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The Fintech Times – All Financial Sectors’ Digital Transformation Across LatAm Catalysed by the Pandemic

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  • The Fintech Times – All Financial Sectors’ Digital Transformation Across LatAm Catalysed by the Pandemic

The impact of the pandemic’s catalysation of digital transformation has been evident across the globe, but Latin America (LatAm) in particular has been a region massively impacted. Research from Rapyd, a global Fintech-as-a-Service company, has found that 98 per cent of Brazilian, 94 per cent of Mexican and Colombian, and 89 per cent of Argentinian bank customers are stating regular usage of banks’ digital avenues.

This usage is made even more impressive by the fact the region has previously been largely ‘unbanked’. Active bank services are seeing a big uptake and preference in digital services. The trend is not restricted to bank-supplied services though, with the region also demonstrating extremely high usage of non-bank payment apps. 96 per cent of Mexicans and Brazilians, 87 per cent of Colombians, and 84 per cent of Argentinians regularly use applications such as PayPalModoMercadoPago, and others.

The survey also found rapid adoption of social commerce and a marked increase in purchases. Over 50 per cent of consumers surveyed have made social commerce purchases, and 40 per cent identified the greater variety of payment methods as a benefit for choosing social commerce.

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