Mobile payments gain impetus in Latin America - report

The report, titled “ Mobile Payments in Latin America: Regulation and Collaborative Service Models Drive Growth” is an unbiased study of the size and share estimates of the Latin America mobile payments market to understand the progress of this market. The market projections have also been determined by taking the previous growth patterns, current trends, and the vital market indices into consideration.

Further, the research report delves deep into the factors that are boosting the market for mobile payments across Latin America. Among the top trends is the continued demand for smartphones from a varied range of consumers from all over the region. The growing dependence of consumers on smartphones, thanks to its usability in a number of sectors, such as financial transactions, and e-commerce, is leading to a significant rise in smartphone penetration, and eventually, in mobile payments across the region, notes the market study.

Apart from this, the increasing sales of NFC-enabled smartphones embedded with fingerprint technology is also propelling the Latin America mobile payments market substantially. The growing volume of money transfer, especially carried out via mobile devices, is another trend that is likely to bolster this market over the forthcoming years. Similarly, the advent of fintech organisations will also fuel the demand for effective mobile device-based financial service applications in this region, states the market report.

On the other hand, the rising concerns over theft of information and data breach may hamper the Latin America market for mobile payments to some extent in the near future. Furthermore, the lack of regulatory standards and rules for mobile payments in emerging economies and the increasing preference for the traditional means of payments, such as bank transfer and checks are also expected to hold back the progress of this market in the years to come.

However, the rising trend of strengthening of mobile payment functionalities among private banks, public sector banks, and national co-operative banks, coupled with the continual development of mobile technology for a varied range of services will stimulate the market for mobile payments in Latin America considerably over the next few years, reports the resort study.