Latin Americans have moved away from cash as their favored method of payment. Instead, note partner Jesús Moreno Sosa and colleagues, the share of people who said in a survey that cash is their preferred payment method was cut in half between 2021 and 2023, while the proportion who named a noncash payment method more than doubled, with debit cards making the biggest gains.
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Five pairs of circles show changes in preferred payment methods for Latin Americans’ in-person purchases between 2021 and 2023. The numbers are from 9,440 respondents in a June 2021 survey and 6,008 respondents in a July 2023 survey. The size of each circle represents the share of respondents selecting the payment method as preferred. The 59% share preferring cash payments in 2021 decreased to 30% in 2023. The 16% share preferring debit card payments in 2021 increased to 36% in 2023. The 7% share preferring credit card payments in 2021 increased to 18% in 2023. The 6% share preferring digital payments in 2021 increased to 10% in 2023. The 12% share preferring other types of payments in 2021 decreased to 6% in 2023.
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To read the article, see “The rapid evolution of payments in Latin America,” May 7, 2024.