic commerce in the region. The consulting firms see a bright future for this market and expect their participation to reach 15.6% in 2019.
Paymentship partners with global payments processing companies to provide online billing solution with over 120 payment methods which include ewallets,mobile and land-line peyments,prepaid cards,payment kiosks,debit cards,bank transfers and more.Paymentship is dedicated to serving clients around the world!