PayU LatAm grows user base and expects to hit $8bn across 300 million transactions in 2021
By Edlyn Cardoza
PayU, the FinTech and e-payments business of Prosus, recently launched its report titled “Ecommerce in Latin America,” highlighting its Latin America business has seen a 400% increase in payments processing in the last three years. With the Covid-19 pandemic influencing consumer shopping habits, e-commerce has seen significant and sustained growth across Latin America, positioning the region as one of the most attractive retailers worldwide.
Francisco León, General Director of PayU Latin America, shares: “Although we are not yet over the pandemic, PayU views the e-commerce landscape with great optimism. We saw thousands of businesses adapt quickly towards digital alternatives, not only enabling successful digital offerings, but also experiencing growth at a surprising pace. Our customers, through our platform, have been able to expand their market reach globally thanks to our presence in more than 50 countries around the world.”
With more than half of the Latin American population expected to enter the banking system by the end of 2021, PayU has seen record growth as consumers increasingly turned to online shopping throughout the pandemic.
- PayU’s monthly buyer base in Colombia has grown by 49% from 2020 to 2021, with the e-commerce market growing by 19% in 2019, 46% in 2020, and 19% between January and August 2021.
- In Brazil, PayU recorded a 71% growth compared to 2019. Forecasts for 2021 are predicting a 61% growth across 47m transactions compared to 2020.
- E-commerce in Mexico has been growing steadily through PayU in recent years, with an annual sales growth of 50% in 2019, 41% in 2020, and 19% so far in 2021.
- PayU Argentina has expanded its user base and generated a wider use of online transactions. In 2020, the country billed $255 million through PayU, representing an increase of 118% compared to 2019. So far, in 2021, PayU Argentina has already generated a processing volume of $356 million.
- Peru processed $8 million in 2015, and by the end of August 2021, the country had already processed more than 27m transactions totalling $486 million.
- PayU has contributed to the sustained expansion of e-commerce in Chile over the last three years, recording sales growth of 127% in 2019, 182% in 2020, and 317% between January to August 2021.
With the Latin American market representing a huge opportunity for global retailers, PayU’s integration capabilities ensure secure transactions while offering the best customer experience and offers tailored to new and emerging consumer habits. PayU’s technology enables merchants to process more than 600 transactions per second, putting it as the preferred platform for over 40,000 merchants across the region.
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