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E-commerce has revolutionised the way consumers are able to find and purchase goods and services online. In advanced economies, online transactions have become commonplace, with some businesses even phasing out cash payments completely. At the sametime, cash-dependent economies in emerging markets are starting to make the transition to online payment systems, embracing the benefits on offer from e-commerce.
This is particularly prevalent in Latin America (LATAM). There are approximately 300 million digital buyers, with this figure forecast to grow 25% by 2025. LATAM e-commerce volumes are also rising at over 30% per annum.
Offering tech-enabled platforms, global payment service providers allow merchants to access more consumers by providing local payment methods to emerging markets. While positive for the development of the region, rapid adoption of online payment systems has enabled the rapid rise of online retail sales but is also leading to a rise in fraudulent activities.