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The Rise of Digital Payments in Latin America JOÃO GARCIA AND VALERIE DE LA FUENTE Not to be distributed without permission. The Rise of Digital Payments in Latin America João Garcia and Valerie de La Fuente CONNECT WITH US © 2021 Euromonitor International Contents 1 Introduction 2 Latin America: Connected but unbanked 6 Mexico: CoDi aims to accelerate consumer finance transformation 10 Brazil: PIX is rapidly changing the way people and businesses pay 14 What should key financial stakeholders consider next? 16 About the Authors 17 About Euromonitor International 18 How Can Euromonitor International Help? © Euromonitor International Introduction Internet use in Latin America has jumped from 50% of the population in 2015 to 66% in 2020, mostly driven by young and connected adults, especially in large countries such as Mexico and Brazil. The median age in the region is 31 years-old and 71% of households possess a smartphone. Nevertheless, the consumer finance industry is largely dependent on cash, resulting in a relatively high level of financial insecurity and exclusion across the region. Although the covid-19 pandemic accelerated instant and digital payments, there is room for development in this area to facilitate easier and faster transactions for businesses and individuals. Several governments within Latin America are implementing strategies aimed at developing a more formal financial sector, hoping to increase market digitalisation, access to financial services, control over tax payments and economic growth. As an example, Brazil lost approximately US$76 billion due to tax evasion in 2020 according to the Brazilian Institute of Planning and Taxation (ibpt), which could be drastically reduced by more intelligent and traceable payment mechanisms. In this white paper, we explore the c