2.1. The strategic significance of markets like Brazil, Chile, Colombia, Hong Kong, India, Mexico, South Africa, and the UAE
2.2. Strategic benefits of entering and scaling in high-growth markets
03 DRIVERS OF E-COMMERCE GROWTH
3.1. These are our key Drivers of E-Commerce Growth
3.2. Demographics: Young, Connected, and Growing
3.3. Rising Incomes and Expanding Consumer Classes
3.4. Digital and Financial Inclusion
04 PAYMENT TRENDS SHAPING HIGH-GROWTH MARKETS
4.1. The Real-Time Payments Revolution
4.2. The Enduring Role of Cards
05 MARKET OVERVIEWS
5.1. Brazil
5.2. Chile
5.3. Colombia
5.4. Hong Kong
5.5. India
5.6. Mexico
5.7. South Africa
5.8. UAE
06 FINAL REMARKS
07 METHODOLOGY
Foreword
For businesses seeking new growth, global expansion is often seen as a choice with compounding interest. One new market can mean generations of new customers and countless more opportunities and corridors into new regions. It’s a step many merchants hope to take. At Nuvei, we have been committed to guiding organizations through this journey with both technology and insight. Our mission is to help businesses like yours build effective, longterm strategies for expanding and unlocking new opportunities.
Across the 5-part series, we’ve analyzed and explored some of the world’s most dynamic high-growth markets, namely: Colombia, the UAE, Brazil, South Africa, Mexico, Hong Kong, Chile, and India. Each report is built on a spectrum of datapoints, from market trend reports and consumer behavior analysis to regional competitor landscapes and local regulations.
By offering holistic views of the opportunities and challenges shaping these markets, we aim to equip merchants with the knowledge to make informed decisions. As we close this edition, we look ahead to the future. We’re hard at work producing our second edition of the Global Expansion Guide, focusing on a new set of regions and countries, continuing our mission to equip merchants for success, wherever they choose to do business.
About Nuvei
Nuvei offers global payment expertise and adopts a consultative approach to payment solutions. Our approach includes offering proprietary market insights that merchants can actively use to enrich their growth strategies.
This guide, part of our global series, is designed to support businesses in navigating the complexities of international expansion, including meeting localized consumer expectations or shifting payment regulations.
Introduction
The digital revolution in high-growth markets
The World Economic Forum estimates that more than two-thirds of new value creation over the next decade will originate with digitally enabled platforms. It’s difficult to calculate the total value of the digital economy precisely, however, estimates converge around the $16 trillion mark, around a fifth of the global economy – and it’s growing eyewateringly fast. Some reports claim the digital economy is growing at six times the pace of the traditional, physical one.2
The opportunity for merchants is, simply, enormous. And it’s been driven by highgrowth markets.
Some of the most transformative shifts in commerce, technology, and payments are taking place in high-growth economies, regions that are setting new global benchmarks for inclusion, innovation, and scale.
Across these markets, digital transformation is not just making it easier for people to spend, save and move money; it’s redefining the global standards of online retail and eCommerce.
For merchants, high-growth markets represent a rare combination of scale, momentum, and opportunity. Together, the eight markets we’ve featured are home to nearly two billion people, over half of whom are under 35 years old. Their digital economies are expanding at double-digit rates, fueled by young, connected consumers, expanding middle classes, and government-led efforts to promote financial inclusion.
In 2025, total eCommerce volume across these eight markets reached US$908.4 billion, with the eCommerce market projected to almost double between 2023 and 2027 — an average compound annual growth rate of 19%.
The rise of local payment innovations is a key factor behind these numbers.
We can point to Brazil’s PIX and India’s UPI; two local payment systems that have become global benchmarks for real-time payments.
Meanwhile, mobile wallets and other alternative payment methods (APMs) continue to accelerate broader financial inclusion.
Across our 5-year period of analysis and projection, the sustained use of cards - both domestic and international - reinforces the diversity and maturity of many local payment ecosystems.
What this means for merchants
For international merchants, the strategic benefits of entering and scaling in these high-growth markets are compelling:
• Expanding consumer bases eager for digital experiences
• Diversification opportunities that mitigate saturation in mature markets
• Access to vibrant digital ecosystems that are innovating faster than they ever have before
These markets are not simply the result of disruptive new payment methods; they’re demonstrating much broader increases in volume, driven by prioritizing convenience, inclusion and agility.
International business expansion cannot be sustained on generalizations and assumption. Each of the economies we discuss has its own regulatory, technological, and cultural nuances. Payment preferences alone vary dramatically, from card-dominant markets like the UAE to real-time systems like PIX and UPI, or wallet-led ecosystems in Hong Kong.
This guide explores how the digital revolution is unfolding differently across eight high-growth markets, providing the insights merchants need to localize effectively.
In our view, this is the primary means of capturing long-term value from the moment of market entry.
The strategic significance of high-growth markets
Collectively, these high growth markets form a bridge between saturated, developed and untapped, developing economies. Traditionally, less-established markets have been viewed as ‘playing catch-up’ to mature economies in North America and Central Europe. Data suggests that tide may be turning.
Our eight high-growth markets share three defining characteristics:
• Large, youthful populations driving digital adoption.
More than 60% of consumers in these economies are under the age of 35, forming a generation that shops, pays, and engages online by default.
• Rapid digital and financial inclusion.
Government initiatives, open banking frameworks, and central bank–led innovations (i.e., PIX & UPI) have accelerated online access, reducing reliance on cash and integrating millions of new consumers into formal digital ecosystems.
• Resilient and diversifying economies.
Despite global headwinds, these countries continue to outperform mature markets in growth potential. According to IMF projections, emerging economies will expand by an average of 4% annually between 2024 and 2029 - more than twice the pace of advanced economies.
At a regional level, these eight economies unlock some major, strategic growth corridors:
• Latin America (Brazil, Chile, Colombia, Mexico):
A fast-expanding eCommerce hub where localized payment solutions and cross-border retail are unlocking new consumer segments.
• Asia-Pacific (India, Hong Kong):
An innovation engine where mobile-first economies are driving the evolution of real-time payments, wallets, and social commerce.
• Middle East and Africa (UAE, South Africa):
Regions where economic diversification and smart city agendas are accelerating the digital payments ecosystem.
Any robust expansion strategy is built on core factors like location and population makeup. It’s at least partially a result of their demographics and socio-economic approach to digital payments.
Why enter and scale in high-growth markets?
High-growth market opportunity extends beyond short-term revenue; it’s about positioning for the future. As consumer behaviors evolve and ecosystems mature, companies that act early can secure short and longterm advantages:
1. Accelerated growth potential
With eCommerce projected to rise from US$908 billion in 2025 to US$1.2 trillion by 2027, these markets are expected to keep delivering growth rates that far exceed those in North America and Central Europe. The combination of rising incomes and mobile connectivity continues to unlock new segments of online consumers every year.
2. Payment innovation and localization
Merchants gain exposure and a chance to adapt to some of the world’s most advanced payment infrastructures. Across this set of markets, real-time rails, digital wallets, and hybrid cross-border systems are flourishing.
3. Portfolio diversification
Expansion across multiple highgrowth regions helps mitigate overexposure to slower-growth economies, currency fluctuations, or regional market saturation. The breadth of these markets offers a natural hedge against volatility.
4. Stronger consumer trust and brand loyalty
Companies that localize payment methods, customer experience, and compliance standards can build long-lasting trust quickly. This is particularly true in markets where digital payments are synonymous with convenience, transparency, and security.
5. First-Mover Advantage
Many international merchants are only beginning to establish operations or localized payment offerings in these economies. Early movers have the opportunity to define market standards, shape consumer expectations, and secure strategic partnerships with leading local players.
What this means for merchants
• In short, these eight high-growth markets represent more than a passing commercial opportunity. They embody the next wave of global digital inclusion, a wave they will influence deeply over the next decade and beyond.
• Merchants that adapt and localize today will be best positioned to thrive as these economies become central to the tomorrow’s global eCommerce landscape.
Drivers of eCommerce growth
Young, connected, and growing populations
Demography has been one of the most powerful catalysts of eCommerce growth. The eight economies covered in this report are home to around a quarter of the global population. But, more importantly, they are home to many of the world’s youngest and most connected consumers.
In most of these markets, over 60% of the population is under 35, and features some of the world’s first truly ‘digitally native’ generations. These cohorts now set expectations for mobile-first design, frictionless payments, and personalized digital experiences. Their influence will only deepen. By 2030, three-quarters of all consumers in emerging economies will be between the ages of 15 and 34.
Rapid urbanization compounds this momentum. Expanding metropolitan centers in Brazil, India, Mexico, and South Africa are creating dense consumer hubs where logistics networks, same-day delivery, and cash-to-digital services can scale quickly. As infrastructure improves, so does access to more goods and services. With it, demand for quick, modern payment solutions is almost inevitable.
This young, connected, and increasingly urban population forms the foundation of the digital commerce boom. They are supporting not only higher typical transaction volumes, but also a cultural shift toward convenience, immediacy, and an unshakeable trust in digital payments that is leaving even physical cash itself in the dust.
Rising incomes and expanding consumer classes
Behind this demographic transformation there is a great deal of economic momentum. The “catching-up effect” is steadily raising living standards across developing economies. After decades of structural reform and investment, emerging markets are now converging toward middle- and highincome status, creating a vast and growing consumer class that remains largely untapped.
According to the IMF WEO (July 2025 update), emerging market and developing economies (EMDEs) are projected to grow 4.1% in 2025 and ~4.0% in 2026. Advanced economies during the same period are expected to grow ~1.5-1.6%.
This economic acceleration directly translates into rising disposable income and online purchasing power. In 2024 alone, more than 70% of the 113 million people joining the global consumer class came from developing economies, led by India, Brazil, and Mexico.
As incomes rise, online spending grows even faster. Consumers who previously relied on informal cash payments are readily embracing digital marketplaces, subscription services, and cross-border eCommerce for the first time. This “digital leap” is most visible in categories such as fashion, travel, electronics, and entertainmentsectors that point to a younger cohort, gaining confidence in online transactions and digital payments.
For merchants, this expanding middle class represents a more sophisticated picture demand. These new consumers expect globalstandard experiences yet routinely demonstrate price-sensitivity and show deep loyalty to platforms that localize effectively.
Digital and Financial Inclusion
The third major growth driver is the interconnection between digital access and financial inclusion. Millions of previously excluded consumers are now regularly online. Over the past decade, average internet penetration across the seven emerging markets in this report climbed from 47% to 77%, while smartphone adoption has surpassed 80% in Brazil, Chile, and the UAE.
At the same time, access to banking and payments has expanded at an unprecedented rate. By 2024, nearly 80% of adults globally have a financial account, up from ~50% in 2011. In developing economies, 40% of adults report using a formal account to save (a 16-point increase since 2021).3
In Latin America, the figure now exceeds 90% when digital wallets and neobanks are included. Innovations all over our target markets – Columbia’s PSE, Mexico’s DiMo, Chile’s Mercado Pago to name a few - have been instrumental, giving hundreds of millions of consumers simple, low-cost, real-time ways to move, spend and save money.
The way we shop, send money, and pay bills has evolved significantly. By lowering barriers to participation, entire segments of the population in high-growth markets have started engaging with online commerce for the first time.
The results are clear: greater transaction volumes, higher merchant conversion rates, and a more inclusive digital marketplace overall.
What this means for merchants
For global merchants, these inclusion gains are an open invitation to scale. As financial infrastructure continues to evolve - supported inpart by governments, regulators, and fintech innovation - the addressable market for digital commerce in these countries will only expand further and first mover advantage is in the hands of ambitious merchants with plans to scale.
The real-time payments revolution Payment trends shaping high-growth markets*
Across high-growth markets, real-time payments (RTPs) have become one of the most transformative forces in modern commerce. Initially designed to improve payment speed and security, these systems have quickly evolved into critical infrastructure for financial inclusion, eCommerce, and cross-border trade.
Two benchmark systems
Almost every market we’ve analysed has launched a novel, localized payment system. However, India’s Unified Payments Interface (UPI) and Brazil’s PIX are our two best blueprints for how instant, accountto-account payments can redefine national payment ecosystems. Both systems are now used by the majority of adults in their respective countries.
• PIX is used by more than 158 million Brazilians - over 90% of adults
• UPI is used by approximately 491 million Indian consumers
Examples like UPI are a standout, accounting for about 84% of all digital transactions in India and more than half of India’s eCommerce transactions.4
However, other markets are following suit. Colombia’s upcoming PSE system and Mexico’s DiMo are adapting RTP frameworks to local realities, while South Africa’s PayShap – only launched in 2023 - represents a major leap toward inclusive, low-cost digital payments in Sub-Saharan Africa.
Regional adoption patterns vary:
• Latin America is driven by state-led initiatives and mobilefirst adoption (PIX, PSE, DiMo).
• Asia-Pacific leads in system scale and interoperability (UPI, Hong Kong’s FPS).
• The Middle East and Africa are building momentum through central bank–backed programs (PayShap, Aani, UAE’s new Instant Payments Platform).
For merchants, these implications are profound. RTPs reduce transaction costs, minimize fraud risk, and enable new business models. The need for gig-economy payouts, instant refunds and recurring billing are the sorts of capabilities increasingly growing in relevance. By integrating real-time rails, merchants can reach customers previously excluded from digital payments, increasing conversion rates while improving liquidity.
In short, the real-time revolution is partly about faster payments but also redefined access and trust in the digital economy.
The enduring role of cards
Despite the explosive growth of alternative payment methods, cards remain a cornerstone of eCommerce across all eight high-growth markets. Their share may be declining in relative terms, but in absolute value, card-based online spending continues to rise.
In Chile and the UAE, cards dominate the digital payment landscape, accounting for more than half of all eCommerce transactions in 2025. Even in markets where RTPs and wallets are gaining traction, such as Brazil and India, cards still represent a major portion of online spend, approximately 40–50% of total eCommerce value, according to PCMI data.
Several factors explain their resilience:
• Consumer familiarity and trust Cards are often seen as a symbol of financial status and reliability, particularly among emerging middle classes.
• Innovations enhancing convenience Click-to-pay, tokenization, and the integration of cards into digital wallets have made card payments faster and safer than ever.
• Attractive incentives Cashback, loyalty points, and travel rewards continue to drive card usage, especially in high-income markets like Hong Kong and the UAE.
Domestic card networks also play a crucial role in fostering local competition and resilience. Examples include:
• Elo in Brazil
• RuPay in India
• Transnetwork in Mexico.
These networks often collaborate with international schemes such as Mastercard and Visa to enable local routing, lower fees, and broader acceptance, all while supporting national financial inclusion goals.
What this means for merchants
The strategic takeaway is clear: the payments landscape in high-growth markets is evolving rather than replacing. Offering both cards and APMs remains essential to optimal reach and conversion rates. The potential abandomment risk comes from failing to support any given consumer’s payment preference.
Merchants that blend global interoperability with local relevance are likeliest to win. In practice, this could mean choosing to support:
• Installments in Brazil
• Stored-value wallets in Hong Kong
• Mobile RTPs in India
Each solution can be a gamechanger. Meeting local preference means a merchant is best positioned to serve the maximum number of customers seamlessly across all channels or demographics, in any given market.
• BNPL adoption expanding rapidly, especially among younger users.
• Regulation emphasizes data security and AML compliance.
What It Takes to Win
• Offer cards + Apple/Samsung Pay + BNPL options.
• Maintain AED pricing and support instant refunds.
• Adhere to Central Bank of UAE KYC & data standards.
• Localize checkout in Arabic and English for conversion lift.
Final remarks
Our target markets boast one thing in abundance: shared momentum. It’s been generated by a wealth of young, connected consumers; rapid digital adoption and innovation – particularly, the shift from cash to real-time, digital-first payment systems.
The challenge with making the most of momentum is the speed at which such developments can happen. It’s a fine line between claiming first-mover advantage and missing the mark in a new market, whether it’s failing to meet regulation or offering a checkout mix without the right domestic preferences. All the highgrowth markets we’ve covered demand businesses operate locally, at a high digital standard.
The mindset a merchant needs
This means combining world-class user experiences with a patient understanding of local regulation, culture, and payment behavior.
Merchants must align their checkout mix with domestic preferences, offer local currencies and settlement options, and respect the nuances of each country’s tax and invoicing frameworks. These are the businesses building lasting brand equity and consumer trust.
We recommend selectivity and patient engagement with a target market’s unique conditions when building your expansion strategy; that precision and research will be invaluable.
The true meaning of localization
Localization today is not just about language or logistics; you need to earn consumer confidence at the point of payment. The ability to offer PIX in Brazil, UPI in India, or Webpay in Chile might be seen as technical detail to a multi-national business. To a customer, it’s a signal of credibility, respect and familiarity.
It can be the difference between a repeat customer and an abandoned basket. Merchants that invest early in localization see higher conversion, stronger loyalty, and better returns across every market segment –Nuvei’s own customer research regularly points to this conclusion.
As global commerce continues to evolve, these eight high-growth economies are highly likely to be at the forefront of change. We are already seeing the introduction of major advancements like AIpowered agentic commerce, greater acceptance of open banking practices and improvements in payment orchestration.
Nuvei will continue to track the trends and transformations shaping them.
The next edition of this series, to be published in Q1 2026, will deliver updated data, merchant insights, and new case studies covering the next phase of eCommerce and payments evolution.
The opportunity is clear: the world’s fastestgrowing digital economies, and the next generation of customers, are ready for merchants who are ready for them.
Methodology and approach
To develop the data and analysis on each market in the PCMI eCommerce Datapack, PCMI first compiles all publicly available data from official sources, including central banks, banking authorities, company financial reports, chambers of commerce, eCommerce associations, fintech associations, local press, market reports and government statistics, as well as data from the World Bank and affiliated international organizations.
The PCMI team analyzes the data with a critical approach, identifying the holes, errors, and inconsistencies in this data to prepare it for primary research. Then, PCMI conducts interviews with local eCommerce industry stakeholders to clarify, deepen, and streamline data collected via secondary research.
In the 2024 creation of this dataset, PCMI interviewed over 80 eCommerce executives including banks, acquirers, payment gateways, payment service providers, merchants, and consultants. Finally, PCMI conducts a rigorous analysis of the primary and secondary results, leveraging the perspective of our historical data collected since we first began building this dataset in 2015, to arrive at the final results.
The methodology takes a top-down approach, utilizing macro industry data and the perspective of industry aggregators (i.e. acquirers, PSPs) rather than a bottom-up approach, based on consumer surveys.
To the extent possible, the dataset is built using real, official numbers, such as official credit and debit card volumes, bank transfers and other official reporting of payment methods. Primary research combined with institutional knowledge are combined to make the needed estimations and assumptions to arrive at all breakdowns in the dataset. Projections are calculated based on the opinion of industry stakeholders and accounts for factors such as inflation, GDP growth and regulation.
PCMI avoids making projections based on the launch of new products
How do we define eCommerce?
In this data set, our eCommerce analysis covers all online purchases of goods and services, regardless of the device or payment method used.
Our analysis includes:
• Purchases made by local citizens using all locally-issued payment methods
• Cross-border purchases made with locally issued payment methods
• B2C and B2B purchases that move through an eCommerce checkout
• All product and service verticals, including travel, retail, and digital goods and services
Retail is defined as: All physical products purchased directly from the merchant or marketplace.
Travel is defined as: Travel services including airline tickets, car rentals, tour packages, hotels and AirBnB stays.
Ride hailing and delivery is defined as: Digital services that include services including ride-hailing and delivery apps.
Online gaming is defined as: Spend on online games or in-game purchases, which can be played via mobile, desktop, or a dedicated console. This does not include sports betting, online gambling or games of chance.
Online streaming is defined as: Video and music streaming, typically purchased as a subscription.
Other is defined as: Additional digital goods and services including sports betting and online gambling, online education, digital downloads, mobile top-ups, and recurring purchases such as monthly bills, insurance payments, school tuition payments, home ownership association fees, parking, taxes and government licenses and fees if they are paid online over an eCommerce gateway.
These expenses are not included if they are paid online via online banking or direct debit from a check or savings account.
Recurring payments to a credit or debit card are included, as are one-time payments over an online ACH portal such as Botón PSE in Colombia.
SaaS is defined as: The purchase of software delivery accessed via cloud services, rather than through the installation of said software on a computer or other device. Our data includes SaaS purchases made via an online website/checkout process, including subscription and recurring payment models, i.e. Microsoft Office, Slack, Hubspot, Canva, Dropbox, etc. These may be used for both consumer and business purposes and both are captured in our data.
We do not include SaaS purchases that are not made through an official online checkout, such as invoice payments via online banking or wire transfer.
All locally issued payment methods including:
• Locally issued credit and debit cards, online bank transfers, cash payment platforms such as Oxxo in Mexico or Fawry in Egypt, digital wallets such as PayPal, MercadoPago, ApplePay, cash on delivery, and other miscellaneous payment methods
Please note the following definitions:
Cash Payment is defined as:
A payment platform that enables a shopper to make an online order, receive a bar code or unique PIN and use that bar code or PIN to make the payment in cash at an affiliated retail location. Such platforms often allow payment using an online bank transfer. Examples include Oxxo in Mexico and PagoFácil in Argentina.
Digital wallet:
PCMI defines a digital wallet as a payment method that stores any funding source on file, including a credit card, debit card, bank account, or stored balance, and uses that funding source to remit payment.
eCommerce volume falls into the digital wallet category if the wallet brand is selected at checkout, even if a different funding source (such as a credit card) is ultimately selected as the funding source. Examples include staged wallets such as PayPal, TigoMoney and MercadoPago.
Please note: Tokenized card wallets, or passthrough wallets, such as ApplePay, are included under credit and debit card volume.
Bank Transfers:
When applicable, PCMI names the specific bank transfer scheme, such as UPI or Pix. If the bank transfer scheme is selected at checkout, this volume is classified as the bank transfer scheme, not the bank or digital wallet ultimately used to execute the payment.
BNPL:
is defined as a payment button offered by a BNPL fintech that enables the shopper to finance the purchase at the time of checkout, with multiple payment methods, including credit cards, debit cards, bank transfers or cash. BNPL offerings that take place within a wallet ecosystem (such as MercadoCrédito) are not considered here.
Hybrid payment methods:
Payment methods that group several of these payment methods under one brand are specified by their name, i.e. PagoEfectivo, Fawry.
Our analysis excludes:
• Payments made by international visitors with internationally issued payment methods
• P2P payments
• Sales made over social media and paid for in cash or using an A2A payment solution
Country specific notes
• In South Africa, InstantEFT is considered within bank transfer payment methods OZOW and Stitch
