Payments and e-commerce in Panama

Discover how Panamanians like to shop and pay online

More than two thirds of Panamanians have Internet access and 65% have a smartphone. According to recent research, 95% of Panama’s Internet users (almost three million people) also shop online [1]. The Panamanian e-commerce market is expected to grow at an average rate of more than 20% a year between 2022 and 2027 [2].

Exactly half of all adults in Panama has a bank account. Consumers in Panama make most digital payments using credit cards. But other alternative payment methods, such as bank-transfer apps and e-wallets, also have a foothold in the Panamanian market [3]. Any plan to enter the Panamanian e-commerce market is incomplete without a localised payment strategy that includes alternative payments.

  1. https://www.bizlatinhub.com/opportunities-for-e-commerce-in-panama
  2. https://www.mordorintelligence.com/industry-reports/panama-ecommerce-market
  3. https://www.statista.com/statistics/1297851/ecommerce-purchases-panama-by-payment-method

Panama

General Information

  • Population 4.4 m
  • Population 15 + 3.2 m
  • Online Population 2.9 m
  • Area 75,517 km2
  • Currency PAB
  • GDP 60.1 bn $US
  • GDP per Capita 13,695 $US
Banked population
  • Panama 50%
  • South & Central America 58%
  • World 67%
Credit card penetration
  • Panama 9%
  • South & Central America 20%
  • World 19%
Internet penetration
  • Panama 67%
  • South & Central America 73%
  • World 62%
Smartphone penetration
  • Panama 65%
  • South & Central America 64%
  • World 70%

The information on our Insights pages has been compiled by us in cooperation with Datamatics and Wright & Brown. The data shown is partially owned by us and partially owned by GlobalData. © 2021 by PPRO Financial Ltd. No data and information can be used for any further publication without the explicit approval of PPRO.

Panama

Local Payment Methods

BitPay Type Cryptocurrency Wallet Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Hyperwallet Type Bank transfer, Gift card, Prepaid voucher Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Market relevance High PayPal Type Wallet Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Market relevance High Paysera Type Wallet Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Market relevance High PayU Type Bank transfer Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 2 Market relevance High Skrill Type Wallet Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Market relevance High Allied Wallet Type Wallet Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Market relevance High UnionPay SecurePay Type Local payment card Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Market relevance High Boku Type Carrier billing Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Market relevance High Google Pay Type Wallet Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Market relevance High Mobiamo Type Carrier billing Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Market relevance High Razer Gold Type Wallet Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Market relevance High SWIFT Type Bank transfer Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Market relevance High Tigo Money Type Wallet Regions South & Central America Market relevance High Secure Remote Commerce (SRC) Type Wallet Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Market relevance Medium Banco LAFISE Type Bank transfer Regions South & Central America Boloro Type Wallet Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 G2A Pay Type Wallet Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Market relevance Medium NETELLER Type Wallet Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 SafetyPay Type Bank transfer, Cash Regions South & Central America, Western & Central Europe Market relevance High Splitit Type Instalments Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3

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