South America Digital Wallet market was valued at US$4,959.383 million in 2019. The region is experiencing a substantial rise in the number of smartphone users as well as growing penetration of the internet in countries like Brazil and Argentina. With this, the adoption of digital wallets is also increasing which is driving the South America digital wallet market growth. Supportive government policies and initiatives to boost digitalization is also leading to the growth of this regional market during the forecast period. The growing e-commerce industry in South American countries is also a significant driver of the digital wallet market across this region. According to the Cámara Argentina de Comercio Electronico (CACE), the e-commerce sales volume for Argentina surged by 56 percent in the first half of 2019 as compared to the same period in 2019 with total sales amounted to more than US$2.5 billion.
The presence of major digital wallet service providers such as Samsung Pay, Google Pay, Mercado Pago, and Apple Pay is also contributing to the South American digital wallet market growth. Increasing usage of car services apps with more users and enhanced payment experience is also supporting the market growth across this region. Uber, for instance, has recently launched in Brazil Uber Cash: a digital wallet that offers pre-paid payment options for all of the services offered by the company. The recent COVID-19 global pandemic outbreak has become one of the major drivers of the digital wallet market in South America. Mandatory quarantine and social distancing laws implemented by governments are making digital wallets a necessity, thereby driving the regional market growth.
South America Digital wallet market has been segmented based on the device and application. By device, the market has been segmented as PCs/laptops and smartphones. By application, South America digital wallet market has been classified into money transfer, recharge, movie booking, food ordering, and others. By country, the South American digital wallet market has been segmented into Brazil, Argentina, and Others.