In 2020, the e-commerce market in Panama brought in 2.4 billion dollars. The market is experiencing a growth rate of 20% in 2021.
Internet penetration in Panama stands at 66% of the population or 2.7 million users.
In Panama cash and online payments is the most popular payment method. The biggest cash provider is Western Union while the major card companies like VISA and Mastercard are heavily used as well.
Access to banking
In Panama, only 50% of the population has access to banking services, so online payment methods are essential for the e-commerce market to grow.