Tuesday, January 25

5 payment trends that will prevail in Latin America by 2022

BPC Banking Technologies, an organization that links the real-life needs of people with intelligent digital solutions, identified the payment trends that will be consolidated in the population of the region and that, in turn, represent an opportunity for the financial industry.

For Mariflor Alice, Regional Director of Payments at BPC Banking Technologies, “Latin America has a young, dynamic, highly digitized population that is open to new innovations, and this is a great opportunity for them to be the foundation of a new era of payments. Paying through QR codes or P2P payments contributes to the financial inclusion of the region, as well as applications that deliver a frictionless experience, that allow to bring closer the population that has a financial education or that is unbanked ”.

According to BPC Banking Technologies, these will be the five payment trends to be imposed for next year:

The SuperApps: They are mobile applications that consolidate in one place, different offers and digital services, allowing users to solve their needs in a comprehensive way. Rappi is the great exponent in the region and is present in nine Latin American countries and more than 250 cities.

“These types of developments are very popular in markets such as Asia and have managed to transform the daily and financial lives of hundreds of thousands of people. This trend allows banking activities, by giving access to electronic commerce, transportation, bill payment, among other services. Your contribution more The relevant thing is that they build meaningful relationships with consumers, which encourages them to use the solution in their daily lives thanks to the direct benefit they find from using them ”, says Mariflor Alice.

Payments with QR Code will continue to rise: BPC states in an article that these types of payments provide security to users, who 78% say that in a post-pandemic world they do not want to use cash. The adoption of transactions with this technology will continue to increase and will have a greater evolution in the region.

Payments Peer-to-Peer: Next year we will see a greater approach and adoption towards the concept of payments between peers (Peer-to-Peer or P2P), that is, transactions that allow the transfer of funds between two people each from their bank account through an application or mobile line. This makes sending remittances or splitting bills and accounts with friends and family quick and easy.

Virtual prepaid cards: They are the electronic version of a physical bank card, and they have grown in popularity due to their ease of use. In addition, they are safe because they have a different number to protect user information, avoiding putting money at risk and generating contactless payment. According to research From Edgar, Dunn & Company, The Global Prepaid Card Market Will Hit $ 3.7 Trillion By Next Year.

“Its implementation allows consumers to offer an alternative for the use of cash, in addition, the change from physical cards to virtual prepaid models represents a step forward in terms of customer experience and security,” says the representative of BPC Banking Technologies .

Virtual wallets: E-wallets will continue to promote a cashless society by allowing immediate and easy payments to be made online or in physical stores. In emerging markets they offer the opportunity to empower people and make financial services available to them.

We see Latin America with great potential to grow and adopt new solutions, and in that In this sense, we are committed to delivering new services with world-class technology that enables new ways of doing business. Although traditional banking continues to be an important part of the culture of the region, important advances have been made so that entities offer a better experience to users, with personalization and greater attractiveness for their clients.“, Concludes the executive of BPC Banking Technologies.