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payment trends. Argentina, for in- commercial approaches accordingly. "Keep in mind what works in one country
stance, is notable for being hesitant may not work in another," he said.
when it comes to accepting new pay-
ment methods such as ewallets or Leveraging investment, business opportunities
cryptocurrency. And Brazil still le- Passarelli mentioned investors sometimes associate Latin America with "old
verages cash for many transactions economy" industries such as oil production and basic materials, rather than
whereas mobile commerce is king in ecommerce, private entrepreneurship and internet-related businesses, which
Mexico. also have a strong presence in the region. Despite accelerating digitalization,
he noted, there is still room for investments in optimizing the consumer jour-
"More generally, most Latin Ameri- ney and finding new ways to intersect technology platforms with ecommerce
can consumers prefer domestic pay- offerings.
ment methods, including when they
shop online," he said. "Across the Gomes agreed increased IT infrastructure investments and business-friendly
region, the use of domestic credit regulators have helped digital-native industries scale in Latin America. "This
and debit cards, prepaid cards, bank undoubtedly sets an important trend for those who wish to invest in the region
transfer solutions and merchant wal- and contribute with ideas, expertise, and advancements," he said.
lets, account for the vast majority of
transactions." Passarelli said he expects the massive offline-to-online migration to continue
long-term. "Consumers who started buying online more frequently and across
Language barriers are prevalent a broader set of categories during the pandemic are likely to maintain their
across the region, he added, noting habits, especially as fulfillment and user experience continue to improve," he
the EF English Proficiency Index said. "This is particularly true for Latin America's growing young population,
found English skills improving at a whose interest in online shopping and digital commerce has continued to
slow rate compared to other regions, boom since 2019, giving rise to substantial momentum for growth as the 21st
with young Latin Americans no more century progresses."
confident in English than their elders.
Dale S. Laszig, senior staff writer at The Green Sheet and managing director at DSL Direct LLC, is
"Whilst we are becoming more in- a payments industry journalist and content strategist. Connect via email dale@dsldirectllc.com,
ternationalized in many ways, the LinkedIn www.linkedin.com/in/dalelaszig and Twitte @DSLdirect.
pandemic has, in some cases, sparked
evidence of economic deglobaliza-
tion," Passarelli said. "And ultimately,
cultural setups that motivate human
or buyer behavior have not disap-
peared."

Failing to incorporate cultural diver-
sity into a company's sales strategy
can severely impact a brand, Pas-
sarelli noted, adding there are multi-
ple factors to consider when it comes
to cultural nuances and tailoring
sales approaches accordingly, includ-
ing communication, security, trust
and localization.

Howard advised service providers to
assess each Latin American market
on its own merits. "As with entering
any market, it is always advisable to
know what your customers' needs
are and meet them," he said. "Latin
America is a diverse region; compa-
nies should have a tailored approach
to serve each country within that re-
gion."

Gomes encouraged enterprises to re-
search each country's context, needs
and environmental behavior and per-
sonalize their service offerings and

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