New report from PayU LatAm showcases significant growth in its user base with strong performance across financial institutions, telecommunications and other critical sectors
Amsterdam, Netherlands – 4th November, 2021: PayU, the fintech and e-payments business of Prosus, today launches its report titled “Ecommerce in Latin America,” highlighting its Latin America business has seen a 400% increase in payments processing in the last three years. With the Covid-19 pandemic influencing consumer shopping habits, e-commerce growth has seen significant and sustained growth across Latin America, positioning the region as one of the most attractive for retailers worldwide.
Francisco León, General Director of PayU Latin America shares: “Although we are not yet over the pandemic, PayU views the e-commerce landscape with great optimism. We saw thousands of businesses adapt quickly towards digital alternatives, not only enabling successful digital offerings, but also experiencing growth at a surprising pace. Our customers, through our platform, have been able to expand their market reach globally thanks to our presence in more than 50 countries around the world.”
With more than half of the Latin American population expected to enter the banking system by the end of 2021, PayU has seen record growth as consumers increasingly turned to online shopping throughout the pandemic.
- PayU’s monthly buyer base in Colombia has grown by 49% from 2020 to 2021, with the e-commerce market growing by 19% in 2019, 46% in 2020, and 19% between January and August 2021.
- In Brazil PayU recorded a 71% growth compared to 2019. Forecasts for 2021 are predicting a 61% growth across 47m transactions compared to 2020.
- E-commerce in Mexico has been growing steadily through PayU in recent years, with an annual sales growth of 50% in 2019, 41% in 2020, and 19% so far in 2021.
- PayU Argentina has not only expanded its user base, but also generated a wider use of online transactions. In 2020, the country billed $255m through PayU, representing an increase of 118% compared to 2019. So far in 2021, PayU Argentina has already generated a processing volume of $356m.
- Peru processed $8m in 2015, and by the end of August 2021, the country had already processed more than 27m transactions totalling $486m.
- In the last three years, PayU has contributed to the sustained expansion of e-commerce in Chile, recording sales growth of 127% in 2019, 182% in 2020, and 317% between January to August 2021.
With the Latin American market representing a huge opportunity for global retailers, PayU’s integration capabilities ensure secure transactions, while offering the best customer experience and offers that are tailored to new and emerging consumer habits. PayU’s technology enables merchants to process more than 600 transactions per second, putting it as the preferred platform for over 40,000 merchants across the region.
More interesting facts and insights from across Latin America can be found in “Ecommerce in Latin America”, available here. Download the report to find out which Latin American markets present the biggest opportunities for emerging e-commerce leaders in 2021 and beyond.
PayU is the payments and fintech business of Prosus, a global consumer internet group and one of the largest technology investors in the world. PayU is a leading online payment service provider, operating in 50+ high growth markets, dedicated to creating cutting-edge financial services tailored to the needs of over 300,000 merchants and millions of consumers. Focused on empowering people through financial services and creating a world without financial borders where everyone can prosper, PayU is one of the biggest investors in the fintech space, with investments totalling $1 billion to date.
Local operations in Asia, Central and Eastern Europe, Latin America, the Middle East and Africa enable PayU to combine the expertise of high growth companies with its own unique local knowledge and technology to ensure that online customers have access to the best financial services. For more information please visit: https://corporate.payu.com/.
Prosus, the owner of PayU, has a primary listing on Euronext Amsterdam (AEX:PRX) and a secondary listing on the JSE Limited (XJSE:PRX), and is majority owned by Naspers. For more information on PayU, please visit: https://corporate.payu.com/.