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The statistic presents preferred banking and payment channels among Internet users in Latin America from 2010 to 2014. It was found that ** percent of the respondents preferred to access banking and payment channels via internet on desktop/laptop computer in 2014.

Banking and payment channels in Latin America – additional information

In Latin America, people prefer to avoid the often long lines and wait times at different bank branches and take advantage of the convenience of personal banking via a desktop/laptop computer or via a mobile device. In 2010, ** percent of people in Latin America still preferred going to a branch of their bank, but in as little as four years, this percentage reduced to only * percent. Preference for using ATMs has also dropped from ** percent to only * percent.

As technology shapes the future of payments, there is less and less need for cash and with the rise of technology, there has been a significant increase in mobile banking which has increased from * percent to ** percent. In 2014, only **** percent of the population in Latin America used a smart phone. Therefore, close to ** percent of smartphone users preferred mobile banking in 2014. As smartphone user penetration increases in Latin America, it is likely that mobile banking will gain preference among a number of users. Already in 2014, it was estimated that million Latin Americans were using mobile payment. This was expected to increase to million by 2016.