Latin America and the Caribbean (LAC) includes 26 developing countries that range from small island nations to large economies, such as Brazil and Mexico, with wide diversity in income levels and financial sector development. According to the Global Findex Database 2017, wide access to digital technology could enable rapid growth in financial technology use: 55 percent of adults own a mobile phone and have access to the internet, 15 percentage points more than the developing world average.
The share of adults making or receiving digital payments has risen by about 8 percentage points or more since 2014, in such economies as Bolivia, Brazil, Colombia, Haiti, and Peru. About 20 percent of adults with an account use mobile or the internet to make a transaction through an account in Argentina, Brazil, and Costa Rica.
As stated in the Global Findex Report 2017, by digitizing cash wage payments, businesses could expand account ownership to up to 30 million unbanked adults—almost 90 percent of whom have a mobile phone.