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TRADITIONAL BANKING INSTITUTIONS VYING FOR DIGITAL CUSTOMERS THROUGH THE FINTECH ROUTE IN LATIN AMERICA
ResearchAndMarkets . com report reveals rising investment in digital payments infrastructure is aiding the growth of the LATAM prepaid card market .
The prepaid card market in Latin America increased at a CAGR of 8.8 % during 2019 – 2023 , according to a Q1 2024 report from ResearchAndMarkets . com into the LATAM Prepaid Card and Digital Wallet market .
This report provides a detailed data centric analysis of prepaid payment instruments , covering spend through prepaid cards and digital wallets across retail and corporate consumer segments . In addition , it provides a snapshot of LATAM consumer behaviour and retail spend dynamics in Latin America .
The report reveals that over the forecast period of 2024 to 2028 , the market is expected to record a CAGR of 10.7 %
According to the report , a thriving fintech ecosystem , coupled with the rising investment in digital payments infrastructure , is aiding the growth of the LATAM prepaid card market .
The report reveals that over the forecast period of 2024 to 2028 , the market is expected to record a CAGR of 10.7 % – increasing from US $ 62.96 billion in 2023 to reach US $ 109.38 billion by 2028 .
In 2024 , prepaid payment instrument providers , including digital wallets and prepaid cards were expected to accelerate their regional expansion – tapping into the growing demand for such solutions .
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