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GENERAL METHODOLOGY OF MARKET REPORTS
Secondary Market Research
 The reports are compiled based on secondary market research. Secondary research is information gathered from previously published sources. Our reports are
based on information and data acquired from national and international statistical offices, industry and trade associations, business reports, business and
company databases, journals, company registries, news portals and many other reliable sources. By using various sources we ensure maximum objectivity for
reported data. As a result, companies gain a precise and unbiased impression of the market situation.
 Cross referencing of data is conducted in order to ensure validity and reliability.
 The source of information and its release date are provided on every chart. It is possible that the information contained in one chart is derived from several
sources. If this is the case, all sources are mentioned on the chart.
 The reports include mainly data from the last 12 months prior to the date of report publication. Exact publication dates are mentioned in every chart.
Definitions
 The reports take into account a broad definition of B2C E-Commerce, which might include mobile commerce. As definitions may vary among sources, exact
definition used by the source (if available) is included at the bottom of the chart.
Chart Types
 Our reports include text charts, pie charts, bar charts, rankings, line graphs and tables. Every chart contains an Action Title, which summarizes the main
idea/finding of the chart and a Subtitle, which provides necessary information about the country, the topic, units or measures of currency, and the applicable time
period(s) to which the data refers. With respect to rankings, it is possible that the summation of all categories amounts to more than 100%. In this case, multiple
answers were possible, which is noted at the bottom of the chart.
Report Structure
 Reports are comprised of the following elements, in the following order: Cover page, preface, legal notice, methodology, definitions, table of contents,
management summary (summarizing main information contained in each section of report) and report content (divided into sections and chapters). When
available, we also include forecasts in our report content. These forecasts are not our own; they are published by reliable sources. Within Global and Regional
reports, we include all major developed and emerging markets, ranked in order of importance by using evaluative criteria such as sales figures.
Notes and Currency Values
 If available, additional information about the data collection, for example the time of survey and number of people surveyed, is provided in the form of a note. In
some cases, the note (also) contains additional information needed to fully understand the contents of the respective data.
 When providing information about amounts of money, local currencies are most often used. When referencing currency values in the Action Title, the EUR
values are also provided in brackets. The conversions are made using the average currency exchange rate for the respective time period. Should the currency
figure be in the future, the average exchange rate of the past 12 months is used.

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METHODOLOGY OF THE CURRENT REPORT
Report Coverage
 This report covers the online payment market in Latin America. It takes into account a wide definition of online payment, including payment methods used in
online shopping and mobile payment, such as remote and proximity payments.
 The major countries in the region are covered, while data availability varied across the markets.
 The report includes data mostly published within the previous 12 months. The exact date of publication of the source is stated on each chart. The time period
which the data refers to differs by source.
Report Structure
 The global chapter opens the report, featuring an overview of global online and mobile payment developments.
 Next, information about regional development is included.
 The rest of the report contains market-specific information. The markets are grouped by advanced and emerging economies. Within each group, the markets are
presented in the descending order of B2C E-Commerce sales.
 Depending on data availability, the following types of market information are included: payment methods most used in E-Commerce, number and value of
online/mobile payment transactions, attitudes to online payment security and the choice of payment methods, mobile payment adoption and usage. Not all the
mentioned types of information are available for each of the covered countries.

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DEFINITIONS
 ONLINE PAYMENT
Transfer of money made over the Internet following a consumer’s payment command, includes payments for product and
service purchased in B2C E-Commerce and M-Commerce.
 MOBILE PAYMENT
A wide definition of mobile payments includes payments made remotely in M-Commerce and proximity payments made
in-store, such as via QR code scanning and NFC technology.
 MOBILE PROXIMITY PAYMENT
A mobile payment where the merchant and the consumer are present in the same location and the interaction between
the consumer’s device (card, mobile device) and the POS is conducted using a proximity technology (e.g. NFC).
 NFC
Near Field Communication, a set of standards for smartphones and similar devices to create radio communication by
bringing them close together or having them touch each other. In that way, contactless data exchange and transactions
can take place.
 ALTERNATIVE PAYMENTS
Generally refers to payment methods other than credit card or bank card payments. Widely defined, alternative online
payment methods include bank transfers and direct debit, digital wallets, pre-paid cards and private label cards, invoice,
and digital currency. May also include cash on delivery and card schemes by local companies other than global card
brands.
 E-WALLET
A prepaid digital account, allowing users to store money and use it in online or mobile transactions. The examples of E-
Wallets or digital wallets include Alipay and PayPal.
 MOBILE WALLET
A software solution that enables consumers to store payment credentials, such as credit or debit card information, and
use the stored credentials to pay digitally for transactions made in-store, online or via mobile. Mobile wallets are installed
on mobile devices which are used to complete payments. The examples of mobile wallets include Apple Pay, Samsung
Pay and Google Pay. Mobile wallets are often included in the broader category of E-Wallets or digital wallets.
 B2C E-COMMERCE The sale of products (and services) through electronic transactions via the Internet from businesses to consumers.
 M-COMMERCE
M-Commerce, also called “Mobile Commerce”, means the sale of products (and services) through transactions via
mobile devices.
The following expressions and definitions are used in this Online Payment market report*:
Note: *the definitions used by the original sources might differ from the ones stated on this chart; the exact definition used by each source, where available, is included on the respective
charts

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TABLE OF CONTENTS (1 OF 4)
1. Management Summary
2. Global Developments
• Payment Methods Accepted in Online Stores, in % of Online Stores, February 2018
• Reasons For Not Shopping Online, incl. Payment-Related, in % of Internet Users Who Do Not Shop Online, Q1 2017 & Q1 2018
• Breakdown of Card Payments by E-Commerce and POS Payments, in %, 2016 & 2022f
• Online Payment Fraud Losses, in USD billion, 2018e & 2023f
• Share of Respondents Who Would be Willing to Use Fingerprint or Other Biometric to Secure Their Payment Details, in %, 2018
• Mobile Payment User Penetration, by Region, in % of Internet Users, Q4 2017
• Proximity Mobile Payment User Penetration, by Region, in % of Smartphone Users, 2017-2022f
• Top 10 Countries by Proximity Mobile Payment User Penetration, in % of Smartphone Users, 2019f
• Share of Internet Users Who Are Likely To Use Mobile Payment Next Year, in % of Internet Users, by Region, Q1 2017 & Q1 2018
• Share of Internet Users Who Are Likely To Use Mobile Payment Next Year, in % of Internet Users, by Selected Countries, Q1 2018
• Mobile Wallet User Penetration, in % of Respondents, by China, Germany, India, Taiwan, the USA and the UK, 2018
• Number of Contactless Payment Users of Apple Pay, Samsung Pay, Google Pay and Other OEM Pay, in millions, 2018e & 2020f
• Retail Spending at Frictionless Payment Stores, in USD million, 2018e & 2023f
• IoT Payments, in USD billion, 2018e & 2023f
• IoT Payments, in USD billion, by Connected Car and Connected Home Device Payments, 2021f
3. Latin America
3.1. Regional
• Online and Mobile Payment Trends and News about Players, February 2019
• Breakdown of Online Purchases in the Past Month by Payment Method Used, in % of Online Shoppers with a Bank Account, by Selected
Countries, 2018
• Top 5 Payment Methods Used in Cross-Border E-Commerce, in % of Cross-Border Online Shoppers, by Argentina, Brazil, Chile, Mexico
and Peru, May 2018
• Share of Online Shoppers Who Believe That Secure Way to Pay is a Driver for Cross-Border Online Shopping, in %, by Brazil, Chile,
Mexico and Peru, May 2018
• Mobile Money Transaction Value, in USD billion, and Breakdown by Transaction Type, in %, Compared to Global, 2017
• Penetration of In-Store Mobile Payment App Users, in % of Banked Internet Users, by Selected Countries, 2018

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TABLE OF CONTENTS (2 OF 4)
3. Latin America (Cont.)
3.1. Regional (Cont.)
• Share of Banked Internet Users Who Have Not Used Mobile Payment Apps/ Mobile Wallets In-Store But Intend to Use Them in the Next
Year, in %, by Selected Countries, 2018
• Top Motivations to Start Using Mobile Payments Apps/Wallets In-Store, in % of Banked Internet Users Who Have Not Used and Do Not
Intend to Use Mobile Payment Apps In-Store Next Year, by Selected Countries, 2018
• Perceived Barriers to Paying via a Mobile App In-Store, in % of Banked Internet Users Who Have Not Used Mobile Payment Apps to Pay
In-Store, by Selected Countries, 2018
• Penetration of P2P Mobile Payment Users, in % of Banked Internet Users, by Selected Countries, 2018
• Awareness of FinTech, by Company Type, in % of Banked Internet Users, by Selected Countries, 2018
• Proximity Mobile Payment User Penetration, by Brazil, Mexico, Argentina, Other and Latin America Total, in % of Smartphone Users,
2017-2022f
• Number of FinTech Startups per Segment, by Brazil, Colombia and Mexico, May 2018
3.2. Brazil
• Payment Methods Preferred in E-Commerce, in % of Online Shoppers, May 2018
• Payment Methods Preferred in E-Commerce, in % of Online Shoppers, by Age Group and Gender, May 2018
• Share of Online Shoppers Who Received a Discount When Paying with a Specific Payment Method, in %, May 2018
• Breakdown of the Number of Payment Installments Used, in % of Online Shoppers, H1 2017 & H1 2018
• Share of Top 10 Payment Methods of E-Commerce Orders Placed and Approved, in %, and Approval Rate by Payment Method, in %, H1
2018
• Breakdown of Payment Methods Used in the Last Online Purchase from an International Site, in % of Cross-Border Online Shoppers,
2013 - 2017
• Top 10 Factors Considered When Making an Online Purchase Decision, incl. Payment-Related, in % of Online Shoppers, May 2018
• Breakdown of Payment Methods Used in M-Commerce, in % of Mobile Shoppers, August 2018
• Most Important Features in a M-Commerce App, incl. Payment-Related, in % of Mobile Shoppers, September 2018
• Share of Internet Users Who Are Likely To Use Mobile Payment Next Year, in % of Internet Users, Q1 2018
• Proximity Mobile Payment User Penetration, in % of Smartphone Users, 2017-2022f

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TABLE OF CONTENTS (3 OF 4)
3. Latin America (Cont.)
3.3. Argentina
• Payment Methods Used in E-Commerce, in % of Online Shoppers, 2017 & 2018
• Breakdown of E-Commerce Sales by Payment Method, in %, 2016 & 2017
• Perceived Disadvantages of Online Shopping, in % of Online Shoppers, 2016 & 2017
• Proximity Mobile Payment User Penetration, in % of Smartphone Users, 2017-2022f
3.4. Mexico
• Payment Methods Used in E-Commerce, in % of Online Shoppers, November 2018
• Payment Methods Offered in E-Commerce, in % of Online Merchants, November 2018
• Payment Methods Used in E-Commerce, in % of Online Shoppers, by Online Shoppers With and Without a Bank Account, May 2018
• Breakdown of the Level of Satisfaction With Online Shopping, in % of Online Shoppers, and Problems Encountered Among Those Who
Are Insufficiently Satisfied, in %, May 2018
• Top 3 Reasons for Not Shopping Online, in % of Internet Users Who Do Not Shop Online, 2016 & 2018
• FinTech Payment Methods Used to Make Purchases or Payments Online, in % of Online Shoppers Who Used FinTech Payments, July
2018
• Number of Authorized Payment Transactions on E-Commerce Websites, in millions, Value, in MXN billion, and Authorization Rate, in %
of Transactions and in % of Transaction Value, by Credit Cards and Debit Cards, Q1 2016 – Q3 2018
• Chargeback Rate, in % of Number of Authorized Payment Transactions on E-Commerce Websites and in % of Their Value, by Credit
Cards and Debit Cards, Q1 2016 – Q3 2018
• Share of Online Shoppers Who Stored Information With an Online Merchant and Type of Information Stored with an Online Merchant, in
% of Online Shoppers, 2018
• Reasons for Not Storing Personal Information With Online Merchants, in % of Online Shoppers Who Do Not Store Personal Information
With Online Merchants, 2018
• Share of Internet Users Who Are Likely To Use Mobile Payment Next Year, in % of Internet Users, Q1 2018
• Proximity Mobile Payment User Penetration, in % of Smartphone Users, 2017-2022f

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TABLE OF CONTENTS (4 OF 4)
3. Latin America (Cont.)
3.5. Colombia
• Payment Methods Used in E-Commerce, in % of Online Shoppers, by Shoppers With and Without a Bank Account, in % of Online
Shoppers, May 2018
• Payment-Related Aspects Considered When Shopping Online, in % of Online Shoppers, May 2018
• Breakdown of Card Payment Transactions in E-Commerce, by Credit Card and Debit Card, in %, 2016 & 2017
• Top Reasons for Not Shopping Online, incl. Delivery-Related, in % of Internet Users Who Do Not Shop Online, 2017
3.6. Chile
• Payment Methods Used in E-Commerce, in % of Online Shoppers, 2017 & 2018
3.7. Dominican Republic
• Breakdown of Online Purchases in the Past Month by Payment Method Used, in % of Online Shoppers with a Bank Account, 2018
• Domestic E-Commerce Transactions with Payment Cards, incl. Number, in thousands, and Value, in DOP million, by Card Type, 2014 -
2018
• International E-Commerce Transactions with Payment Cards, incl. Number, in thousands, and Value, in DOP million, by Card Type, 2014
- 2018
3.8. Peru
• Breakdown of Online Purchases in the Past Month by Payment Method Used, in % of Online Shoppers with a Bank Account, 2018
• Important Aspects in E-Commerce, in % of Online Shoppers, July 2018
3.9. Venezuela
• Share of Online Shoppers Paying Online Compared to Cash on Delivery, in %, 2017
3.10. Costa Rica
• Share of Online Shoppers Paying Online Compared to Cash on Delivery, in %, 2017

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1. Management Summary 11 – 14
2. Global Developments 15 – 30
3.
3.1.
3.2.
3.3.
3.4.
3.5.
3.6.
3.7.
3.8.
3.9.
3.10.
Latin America
Regional
Brazil
Argentina
Mexico
Colombia
Chile
Dominican Republic
Peru
Venezuela
Costa Rica
31 – 92
32 – 44
45 – 56
57 – 61
62 – 74
75 – 79
80 – 81
82 – 85
86 – 88
89 – 90
91 – 92

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2%
1%
3%
3%
4%
5%
5%
6%
7%
8%
12%
33%
65%
65%
0% 25% 50% 75% 100%
Other
Payment at a Pharmacy
QR Code Payment
Referred Bank Payment
Gift Card
Payment at a Supermarket
Prepaid Card
Payment at a Department Store
Payment at a Convenience Store
Cash on Delivery
Bank Deposit
E-Wallet
Debit Card
Credit Card
in % of Online Shoppers
“Debit Card” and “Credit Card” were the top payment methods in
Mexican E-Commerce, used by 65% of shoppers, as of Nov. 2018.
Mexico: Payment Methods Used in E-Commerce, in % of Online Shoppers, November 2018
Note: does not add up to 100% due to multiple answers possible
Survey: based on a survey of 1,837 Internet users aged 18+, conducted in November 2018; the base of respondents to this question were online shoppers (60% of all respondents)
who purchased over the Internet in the previous 3 months
Source: Asociacion de Internet.mx, Estadistica Digital, Claro-shop.com, Mabe, VISA, Walmart.com.mx, December 2018

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When purchasing via mobile, six in ten shoppers in Brazil paid with
a “Credit Card” and 28% via “Boleto Bancario”, as of Aug. 2018.
Brazil: Breakdown of Payment Methods Used in M-Commerce, in % of Mobile Shoppers, August 2018
Survey: based on a survey of 2,069 Internet users with a smartphone, conducted online in August 2018; margin of error 2.2 p.p. at 95% confidence level; question asked: “Which
means of payment do you use to purchase physical products via your mobile phone?“; the base of respondents to this question was 1,647 (who have purchased physical
products via their mobile phone)
Source: Mobile Time, Opinion Box, September 2018
Credit Card
60%
Boleto Bancario
28%
Digital Wallet
10%
Other
2%

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