Cash: Uruguay's beloved payment method
Following the trend of Latin America, Uruguayan consumers prefer paying all sort of bills with cash. Offering different tools to enable this kind of payment method will boost e-commerce sales vertiginously.
The vibrant economy in Uruguay is translated by numbers in the last years. As you can check in our blog, internet reached the highest levels of penetration rate in Latin America and 83% of Uruguayan households have access; and this rate can jump to 94% with smartphone’s popularity. If any company is considering a country in Latin America to invest in e-commerce, this is one of the hot spots.
Just to give an idea, the use of mobile phone in Uruguay has grown remarkably in the last ten years. Estimates indicate that there are now about 5,7 million cellphones, more than the number of inhabitants, which is approximately 3.5 million. The number of people connected to the internet is also high in the country: 2.6 million people. In this environment, the potential for e-commerce business finds fertile ground for advancement. In fact, Uruguay has much to celebrate with its economy’s performance of its economy because the country has emerged due to its economic maturity: 15 years of uninterrupted growth.
Even with all this potential, the concept of internet payment is still not so widespread in Uruguay. A high percentage of the population still doesn’t have bank accounts, therefore, they are using money to make their payments instead of credit cards. And this is when having a liable partner with great expertise in this market will make the difference. Offering smart ways to facilitate payment with local currency will be a landmark for any online businesses.
For instance, we can talk about one of the main payment networks in Uruguay: RedPago. This company is very popular and present in every corner of the country, working similarly to lottery houses. Its terminals are used by people and companies to pay any bill (gas, telephone, water, cable tv, etc.) even if these basic services can be paid for over the internet.
An expressive number of services are used daily such as:
• Bill collections.
• ATM system (Mini ATM).
• Payments of subsidies and pensions.
• Supplier payments.
• Cell phone recharges.
• Issuance of parking tickets.
About BoaCompra in Uruguay
A fresh start in this exciting e-commerce market. This is what BoaCompra is after when official reports describe a GDP of $15,220 per capita and an important internet penetration rate among consumers. The cross-border payments provider – specialized in emerging markets such as Brazil, Mexico, Peru, Colombia, Chile and Turkey – offers a full coverage.
International e-commerce companies can benefit from BoaCompra’s expertise on emerging markets, monetize their products/services with a single integration, contract and settlement. Operating in Latin America since 2004, UOL BoaCompra has expanded its operations from Brazil to nine other countries in different continents. Bringing more than 150 different local payments and working with more than 300 partners, BoaCompra allows merchants to connect their digital business with more than 350 million potential online customers.
To learn more about BoaCompra in Uruguay, click here.