The surge in digitalization in Latin America has been accelerated by the COVID-19 pandemic, as more people are working and learning from home. This shift towards online services and the digital world is expected to continue into 2021 and beyond.
One example of this trend is the increase in remote bill payments, with the launch of the UnDosTres app in Mexico leading to a 50% rise in transactions in 2020. Mobile internet access is also becoming more widespread in the region, with smartphones playing a key role in driving digitalization.
Mercado Libre’s Mercado Pago digital payment system is targeting the unbanked population in Mexico, providing a way for people without credit or debit cards to make online purchases. With around 35% of the population in Mexico being unbanked, this service is filling an important gap in the market.
While preparations for 5G networks are underway in Latin America, the rollout is expected to be slower compared to other regions like North America. Despite this delay, the region is making progress towards implementing 5G technology in the coming years.
