Summarize 10 Mainstream Payment Methods of Latin American

According to Statista, 70% of Latin Americans do not have bank accounts, and 60% are cash transactions, so in addition to PayPal and international credit card payments, people use more local mainstream payment methods, such as Boleto in Brazil; OXXO in Mexico; Argentina Rapipago et al. Epay.com supports all of them.

1. PayPal

It is currently the world's largest online payment provider, with more than 150 million users in 203 countries and regions around the world, and is the most efficient payment method for cross-border transactions. Anyone with an email address can use PayPal to send and receive payments online. Support credit card, balance, foreign currency bank card, electronic check, and other mainstream payment methods. However, because PayPal is based on credit cards, there is a risk of chargebacks, which increases the insecurity of transactions; and in countries with low credit card coverage, some potential customers will be lost. And PayPal's handling fee is very high, which is not good for small and medium-sized enterprises.

2. International credit card collection

International credit card collection refers to the integration of Visa, MasterCard, JCB, American Express and other international credit card payment gateways to collect payments through third-party credit card payment companies. The credit card collection channel also has the risk of chargeback and needs to reserve 10% of the deposit. The fees are relatively high, and the threshold for doing foreign trade is relatively high, which is suitable for people with economic strength.

3. Boleto Brazil - cash payment

Boleto Bancário, or Boleto for short, is the most commonly used cash payment method in Brazil. Due to the low utilization rate of online credit card payment in Brazil, domestic online payment is mainly through bank transfer and Boleto payment. Boleto is a payment method that uses a Bar Code identification code supported by a number of Brazilian banks. It occupies a dominant position in Brazil. After placing an order on the website, the buyer needs to print a payment bill and arrive at the bank, ATM,  lottery branch, convenience store, or online banking to authorize a bank transfer within 3~5 days. 

4. OXXO Mexico - cash payment

Founded in 1978, OXXO is the largest convenience store chain in Mexico with more than 14,000 stores in Latin America. The chain serves 11.8 million customers daily and has 16,763 points of sale in Mexico and Colombia. When the buyer places an order online, a bill will be generated. After printing the bill, you can go to OXXO's convenience store to pay in cash or pay with OXXO's debit card (Saldazo). The Saldazo debit card is jointly issued by OXXO, Visa, and Banamex bank (the second largest bank in Mexico). Customers can use this card to shop online, transfer money, withdraw money, store, and more.

5. DineroMail Argentina - Online Bank Transfer

DineroMail is Latin America's leading provider of Internet payment solutions, providing online payment services to over 10,000 websites and over 1,000,000 buyers. DineroMail integrates the payment methods commonly used in various markets. Users in Brazil, Mexico, Argentina, Chile, Colombia, and other countries can pay by local debit cards, credit cards, cash payments, bank transfers, or electronic wallets (such as Boleto Bancario), etc. payment methods at no additional cost.

6. Rapipago Argentina - cash payment

Founded in 1996, Rapipago is a payment product released by GIRE, the leading financial services company in Argentina. Rapipago is the main payment method for online shopping in Argentina, and can also be used to pay utility bills, education fees, taxes, etc. Rapipago accounts for 44% of the Argentine online transaction market, and card payment (credit card, debit card) accounts for 40%. There are currently 1,200 companies providing Rapipago payment to support buyers' online order payments, and there are more than 3,000 Rapipago offline stores nationwide

7. Redcompra Chile - e-wallet

Redcompra is a payment product launched by Chilean financial institution (Transbank S.A) in 2001. 40% of Chileans have bank accounts, and payment by bank transfer is the main online shopping payment option for Chileans. Although credit card payment is also common in Chile, due to the security risks brought by online shopping and the large number of credit card debtors in Chile, debit cards are more secure and convenient than debit cards. Redcompra is currently a popular debit card payment option in Chile, supporting 15 major banks in Chile. Customers only need to enter four numbers (PIN code) when making payment transactions, and do not need to fill in the ID number or signature certificate.

8. Redpagos Uruguay - Online Bank Transfer

Starting in 2001, Redpagos is a payment service provider in Uruguay, with more than 150 stores in Montevideo and more than 100 in-house, offering a wide range of convenient payment services. In addition to currency exchange, Redpagos also provides services for UTE, Antel, OSE, and others for bill payment, payroll and pensions, taxes, withdrawals, money orders, horse betting, balance replenishment, and more. Also includes mobile phone purchases of tickets for sports and art performances. Some of these services are available with Red UTS, MoneyGram, RedBrou, More, and TickAntel.

9. PSE Colombia - Online Bank Transfer

The full name of PSE is Pagos Seguros en Línea (Safe Online Payments), which is a local online banking payment in Colombia. Because Colombians are generally used to paying by bank transfer, PSE payment just caters to the payment habits of Colombians. Currently, online banking payment PSE supports 19 major banks in Colombia, users can pay directly from their bank accounts in real-time without the need for a credit card.

10. Pago Efectivo Peru - Online Bank Transfer

Pago Efectivo is the most popular online payment method in Peru, allowing buyers to pay via online banking or pay with cash without having to own a credit or debit card. Pago Efectivo has 40,000 offline payment points in Peru, covering 100% of Peruvian online buyers. At present, Pago Efectivo supports 8 mainstream banks in Peru, namely BCP, BBVA, Interbank, Scotiabank, West Union, Bnbif, Fullcarga, and KSANET.

Therefore, if you want to cover your business in more Latin American countries and provide suitable payment methods for different groups of people, it is particularly important to cooperate with a platform that integrates all payment methods in Latin America. At present, Epay's payment products have covered major countries in Latin America, integrating flexible and mainstream cash payment, cheap and fast local bank payment, and instant e-wallet payment, providing you with a diversified and localized one-stop payment method, so as to achieve user growth and improve order conversion rate.

For domestic merchants in the Latin American market, in-depth localized operation strategies, optimization of local payment methods and shopping experience are the keys to winning the Latin American market and customers. Epay can provide payment solutions for your business. These solutions can help you access multiple local payments in Latin America in one stop, bringing you a better payment experience and transaction conversion rate.