The rise of digital wallets has been driven by major transformations in payment processes worldwide. Their prominence is heightened by the shift towards a mobile-first society. This is seen in Latin America, where in 2023, approximately 65% of the population were using mobile internet, which is expected to rise to 72% by 2030.

At the center of this complexity, one trend stands out:

Understanding digital wallets is now essential to compete.

The rise of Digital Wallets in emerging markets

Platforms like PicPay are reshaping how consumers interact with money by enabling faster payments, stronger security and broader access to financial services. As a result, digital wallets now play a key role in e-commerce growth and financial inclusion across Latin America.

Digital wallets allow users to store funds, verify identity and pay instantly often without cards or traditional bank accounts. In emerging markets, they are becoming the foundation of financial access.

Why adoption is accelerating

The adoption of digital wallets is closely linked to mobile-first behavior and limited access to traditional banking tools.

Mobile internet usage has expanded rapidly across the region, allowing millions of consumers to manage finances directly from their smartphones. At the same time, a significant share of the population remains underbanked or without access to credit cards. Digital wallets address this gap by enabling online account creation, local funding methods and instant payments, often without the need for a traditional bank relationship.

Simple onboarding, intuitive interfaces and low friction at checkout have made wallets especially attractive to users who were previously excluded from digital commerce.

Adoption trends across the region

Digital wallet usage continues to rise across Latin America, although adoption levels vary by country.

In Brazil and Chile, wallets represent a consistent share of online transactions. In Mexico and Peru, adoption is even higher, supported by strong mobile usage and declining reliance on cash-based vouchers. Colombia shows strong wallet usage in in-person payments, while Argentina stands out for its high overall adoption, driven in part by economic volatility and interest-bearing digital balances.

Despite these differences, digital wallets are becoming an essential payment method throughout the region.

Why Digital Wallets work in LATAM

• Low card access: wallets enable cash-to-digital, transfers and QR payments

• Fraud concerns: tokenization, biometrics and real-time verification reduce risk

• Currency volatility: multi-currency balances and local settlement add stability

• Mobile-first UX: fast checkout, instant refunds and recurring payments

This is why wallets increasingly outperform cards.

For companies operating in the region, enabling digital wallets is a critical step toward sustainable growth and scalability.

How Beeteller supports digital wallets in LATAM

Beeteller helps global merchants navigate wallet diversity, local rails and regulation.

• Unified access to wallets, cards, vouchers and bank transfers

• Real-time cross-border settlement

• Compliance aligned with LATAM regulations

• Optimized checkout for higher conversion

Ready to unlock LATAM’s growth with Digital Wallets?

Schedule a call with our specialists and discover how to activate the most powerful digital wallet infrastructure in Latin America.

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