The increase in mobile devices leads the market among the fastest growing countries in the market in the next four years
According to new data from Worldpay Inc, a global company in payment technology, the e-commerce market in Argentina will increase by 83 percent between 2018 and 2022 to reach US $ 19.2 billion.
In addition, the country is one of the markets that will experience the fastest development of mobile commerce, growing by 26 percent annually. The local market is currently comprised of 44.7 million consumers, of whom 81 percent have internet access.
In the 2018 International Payment Report, Worldpay points out that credit cards are the most widely used online method in 2018 and accounted for 26.7 percent of market transactions. This is followed by electronic wallets (22 percent), bank transfers (14 percent), bank cards (10 percent) and cash payments (8 percent).
However, the difference between credit cards and electronic wallets closes with regard to online payment behavior of Argentine consumers. Credit cards are preferred by consumers who want to pay in installments and electronic wallets provide convenience.
Electronic purses are expected to be the most popular online payment next year. Estimates 22 percent of the market in 2019Growing at the same rate. In this scenario, bank transfers are offered as the main alternative payment methods to MercadoPago and Rapipago.
The Worldpay report also examined the appearance of the physical selling point and found that the most popular payment method was cash (43.9 percent), followed by the loan (33 percent). Credit cards are expected to perform better as the most popular selling method starting from 2019, which will represent 37.7% of the point of sale (36.6 percent in cash).
By the way, Electronic wallets are also gaining popularity in sales points. Currently, the use of electronic wallets accounts for 3.9 percent of sales in stores and represents a growth rate of 51 percent, representing 11.1 percent of sales representing 11.1 percent of sales. estimated to grow. 2022.
"Latin America represents a dynamic market that offers an opportunity for a change scenario and payments as a whole. In general, retail sales and especially the growth of electronic commerce will be well above the estimated 2 percent growth for the regional economy. It marks the strong growth of electronic commerce and has a projection of $ 61 billion, more than 2018, which will exceed $ 948 billion in 208. ve Juan D & # 39; Antiochia, Worldpay & # 39 General Manager of Latin America.
"Argentina, which is a pioneer in e-commerce in Latin America, continues to offer the most attractive opportunities in the segment. 16 percent of local electronic commerce with a growing base of young and educated consumers and the highest mobile user ratio in the region." . Explains the growth rate, # he said.
The Worldpay report, which gathers information about the payment methods sector in 36 countries, presents a complex and different picture worldwide. Alternative payment methods are increasing to meet the needs of digital consumers managed by electronic wallets and bank transfers. Despite the long reign, cash is still the main payment method at the point of sale. This scenario opens the gates of businesses to satisfy consumers by offering the right combination of payment options.
The increase in e-commerce is expected to exceed $ 4.6 trillion worldwide by 2022. People's ways of doing things are changing: alternatives to credit and debit cards are now more than half of the e-commerce sales volume, and the mobile phone is about to outperform desktop sales in 2023. The survey found at least 140 online payment methods currently in use.
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