With the evident change in the status quo following the Covid-19 pandemic, many entrepreneurs and business owners had to give their businesses a metaphorical makeover to remain relevant and productive, including the way transactions are made. In this context, online payments seem to be the cornerstone of e-commerce finances, but do you know how they work? Here are the main ones!
Jesus Cardenas
Sep 18, 20 | 8 min read
types of online payments
Reading time: 8 minutes
Let’s be honest, digital payment methods are nothing new, so we didn’t want to be rundant with a post about their origin and history — because we already have a very complete one —, and this time we really want to give you something new that reflects the current trends in e-commerce .
In this case, our article is design to show you the real scenario of online payments in our region, as well as the most important companies in this field in Latin America.
All this taking into account the relevance that fintech has had for global economies, especially those of our hemisphere, where people have more opportunities than ever to carry out transactions , creating new methods of work, business and, of course, commercial exchange.
If you still don’t know the impact of online payments
and want to know which options have made it possible to overcome the hegemony of cash in our countries, we challenge you to read us until the end.
Overview of online payments in our region
You’ve probably chang the way you list of monaco consumer email interact with others over the past few months. But what happens when you have to pay and have to give and receive cash or hand your card to a cashier to collect the payment? It’s a little unhygienic, isn’t it?
In the case of a virtual store , there is no problem, because you do not ne to make contact with anyone else, but in the supermarket or in convenience stores it is a different story and for this reason, contactless payments emerg .
Contactless: pay without anyone touching your things
The current reality for Latin Americans reflects that 84% of people believe that contactless payments are the best option when consuming in an establishment , as shown in this article from Tyn Magazine.
In fact, in countries with massive use of cash such as Mexico, Colombia or Argentina, governments, financial institutions and even fintechs have implement digital products and services that promote online payments and prevent money or cards from passing from hand to hand.
An important fact that this article brings, and that must be taken into account, is the one provid by Mastercard where it says that 70% of consumers think that digital payments will be permanent for the future .
Now, it’s one thing to think that it’s more hygienic
and another to put it into practice, especially knowing how we behave in our countries. Therefore, discover how the use of this technology has been growing, starting with the adoption of local payment methods such as the one we will see now.
Amazon and Oxxo omnichannel payments
If you live in Mexico, you most likely have an Oxxo nearby right now. Amazon has seen this and has implement an omnichannel payment system in marketing strategies for hybrid and virtual b2b events the more than 19,000 available stores , meaning you can order through Amazon and pay in cash directly at the Oxxo .
This is a very common problem fac by e-commerce businesses in Mexico , since the use of physical money is massive and normaliz. This has made life difficult for more than one digital entrepreneur .
The news came in September of this year, and the only thing you will ne —besides the money— is to place your order on Amazon Mexico and bring a barcode on your cell phone to the nearest Oxxo to be able to order your things online easily and without complications aero leads without the ne for crit or debit cards.