A silent transformation is reshaping commerce across Latin America. The region’s largest e-commerce platforms are no longer just online marketplaces—they have evolved into full-fledged financial ecosystems, offering credit, processing payments, managing digital wallets, and, in many cases, generating more revenue from financial services than from product sales.
This phenomenon is known as embedded finance, but its impact is anything but abstract. When a consumer in Bogotá buys a smartphone through Addi without needing a credit card, or when a Rappi courier in Mexico City accesses an advance on future earnings directly through the same app used to receive deliveries, we are witnessing the convergence of commerce and banking that is defining the industry’s next chapter.
1. BNPL: From Global Trend to Regional Infrastructure
Latin America offers the ideal conditions for Buy Now, Pay Later (BNPL) to become far more than an imported payment trend. The region continues to face significant gaps in access to formal credit. In Mexico, 49.5% of adults have no access to bank credit (according to Lounn), while in Brazil, ProgressSoft reports that 69% of citizens do not own a credit card.
This structural gap, combined with the rapid expansion of e-commerce—which Endeavor Mexico estimates will reach USD 215 billion in 2026, growing 1.5 times faster than the global average—created the perfect environment for BNPL to flourish. Globally, the BNPL market reached USD 560 billion in 2025 (Chargeflow), while Research and Markets projects Mexico’s BNPL sector will grow 27.6% annually, reaching USD 5.08 billion by 2026.
Measurable Impact: The Real Value of BNPL
The key question for retailers is simple: Does BNPL actually drive business results? The data says yes.
- Average order value: Increases between 30% and 50%. Merchants using Aplazo in Mexico have reported increases of up to 30% in average ticket size (Marketing4ecommerce), while Cardify estimates consumers spend around 40% more.
- Conversion rate: Improves by an average of 20% when BNPL is strategically implemented (AMVO). Platforms such as Kueski Pay have even reported a remarkable 66% increase in sales (Dinero en Imagen).
- Cart abandonment: Drops significantly—between 28% and 35%—by removing the barrier of immediate full payment for consumers with limited liquidity (Conversios).
Key insight: During Hot Sale Mexico 2025, 87% of consumers used some form of financing, while 31% paid directly with BNPL, confirming it as one of the fastest-growing payment methods in the region (Xataka México).
2. Digital Wallets: The Invisible Financial Layer
If BNPL is what helps close the sale, integrated digital wallets are the infrastructure that sustains the customer relationship over time.
In Mexico, more than 50% of mobile users already use a digital wallet, accounting for 28% of total e-commerce transaction value (Marketing4ecommerce).
Platforms such as Mercado Pago, RappiPay, and DiDi have evolved far beyond simple payment buttons. They now function as comprehensive financial operating systems. Contactless payments grew by more than 150% in 2025 (Inversor Latam), while 84% of online purchases in Latin America are completed via smartphones, making mobile wallets the natural interface for digital commerce.
3. The Retail Fintech Giants
The convergence between retail and financial services is no longer a future trend—it is today’s competitive reality, led by some of the region’s most influential platforms.
Mercado Libre / Mercado Pago
The benchmark case in Latin America. During Q4 2025, Mercado Libre generated USD 3.8 billion in net revenue, with financial services representing 43% of total company revenue. The platform serves 78 million active users and manages a USD 12.5 billion credit portfolio (BusinessWire).
Rappi / RappiPay
Rappi’s advantage lies in its high transaction frequency. The company recently partnered with Banco Galicia in Argentina and expanded its financial ecosystem in Mexico through the integration of RappiCard with Banorte (Mobile Money Latam; Xataka México).
DiDi
With more than 30 million users in Mexico, DiDi leverages mobility data to power sophisticated risk models and extend digital credit to traditionally underserved populations (Diario Cambio 22).
Addi
The Colombian Fintech closed 2025 with 2.7 million consumers and USD 3.6 billion in originated loans. If Addi were a credit card issuer, it would rank as the third largest in Colombia, while maintaining an exceptionally low 1.1% delinquency rate (Forbes Colombia).
Conclusion
The line separating retail from financial services in Latin America has not merely blurred—it has effectively disappeared.
With the global embedded finance market projected to reach USD 138 billion by 2026 (Fintech Americas), one message is clear: the future of commerce in Latin America is financial.
Platforms that integrate lending, payments, and customer data are not simply adding another feature—they are building the dominant business model of the next decade.
Are You Ready to Lead the Next Decade of Commerce in Latin America?
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