Payments and e-commerce in Panama

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