In this report, Mastercard’s aim is to illuminate the lessons and opportunities in the remittances industry around the world and how they relate specifically to Latin America. Our objective is to map industry changes and emerging trends, understand the historical and novel challenges in the industry, and identify opportunities for financial institutions, Money Transfer Operators (MTOs), technological enablers, and fintechs to help the remittances industry reach its full potential.

Mastercard partnered with PCMI, a payments industry market intelligence firm, to assess remittances in Latin America. The countries included in this study were Mexico, specific markets in Central America (El Salvador, Guatemala, and Honduras), Brazil, Argentina, and Colombia, against a broader global context.

This research took place between October and December 2023, and consisted of a review of data from public sources, as well as in-depth interviews of experts from nine separate companies, including banks, traditional and digital-only money transfer operators (MTOs), retailers, and technological enablers. Our team also interviewed leaders from three 
strategic representatives of Mastercard, including Arcus.