The pandemic and restrictions on physical contact favored the increase in digital payments in the region and rising numbers continue to be reported, which implies that other factors, such as the opening of the acquisition model, are driving this trend.

According to Geopagos, a leading company in Latin America in the creation of digital payment platforms and networks, from December 23 to 25, 2021, and compared to the same period in 2020, an increase of 131% was recorded in the number of transactions carried out through its platform.

This growth was driven by the adoption of new habits by consumers and also by the changes that the acquisition business in Latin America has been experiencing towards a multi-brand acquirer model, which encourages competition and generates income from third parties. This began in Brazil in 2010, and has already spread to other countries in the region such as Argentina, Chile, Colombia and Peru.

Regarding the electronic payment methods chosen, the largest increases in the same period, according to Geopagos data, were by QR code (336%) and contactless payments (329%), although CHIP and ecommerce transactions also increased 182% and 23% respectively compared to 2020.

“We believe in the potential of digital payments so everyone can grow their businesses,” said Javier Attie, COO of Geopagos. "We have a very clear objective: more users, more transactions, more volume and more inclusion. To achieve this, we plan to expand the infrastructure, generate new products, boost ecommerce penetration and continue generating business opportunities in the different markets of the region. We have high expectations for 2022. We are going to continue working so that no business loses a sale."