PayU research highlights booming Latin American e-commerce space
FinTech venture PayU reports that its Latin America business has seen a 400% increase in payments processing in the last three years.
It says that, with the Covid-19 pandemic influencing consumer shopping habits, the e-commerce space has seen significant and sustained growth across Latin America, positioning the region as one of the most attractive for retailers worldwide.
Francisco León, General Director at PayU Latin America, comments: “Although we are not yet over the pandemic, PayU views the e-commerce landscape with great optimism.”
“We saw thousands of businesses adapt quickly towards digital alternatives, not only enabling successful digital offerings, but also experiencing growth at a surprising pace.”
“Our customers, through our platform, have been able to expand their market reach globally thanks to our presence in more than 50 countries around the world.”
PayU’s monthly buyer base in Colombia has grown by 49% from 2020 to 2021, with the e-commerce market growing by 19% in 2019, 46% in 2020, and 19% between January and August 2021.
In Brazil PayU recorded a 71% growth compared to 2019. Forecasts for 2021 are predicting a 61% growth across 47 million transactions compared to 2020.
E-commerce in Mexico has been increasing steadily through PayU in recent years, with an annual sales growth of 50% in 2019, 41% in 2020, and 19% so far in 2021.
PayU Argentina has not only expanded its user base, but also generated a wider use of online transactions.
In 2020, the country billed $255 million through PayU, representing an increase of 118% compared to 2019. So far in 2021, PayU Argentina has already generated a processing volume of $356 million.
Peru processed $8 million in 2015, and by the end of August 2021, the country had already processed more than 27 million transactions totalling $486 million.
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