Qualifying for credit requires good credit. This catch-22 impacts the estimated 50% of Latin Americans who don’t have a credit score.
With more than 2/3 of Latin Americans using less or no cash since the start of the pandemic, secured credit cards present a key growth opportunity in helping the region’s largely unbanked population gain economic stability and provide a path to financial security.
With a secured credit product that can eliminate the legacy debt cycle, consumers can:
Get a card without a burdensome initial deposit.
Build credit history without taking on the additional risk of debt that comes with traditional credit products.
Access credit-building tools and purchasing power without high fees.
Now fintech providers can provide underserved customers a way to participate in the credit value chain by offering them access to credit—while benefiting from higher interchange rates.
See how this trend is taking shape and make secured credit your competitive advantage in Latin America’s emerging market.
Get the report that shows you how.