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Uber Core Payments Lead Maria Jose Cornejo and PayU CEO of Global Payment Mario Shiliashki used Latin America as a case study in how cash is slowly ceding ground to digital in emerging markets, introducing digital ways to pay and be paid.
Expanding into new markets in other countries is the way many big companies got big. Yet even after the pandemic and digital shift that it triggered, digital payments are far from ubiquitous in some large markets, like Latin America, where cash still rules and digital has its work cut out.
For global businesses operating in local markets, “it’s not easy, mainly because consumers have different preferences around the world,” Shiliashki said. “In fact, what we see in the majority of our markets globally, not just in Latin America but across Europe, Africa and Asia, [is that] the predominant payment methods are not cards. Those [methods] are very local,” and often, cash.
https://www.pymnts.com/digital-payments/2022/uber-payu-team-up-to-break-latams-cash-habit/
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