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Ecuador

Discover the payments market in Ecuador

In Ecuador, the e-commerce market is worth 1 billion dollars and continues to grow. In fact, the country is viewed as a major powerhouse for e-commerce companies.

The market in Ecuador

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E-commerce

The e-commerce market in Ecuador is expected to hit 1.6 billion dollars in 2021.

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Internet penetration

Internet penetration in Ecuador stands at 71% of the population or 12 million internet users.

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Payment methods

Local credit and debit cards are the preferred options when carrying out transactions in Ecuador. The solutions of Banco Guayaquil (online & cash) and Pago Efectivo cover most of the market.

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Access to banking

In Ecuador, 60% of the population uses banking services and 93% have a smartphone. Digital payment methods are currently on the rise in Ecuador.

Payment methods

Ecuador

Efectivo

Online