Despite the complexities that COVID-19 brings to the market, 64% of banks and fintechs in the region anticipate increased funding for their projects. The new report by Omdia and OpenWay reveals innovation and investment priorities of payment providers in Argentina, Brazil, Chile, Colombia, Mexico and Peru. 178 traditional retail banks, neobanks, regulated payment fintechs and processors in Latin America contributed to a survey in Q3 2020.
The resulting report sheds light on the current attitudes, business objectives, and challenges facing each respondent company, and on the role of investments in payments technology both now and in the future.
The sample chart reproduced below from the report shows key criteria for respondents in Latin America when deciding whether to migrate from a legacy system to a new one:
Table of contents:
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The digital evolution in the Latin American retail payments landscape
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Research summary
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Recommendations for banks
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The greatest opportunities in payments
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Key drivers for investment in payments
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Digital wallets vs. cards, traditional banks vs. neobanks
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How and what technology can speed up innovations?
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Payment systems infrastructure and management
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Methodology
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Appendix
About the authors
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OpenWay is the only best-in-class provider of digital payment software solutions for card issuing, digital wallets, merchant acquiring, BNPL, transaction switching, tokenization, and fleet payments, and the best cloud payment systems provider as rated by Gartner, Aite (Datos Insights), Ovum (Omdia), Juniper Research, and PayTech. Top-tier banks and processors, as well as ambitious fintech startups, have chosen OpenWay as their strategic partner. With its unique capabilities in card issuing, BNPL, merchant acquiring, transaction switching, digital wallets, and fleet payments, the Way4 software platform guarantees an unparalleled customer payment experience.
