- Index hide3 Part of the growth in eCommerce during social distancing, it is due to the ease of payment that the platforms offer.
It is estimated that just over 69 percent of national consumers prefer to buy in physical stores.
Within the new digital reality, physical businesses must have digital payment alternatives.
Derived from the forced distancing, consumers opted for new customs, increasingly digital, such as new payment methods, digital commerce, services deliveryuse of digital platforms, however, despite the popularity of eCommercetraditional shops, continue to be the favorite way of consumption, so these have been forced to implement new payment methods.
In accordance with what is indicated with the Mexican Association of Online Sales (AMVO), despite the growth of eCommerce during the pandemic, It was estimated that just over 69 percent of national consumers prefer to buy in physical stores, figure that shows the need for physical and digital spaces, by having alternative payment methods to cash.
Alternative payment methods can be conceived, such as those that can be used almost everywhere in the world, which are based on facilitating payment, providing it with greater speed, security or other specific advantages based on technology, which can be by means of platforms such as: PayPal, Bank card, Cash on delivery, Bank transfersMobile payment, Virtual currency, Online banks, Cards stored on large platforms as well as credit and debit cards.
Trust grows in new payment methods in Latam businesses
According to what was pointed out by PCB Only 38 percent of all transactions carried out in Latin America are made in cash, a figure that shows the growing need to have alternative payment methods for the daily course, as pointed out by Mauricio Fernández, Director of Operations Americas of PCB:
“Modernization of payment platforms for banks, transactional service providers (PSPs) and other entities that offer solutions focused on acquisition methods are evolving rapidly around the world. Latin America is a market in continuous expansion that offers possibilities for businesses in the region to incorporate methods that impact the life of the final consumer and meet their financial needs”.
For merchants of any level, knowing consumer trends allows them to implement the best strategies to increase profits, one of them being payment by alternative and digital payment methods.
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