Mastercard Survey: Digital Payments Essential for growth and survival of Small and Mid-size Businesses in Latin America

More than two thousand small businesses surveyed.

• 88% that accept digital payments ranked trust as their top priority when choosing a digital payment provider.
• 70% that accept digital payments said they wouldn’t survive without them and.
• 85% said digital payments help them grow their business by increasing sales, scaling operations, and enhancing security.

Mastercard released the findings of its latest survey, “SMEs: The Digital Payments Adoption Landscape in Latin America and the Caribbean”, a region-wide study that explores how small and medium-sized enterprises (SMEs) are adopting digital payments to thrive in an increasingly digital economy. The study confirms that for many businesses, digital payments are not just a convenience — they are a business imperative and a gateway to survival and pathway to financial inclusion.

The study, which surveyed more than 2,100 SMEs across 14 countries in the region, highlights that 70% of SMEs that already accept digital payments say they wouldn’t be in business without them, and 88% report that digital payments have helped them save money and time. These tools are helping SMEs expand, streamline operations, facilitate more secure transactions, and ultimately survive in a fast-evolving digital economy. Supporting the growth and resilience of SMEs is a critical part of Mastercard’s global strategy, and a key lever for driving broad-based and equitable growth across the global economy.

“SMEs are the backbone of our region, and their success depends on how quickly and effectively they digitize,” said Walter Pimenta, Executive Vice President of Commercial and New Payment Flows at Mastercard Latin America and the Caribbean. “At Mastercard, we’re not just enabling transactions—we’re building an inclusive digital economy. With global reach, trusted technology, and strong partnerships, we make it easy for SMEs to accept and make digital payments and grow. That’s why we’ve already helped bring 50 million micro, small, and medium enterprises into the digital economy globally—and our work doesn’t stop there. We’re committed to helping every SME thrive through solutions that are seamless, secure, and scalable.”

How digitalization is fueling SME growth in Latin America and The Caribbean

The report outlines clear business benefits perceived by SMEs that accept digital payments:

·       85% say it helps increase sales, scale operations, and enhance security.

·       86% report improvements in customer experience.

·       78% say it has improved access to credit.

·       83% find it simplifies bookkeeping, and 82% cite regulatory compliance and data analytics as key gains.

·       78% also use digital payments to pay suppliers, making digitization critical not just for sales, but for business continuity.

Among the SMEs that still don’t accept digital payments, 56% report losing customers weekly due to their inability to offer digital options. For these businesses, going digital isn’t just a choice — it’s imperative.

Building trust, resilience, and inclusion—one digital payment at a time

When choosing a digital payments provider, 88% of SMEs rank trust as their top priority, followed closely by security features and support for multiple payment types (both at 87%). According to the study, 40% of SMEs that accept digital payments already use services like access to credit, fraud monitoring, or cybersecurity support—demonstrating the growing value of a comprehensive partner ecosystem.

Mastercard delivers on these expectations through proven tools and technologies by:

Establishing trust through industry expertise and safeguarding confidence with robust, personalized data protection:

• Mastercard ensures the safety of SMEs with unparalleled security measures like end-to-end encryption and tokenization of financial transactions and related data, embodying our dedication to their prosperity and the trust of the communities they serve
• Mastercard created the  Mastercard Trust Center
• to help small business defend their critical assets, business and reputation through online access to trusted cybersecurity research, education, resources and tools.

Building innovative and cutting-edge solutions, comprehensive services, and trusted technologies that transcend mere transactions.

• Enabling SMEs with innovative solutions, tools, and offerings such as Mastercard Easy Savings, a global merchant offers program that connects SME owners with automatic discounts through over 50,000 global brands
• Expanding and adapting beyond traditional card-based solutions and payments to proactively address the evolving and diverse needs of SMEs. Mastercard Move facilitates international transactions for SMEs seeking to expand their global reach and reach customers and vendors abroad

Furthering inclusivity and leveling the playing field through access to resources, opportunities, and partnerships for every business to flourish.

• Powering every step of the digitization journey: Through Mastercard Strive - a global philanthropic initiative - developed by the Mastercard Center for Inclusive Growth and Caribou Digital - Mastercard supports SMEs to digitalize their operations, unlock their access to financial services and more effectively participate in digital markets. program

“When small businesses win, everyone wins. This research is more than a snapshot—it’s a call to action for the entire ecosystem to keep building a more inclusive, resilient digital economy. That’s why Mastercard is proud to be a trusted ally, delivering the tools and partnerships that help every SME grow with confidence”, complements Pimenta.

Scope and methodology of research

The study was led by Mastercard, and fieldwork was conducted by independent research agency Many Minds Group. Between March 3rd, 2025 and April 14th, 2025, a quantitative online survey was conducted in 14 Latin American countries involving 2,100 small and medium entrepreneurs. The full list of countries surveyed is Argentina, Brazil, Chile, Colombia, Costa Rica, Dominican Republic, Ecuador, Guatemala, Jamaica, Mexico, Panama, Peru, Puerto Rico, and Trinidad and Tobago.