Digital payments surge in Latin America as cash use declines and FinTech growth accelerates

Latin America’s financial ecosystem is rapidly digitizing, with mobile wallets, real-time transfers, and BNPL solutions driving a shift away from cash and traditional banking. According to PYMNTS, digital payments are projected to account for 66% of online and 49% of in-store transaction value by 2030, while cash’s share of in-store transactions has fallen from 67% in 2014 to 25% in 2024. Government-backed systems like Brazil’s Pix (64 billion transactions in 2024) and a booming FinTech sector (3,069 firms across 26 countries) are promoting financial inclusion and reshaping consumer and business behavior. Continued growth will require investment, regulatory alignment, and public-private collaboration to sustain accessibility and interoperability.