Impressive Opportunities in the Emerging Guatemalan eCommerce Landscape
As of 2021, Mexico had 89.5 million internet users, which accounted for 75.7% of the population over six
Cash remains a major payment method in Mexico. In 2021, it was the most commonly used payment method for purchases under MXN500 ($24.79), with 90.1% of Mexicans (75.4 million people) using cash, 6.2% using debit cards, 1.2% using credit cards, and 2.1% using other payment instruments.
Security concerns and a large informal sector are obstacles to Mexico's digital ecosystem
Mexico's internet users predominantly use smartphones to access the internet, with 98% relying on them for connectivity
Only 22% of Mexico's internet users buy goods online, and just 17.6% conduct banking operations online
30% of Mexico's internet users are concerned about online fraud, and 28% are not willing to share banking information online
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Amidst a population of over 17 million, there was a notable shift to online shopping, especially during the pandemic, exemplifying the populace's increasing comfort with digital transactions. |
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The COVID-19 pandemic brought significant change. Mainstream markets and retail chains ventured into the online space, and there was a noteworthy rise in the usage of delivery apps. |
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Guatemala's B2C eCommerce dynamics are evident in sectors like electronics, clothing, and personal care, with an increasing number of businesses going digital. |
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Many Guatemalans have familial or business ties in the United States, establishing a robust conduit for goods and services ordered from the U.S. but delivered to Guatemala. |
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A study in 2021 by the Guatemalan Chamber of Commerce revealed half of Guatemalans shopped online in 2020. |
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Most of Guatemala's international eCommerce transactions are with the U.S., though European and Mexican markets are also gaining traction. |
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Mobile devices are becoming indispensable tools for Guatemalan businesses, especially among SMEs, as digital integration accelerates. |
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Social media engagement is strong, with platforms like Facebook having a significant user base, illustrating Guatemala's robust digital presence in Central America. |
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International online sales and local online sales in 2020 grew by 60% and 118%, respectively. |
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The Guatemalan government and some institutions have adopted eCommerce, offering interactive services online. |
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In 2020, over US$240 million was billed nationwide from online sales. |
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Understanding local payment intricacies is critical for businesses looking to thrive in this burgeoning market. The Dominican Republic, much like other rapidly growing economies, offers a mix of traditional and modern payment methods.
Companies can confidently navigate the waters of the Dominican payment landscape with MassPay, offering solutions aligned with local preferences. From processing transactions that cater to the unique market to integrating with local and regional payment gateways, MassPay enables businesses to reach new heights.
Effortless Payment Gateway Integration: Smooth integrations with both local and international payment channels, broadening your business's reach.
Proactive Fraud Detection: Robust security features tailored to the unique challenges of the Guatemalan eCommerce market.
Safe and regulatory-compliant transactions
MassPay emphasizes rigorous security measures, leveraging cutting-edge technologies to shield transactional data. Our rigorous safety protocols meet the industry's highest benchmarks, guaranteeing total transactional safety.
Payout and payment
preferences (in local
currency)
Transactions in the Guatemalan Quetzal (GTQ) significantly enhance a brand's rapport with local shoppers. MassPay seamlessly adapts to the predominant local payment techniques.
Simplified transaction handling
MassPay's compatibility with leading payment modalities guarantees smooth interactions with Guatemalan consumers. This targeted approach enhances business visibility and fosters trust with local clients.
Forex Solutions
MassPay offers a platform furnished with competitive exchange rates and transparent fee structures. With our comprehensive toolkit and expert insights, navigating the intricate realm of foreign exchange becomes a breeze.
Real-time data and analytics
MassPay equips businesses with instant access to transactional reports and metrics, granting them superior control over operational strategies and aiding in optimizing financial management.
Tax Processes
Built For The Gig Economy.
Our frictionless contractor tax process includes everything you need to meet IRS 1099 & 1042-S requirements.
SINGLE PANE OF GLASS
FOR YOUR PAYOUT OPERATIONS
All of your payout operations are accessible from an easy to access, easy to use dashboard that is available wherever you are with whatever device(s) you prefer.
Cash
Like many countries, cash remains a significant transaction method in Guatemala. Several payment platforms, like PayU, even facilitate cash payments through local convenience stores such as Punto Express, Banrural, Bantrab, and BAM, indicating the enduring importance of physical currency in the digital realm.
Credit and debit cards
As the digital spine of eCommerce, debit, and credit card payments dominate online transactions in Guatemala. With Guatemalan giants like Conekta and PagoFacil in play, merchants have the assurance that a vast majority of card brands are supported, widening the net of potential customers.
Bank transfers
Modern banking in Guatemala isn’t just about savings or checking accounts. Online banking has become the norm, offering users the convenience of round-the-clock fund transfers, bill payments, and swift access to account details. Platforms like PayU further facilitate bank transfers from various local banks—this adds another layer of convenience for customers.
Mobile Payments
Mobile payments are carving a niche in the Guatemalan market as smartphone penetration grows. Leading the way are platforms like Stripe, which support popular digital payment options like Apple Pay and Google Pay for a rapid, secure, and efficient payment experience on the go.
Electronic Funds Transfer (EFT)
EFTs, with their foundation in the secure electronic movement of money between bank accounts, are finding favor among Guatemalan businesses. By leveraging platforms such as TecnoCommerce, merchants facilitate EFTs and gain access to real-time transaction data, empowering them with more control and oversight in their payment processes.
Payouts in Guatemala
Apart from transaction facilitation, MassPay offers extensive disbursement services in Guatemala, allowing for secure and swift funds transfer to any bank account. Our vast alliance of local banks and service providers will enable businesses to facilitate payouts without concerns over exorbitant fees or extended delays.
Don't let traditional payment methods hold your business back in Guatemala. Embrace the growing digital landscape and tap into the market's full potential with MassPay's comprehensive payment solutions.
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