Ecuador Profile: Ecuador Lagging Behind in Digital-Payment Transition

11 Sep, 2020 . 4 minutes

Ecuador is a developing country with a population estimated at 17.6 million in 2020. The average highest online spending is by the 25-years-to-34-years age group at 27.3 percent last year. B2C ecommerce users are expected to increase 10.9 percent year on year and are expected to increase to 5 million users this year.

Internet penetration was 69 percent in January - little changed from 2019. The 2014 decline in oil prices left the country in an economic downturn. But Ecuador is expected to support the growth of B2C ecommerce users to reach an average transaction value of US$340.1 per user and make total transaction value US$1.71 billion by the end of 2020.

Ecuador is trying to drive more ATM transactions. ATM networks are cost effective and can provide multiple payment services. After the pandemic there was little demand to move from cash to digital payments because the economic system is predominantly cash-based. As a result of the nation's economic situation Ecuador's progress to a digital economy is lagging behind others in South America.

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