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Some 22 million new users are expected to adopt mobile payments by the end of next year. Coupled with mobile penetration rates of almost 60%, there is a huge opportunity to rewrite business models in the region to drive financial inclusion for the +60% of Latin Americans who remain unbanked.
In the past, when you wanted to be a spontaneous shopper, you carried around a billfold or a purse full of cash. You spied a delicious treat or that perfect addition to the kitchen, you peeled off your bills to pay the price, and then you walked away with your prize. But all that is changing. Mobile payments are on the rise in Latin America. In key locations, the use of mobile is not only burgeoning, the rates of mobile-commerce expansion — starting from small bases of early adopters — are large and getting larger. Corporations looking for a lasting m-commerce connection are paying attention as well. The push to put a buy-button into app and web users' smartphones and tablets throughout Latin America has begun.
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