Latin America is in the midst of a historical digital commerce boom. The region’s market of small- to mid-sized businesses and professionals that offer digital services has grown rapidly, and this transformation is also reshaping the LatAm payments space.
This digital growth represents a massive opportunity for not only Latin American businesses, service providers and working professionals, but also businesses in countries such as the U.S. that are eager to engage in the region’s thriving digital economy.
“The Digital Businesses’ Guide to Latin America,” a PYMNTS and Payoneer collaboration, details how international businesses can reimagine their cross-border payments strategies and explores how they should partner with LatAm’s professionals and companies to reach the region’s increasingly digital-first market.
Key takeaways from the playbook include the following:
• International businesses should tap the growth potential of LatAm’s digital markets.
The LatAm economy is in the middle of a historic digital commerce boom, with a wave of innovation rapidly reshaping and expanding the markets. This is creating newfound opportunities for global companies to tap the burgeoning LatAm FinTech and labor markets to drive international expansion.
Not only are there more opportunities than ever to reach the region’s digital-first shoppers, but a growing cohort of global companies are also looking to hire working professionals based in the region.
• Know the ins and outs of the regional payments ecosystem.
The LatAm payments ecosystem has many unique characteristics, including a highly fragmented legal landscape, a mobile-centric eCommerce environment and an increasingly remote workforce. Businesses must familiarize themselves with not only the regional ecosystem, but also the country-specific ecosystems to tap the LatAm market’s full potential.
• Leveraging API and AI technology can help streamline the cross-border payments experience.
A flexible payments infrastructure is key to keeping ahead in the quickly evolving LatAm market. Using application programming interfaces (APIs) and artificial intelligence (AI) technology can give businesses the flexibility they need to be able to change with the tides and maximize their growth potential.
To learn more about the myriad opportunities the LatAm market presents, download the report.
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