Latin America Prepaid Card and Digital Wallet Market to Reach $109.38 Billion by 2028

The “Latin America Prepaid Card and Digital Wallet Business and Investment Opportunities Databook – Market Size and Forecast, Consumer Attitude & Behaviour, Retail Spend – Q1 2024 Update” report from highlights the robust growth of Latin America’s prepaid card and digital wallet sector. With a compound annual growth rate (CAGR) of 8.8% from 2019 to 2023, the market is expected to continue expanding, forecasting a CAGR of 10.7% from 2024 to 2028, reaching an estimated value of US$109.38 billion by the end of the period.

Driven by a flourishing fintech ecosystem and increased investments in digital payments infrastructure, the market caters particularly to unbanked and underbanked populations, promising significant growth opportunities in the coming years.

Key players in fintech and digital banking are expanding regionally to capitalize on this growth, fostering potential mergers and acquisitions. For instance, Uruguayan firm Prex plans to expand its virtual wallet user base across Argentina, Peru, and Uruguay, and enter new markets like Chile and Paraguay.

Traditional banks are also innovating with neo-banking solutions like Itaú’s Iti platform in Chile, aiming to attract digital-savvy customers.

In Chile, discussions on debit card transaction fees, particularly Walmart’s negotiations with Transbank, underscore the importance of fee structures in enhancing accessibility to digital payment services, crucial for the prepaid card industry.

The report offers a comprehensive analysis, including insights into consumer segments, behavioral trends, and retail spending dynamics across over 100 key performance indicators at the country level, providing stakeholders a thorough understanding of the Latin American prepaid card and digital wallet industry’s landscape and future prospects.

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