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:
The digital evolution in the Latin American retail payments landscape
Research summary
Recommendations for banks
The greatest opportunities in payments
Key drivers for investment in payments
Digital wallets vs. cards, traditional banks vs. neobanks
How and what technology can speed up innovations?
Payment systems infrastructure and management
Methodology
Appendix