Latin America: The Next Payments Frontier
Even as global recessionary pressures take their toll, forces are at work in Latin America to promote electronic payment products such as debit cards, payroll cards, credit cards, and direct funds transfers, among others. Cash is still king, “informal economies” continue to thrive, and remittances from family members living abroad compound the cash stimulation. In spite of these factors, significant progress has been made in promoting electronic products, much of it achieved via collaboration between governments and the financial sector.
In this Strategic Commentary entitled, “Latin America: The Next Payments Frontier?,” Speer & Associates, Inc. (S&A) describes the payments landscape in Latin America, recent trends, and the outlook for continued expansion to move societies away from cash and into electronic transactions. The game can be rewarding and lucrative.
