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1. E-commerce Study in Latin America
May 2012
The Boom Years
E-commerce in Latin America practically doubled in the last two years,
reaching US$ 43 billion in sales in 2011. This intense online activity is largely attributed
to regional economic growth, but it is mainly the work of a myriad of small Latin-
American entrepreneurial endeavors.
AméricaEconomía 1

2. E-commerce study in Latin America
May 2012
correios.com
I
n 2010, Emerson Andrade,
Alex Tabor and Julio Vas- Customized Delivery
concellos were three pau-
listas (São Paulo residents) T he Brazilian state-owned mail service company, Correios, made a timely decision in the
past century: in 2000 they created a special division for the shipment of purchases made
via e-commerce. In order to promote the new system, they reduced shipping costs by 30
with a dream. Today, they are percent and guaranteed parcels to be delivered in three
Peixe Urbano, a group-buying days. In 2006 there were already 4 million e-commerce
company with 1,000 employees parcels per year and in 2011 the figure went up to 18 million,
throughout Brazil and in several almost 20 percent of all packages shipped. From 2010 to
2011 the increase in sales was 36 percent. Its main clients
countries in Latin America. Their
are Netshoes and Walmart, and it is the largest distributor
careers are booming, as they of e-commerce purchased goods in Brazil, with a 40 percent
have made e-commerce one of participation in a market where there are close to thirty
the sources of their success. Not competing companies. “The buyer pays for shipping,” says
only did Peixe Urbano survive Alex do Nascimento, in charge of web purchased parcels
since 2000”, but in order to expand their sales, large sellers
the flood of coupon aggrega-
offer free shipping, which also increases our turnover,” he says. On its website, Correios also
tors that appeared in the wake has a virtual store to market products that are on sale.
of Groupon, but successfully Correios has conquered Brazil, but it is out for more. This state company just modified its
competed with them in their own charter, which today allows extending its successful business model beyond its own country
turf. They qualify as a Brazil- and –given the case– competing with the likes of Amazon.
ian e-commerce miracle, after
three rounds of investment, four
acquisitions, and a plan to cover social shopping and e-commerce innovation, logistic quality, in the region every two years
the whole region with expansion are ripe for consolidation,” safety and service development since 2003, and in top of that,
initiatives such as the purchase says an analyst who believes enabling atmospheres, you will it is increasing its significance,
of Groupalia. e-commerce will make Peixe begin to understand how Latin as it reached 1% of the GDP
“We will become the leaders Urbano grow at least 50 percent America doubled its e-commerce in Brazil.
in all our operational segments,” this year. volume in the past two years. In fact, the high regional
says COO and founder Emerson If you multiply this by the Total regional B2C (business figures are heavily impacted
Andrade. “The businesses of thousands, and put them into to consumer) e-commerce sales by Brazil’s e-commerce perfor-
reached US$ 22 billion in 2009 mance. The economic boom the
3, 2, 1, takeoff and US$ 43 billion in 2011, a country has experienced lately
Total e-commerce spending in Latin America (in $million dollars) 98.5 percent increase. Actually, has direct correlation with its e-
Source: AméricaEconomía Intelligence
69,994.5 e
e-commerce has been doubling commerce market. In 2011 alone,
70,000
UP TREND
65,000
60,000
B2C as a proportion of GDP
55,000 54,470.5 e Source: AméricaEconomía Intelligence BRAZIL MEXICO
50,000 CHILE LATIN AMERICA
1.20%
45,000 43,230.5 1.01%
40,000 1.00%
0.83% 0.85%
35,000
0.80%
30,264.5
30,000 0.76%
25,000 0.60% 0.52% 0.64% 0.61%
21,774.9 0.61%
20,000 0.54% 0.54% 0.54%
0.52%
15,645.0 0.40% 0.33% 0.42%
15,000 0.42%
0.26% 0.36% 0.36%
10,572.5 0.19%
0.32%
0.29% 0.30%
10,000 7,542.1 0.20% 0.19% 0.25%
0.14% 0.14%
e: Estimado
4,885.0 0.20% 0.18%
5,000 0.11% 0.11%
1,692.4 3,065.8 0.10%
0.07% 0.07% 0.10% 0.13%
0 0.00% 0.05%
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2003 2004 2005 2006 2007 2008 2009 2010 2011
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3. E-commerce Study in Latin America
May 2012
walmart.com
the sales in the sector reached
US$ 25 billion, accounting for From Mexico to Brazil
over half of the regional total.
But not everything can be
W almart, the world’s largest retailer has taken note that the “big is beautiful” strategy
will no longer help it keep growing with the arrival of mobile e-commerce. “People are
making large online purchases and complementing them with small purchases at stores
explained by the enormous near their homes,” says Natalie Berg, a global researcher at Planet Retail.
economic growth. In a short That should worry this giant that only sells
period of time, Brazil has seen 5 percent of its overall sales online. In order
the emergence of a new middle to overcome this weakness, Walmart is
currently testing an e-commerce model in
class, with bank accounts and Mexico, observing the profit margins of its
internet connections, who have small store subsidiary, Bodegas Aurrera. A
become e-commerce clients. Bra- model it soon intends to export to Brazil,
zil also pro-actively encouraged the second priority world market for the
e-commerce, reducing interest company’s e -commerce strategy. “We are
underway to create the next generation of
rates, lowering taxes, and adapt- e-commerce, offering the latest in online
ing its legislation to the Brazilian innovations to give our customers a unique
consumption patterns. Current shopping experience,” says Neil Ashe, president and executive officer at Walmart Global
regulations, for example, allow E-Commerce, who arrived to the company from the world of digital contents. Ashe, a
clients to return free-of-charge former president of CBS Interactive, has as his primary goal the management of the recent
acquisition of Yihaodian, a Chinese e-commerce company.
products they have purchased
online, a decision that has had
an impact on consumer trust as
well as in companies’ logistics
development. “We had to de-
velop new systems to adapt to “Brazil is our second priority after China,” states Neil
the fact that Brazilians are used
to trying out stuff before buying
Ashe, president of Walmart Global E-Commerce.
it,” says Alex do Nascimento,
head of parcel shipping division
in Correios. E-commerce now jor global players have decided
E-commerce speaks Portuguese
represents 20 percent of Cor- to strongly expand in Brazil. Country by country participation in the total expenditure of regional B2C.
reios’ total shipments. According to internet traffic Source: AméricaEconomía Intelligence
Brazil’s size is no secret, provider comScore, 70 of the
COLOMBIA
and it is attracting global pow- 100 most visited Latin American CENTRAL AMERICA 2.3%
2.4%
PERU
1.4% OTHERS
erhouses such as Apple and websites are Brazilian. And 87 VENEZUELA 1.21%
3.3%
Amazon, which have announced percent of the 78 million Bra- CHILE
tentative plans to start operations zilian internet users visit retail 3.5%
in Brazil in September, as well websites to compare prices. ARGENTINA
6.2%
as Walmart, that has confirmed With 173 million credit
it will dramatically broaden its cards and a population of 195 THE CARIBBEAN
presence through mid-size stores million, Brazil is fertile ground 6.4%
similar to those it operates in for e-commerce. However, the
Mexico under the Bodega Aur- previous figure does not mean
MEXICO
rera brand. “Brazil is our sec- 80% of Brazilians have credit 14.2%
BRAZIL
ond priority after China,” says cards –Brazil is actually more 59.1%
Neil Ashe, Walmart’s Global like Spain than any other Latin
E-Commerce president. American country in terms of
It is no chance that three ma- banking penetration indicators.
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4. E-commerce study in Latin America
May 2012
which reality exceeded expec-
A prediction US$ 8 billion short tations. Online gaming players
In 2009, industry estimates Vostu and Mentez are interesting
predicted that e-commerce sales cases, selling games for under
in Latin America would reach US$ 1 per unit, and seemingly
US$ 35 billion in 2011, a pre- paving the way to this segment’s
diction that fell US$ 8 billion explosion. It is similar to what
short. Nobody could foresee the happens in the Apple virtual
recent dynamic and highly suc- store, with over half a million
cessful endeavors emerging out software applications for any of
of innovation-led and continu- “Nobody could anticipate the the company’s products. People
ously improving environments.
“Nobody could anticipate the
dazzling emergence of coupon begin downloading free games,
then start downloading songs
dazzling emergence of coupon aggregators and shopping clubs, for 99 cents, learn to trust the
aggregators and shopping clubs, website, and almost without re-
whose models are creative, not whose models are the most alizing it, end up buying a US$
so much because of their busi-
ness models, but for the way in
creative, not so much because of 2,000 MacBook Pro.
The intensity of Latin Ameri-
which they have implemented their business model, but how they cans’ online activity, as evi-
them and the results they have denced in how much they use
obtained,” says Marcos Pu- implemented them, and the results it for entertainment and the
eyrredón, president of eInstituto
(formerly known as Instituto
they obtained,” says Marcos presence they have in social
networks, has made social
Lationamericano de Comercio Pueyrredón of eInstituto. commerce open new channels
Electrónico, the Latin American for online transactions, even
E-Commerce Institute). This is Cuponaso, which are revolution- together with the dynamism of for lower-middle class consum-
the case of undertakings such izing consumption patterns in the the online gaming and digital ers that were not on anyone’s
as Peixe Urbano, Geelbe (ac- markets where they are present. content markets, make social horizon two years ago. Video
tive in Colombia, Argentina The emergence of these commerce a new relevant actor, on demand, for instance, has
and Mexico) or the Ecuadorian completely unexpected players, and explain the US$ 8 billion by started finding its niche through
highly popular global and Latin
American companies such as
geelbe.com
Netflix and Netmovie.
The Midnight Hour But of course, attention today
D iscount sales website Geelbe does not stop registering yearly two-digit growth
figures in Colombia, Mexico and Argentina. Its core business is to sell leftover stock
via the Internet at low prices. It is what in the brick-and-mortar world is called a markdown
is focused on the mothership of
social networks.
Facebook took up 30% of
store. From leftover Ray-Ban shades and Tommy
Hilfiger watches, to Lacoste shirts or thermostat the time Latin American inter-
coffee mugs, everything can be on clearance. Agustín net users spent online in 2011,
Pallotti, its CEO, is amazed that the best strategy has an increase of 9.5 percent over
proved to be sending an email with its products of the the previous year, according to
day at midnight. “I am still not certain why that is the comScore figures. Facebook
moment where we have the greatest response”, he
says. But he has stopped testing other hours of the now wants to take that immense
day. Another secret of his is packaging the products mass of users to its own pur-
as if he were sending them to himself. According to chasing channels. In this way,
Pallotti, Colombia has a cheap and high quality mail the company’s public offering
service, but Mexico and Argentina still need to take Introduction to Logistics I and II. (IPO) fetched US$ 11.6 bil-
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5. E-commerce Study in Latin America
May 2012
lan.com
lion to invest in expansion and
acquisitions such as its recent Will you Marry Me?
US$ 1 billion purchase of photo
sharing app Instagram, that may
A ll the e-commerce strategies in LAN Airlines’ web platform aim at client engagement,
more than at selling tickets. Even at the cost of losing profit margins, something the
system would allow if its focus was offering cheaper prices. In fact, what you pay online
turn out being an e-commerce almost has no difference with the store. According to Elías Senerman, Lan.com manager, “we
landmark. Such a massive injec- are more focused on increasing customer loyalty in the
tion of capital may help answer long term than in obtaining profit quickly.” In 2009, Lan.
com implemented what it calls its “fingers” advertising
Facebook’s big question of how strategy, a graphic way of showing its desire to empower
to generate a clear monetization the client, making him or her feel that with just a couple
scheme. of strokes on the keyboard he or she can travel anywhere
Commerce through Facebook in the world cheaply. They began using Facebook, and are
is being called f-commerce these heavily preparing programs for smartphones, both for
their clients checking in from them, and being able to use
days. Yet there are analysts, them at the airport in the way of a GPS taking them to
such as Sucharita Mulpuru, of the boarding gate and to his or her seat. In that way, the
Forrester Consulting, who are strategy points at the platform, which apart from selling
not sure that e-commerce will airplane tickets, will encourage loyal customers to, for example, make hotel and rental car
transactions there.
be the company’s sorcerer’s
stone. “It is still to be proven
that the platform can be a suit-
able place for shopping, since,
its stores do not allow to fully “It is still to be seen if Facebook can be a suitable
replicate the brand experience
of the official websites of the place for shopping, since its stores do not fully
potentially interested compa-
nies,” she argues.
replicate the brand experience of official company
Still, there are many prepar- websites,” says Sucharita Mulpuru of Forrester.
ing for its arrival. LAN Airlines,
for example, is testing its in-
corporation into the Facebook E-commerce on the map
platform, replicating Delta’s Countries/selected blocks, B2C in $million dollars.
Source: AméricaEconomía Intelligence
model. “For now it is only a
2005 2006 2007 2008 2009 2010 2011
small-scale test, but we want
BRAZIL 2,269.9 3,540.5 4,898.7 8,572.6 13,230.4 17,851.4 25,552.8
to be prepared, to understand
MEXICO 567.1 867.6 1,377.0 2,010.0 2,624.9 4,330.5 6,137.1
what is effectively happening
THE CARIBBEAN 731,0 949,3 1.104,9 1.244,7 1.455,9 1.895,5 2.752,0
with the platform and to confirm
ARGENTINA 240,9 378,1 561,5 732,8 875,0 1.797,6 2.695,3
if transactions are effectively
being made there,” says Lan. CHILE 242,8 471,8 687,5 919,5 1.027,9 1.141,6 1.489,9
com manager Elías Senerman. VENEZUELA 253.4 489.6 821.5 787.8 906.1 1,117.8 1,418.4
A key issue that companies CENTRAL AMERICA 189,2 359,9 499,0 563,9 637,2 729,6 1.051,0
are seeking to better understand COLOMBIA 150.3 175.0 201.3 301.9 435.0 606.8 998.0
is how to maintain and increase PERU 109,1 145,5 218,2 250,9 276,0 426,9 611,0
conversion rates; the percentage OTHER 131.3 164.8 203.0 260.9 306.5 366.9 525.0
of visitors to a website who ac- LATAM + CARIBBEAN 4,885.0 7,542.1 10,572.5 15,645.0 21,774.9 30,264.5 43,230.5
tually make a purchase.
consumer online purchases are PC, but that is no longer so. A consumption will be intimately
The gift of ubiquity made through conventional growing number of experts think related to mobile consumption,
Many continue to believe that channels like a desktop or laptop that, starting this year, online thanks to smartphones and tab-
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6. E-commerce study in Latin America
May 2012
groupon.com ally very receptive to discount
offers, and the massive market
The Coupon Guy Doesn’t Kill the Star penetration of internet devices
T he top player in early sales of products and services at a discount hit the region, willing
to dispute the common knowledge assessment that a Latin American man would never
invite a woman for dinner to then pay the bill with a 50 percent discount coupon. Against all
is strengthening the power of
price comparison and instant
forecasts, the annual 55 percent growth of Groupon in shopping,” says Alejandro
the region shows that common knowledge was wrong. Fosk, comScore vice president
The company started operations with four employees for Latin America.
less than two years ago, and it now has 360 employees in It is not farfetched then, to
Uruguay, Argentina and Chile. And Groupon’s expansion
assume that in two years, when
has been swift in order to not give eventual competitors
time, and to know the particular aspects of each market. this study is conducted again,
Thus, the company acquired the Chilean Clandescuento. mobile online use will infuse
cl after it had been in operations for only four months. dynamism into the e-commerce
According to Federico Malek, CEO of the division market.
grouping those three countries, “people are eager to
But the shift of consumers
buy something and are only waiting for greater offers.”
So far, so good. But, Malek is surprised how different the towards mobile technology by
countries in which he directs the operation are, a fact way of smartphones and tablets
that hinders general solutions. For example, in Chile an is not the only new trend. Ac-
iPad can almost be bought at the same price than in the United States, while in Argentina, it is cording to Alejandro Prince, of
still not possible to import Apple products in order to force Apple to set up an assembly line
the consulting firm Prince &
in the country, as they did with BlackBerry.
Cook, many Latin American
online consumers are growing
Shopping cart increasingly impatient with
Most relevant factors when buying online (from 1 to 4)
Source: AméricaEconomía Intelligence survey
delivery times and are opting
to pick the packages up them-
Availability of Products 3.52
selves from distribution points.
“Logistic problems begin to have
Transaction Speed 3.52
a solution with the emergence of
Ease of Use 3.49 services that allow consumers
Security 3.45 to pick up what they bought,”
Prices 3.44 says Prince.
Delivery Options/ Shipment 3.43
One example is Falabella
Argentina, with e-commerce
Product Arrival Guarantees 3.39
representing 10 percent of its
Payment Options 3.36 sales. The majority of products
Supply Diversity 3.31 purchased online are picked up
Discounts 3.29 at the store by the customer, ac-
Post Sale Services 2.93
cording to e-commerce manager
Patricia Jabsen. Argentina has
2.60 2.70 2.80 2.90 3.00 3.10 3.20 3.30 3.40 3.50 3.60
the highest shipping costs in
Latin America and consumers
lets. “The current challenge is in smartphones and tablets when market. All indicators suggest prefer to go the distance to pick
having a simple website in which sales through those channels are that the future is in smartphones the product up rather than pay-
clients may shop from their marginal? Simply because the and tablets. ing more for it to be delivered at
mobile phone,” says Armando industry is changing at a diz- “It is a phenomenon we dis- home. It comes as no surprise that
Arias, Walmart’s e-commerce zying speed, and innovations covered mid last year and have the logistical solution for regional
manager for Latin America. such as coupons or digital goods already confirmed. The Latin e-commerce stems from strong
Why is there so much interest can suddenly change the entire American consumer is gener- consumer demand. “There are
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7. E-commerce Study in Latin America
May 2012
a lot of people willing to buy, are approaching those of coun- at least the next three years we rate will keep surpassing that of
but what is still missing in the tries like the United States”, says will maintain double-digit an- the United States, which in 2011
region is supply,” Fosk states. eInstituto’s Pueyrredón. Annual nual growth and surpass the 19 reached a 14.4 percent over the
According to the Argentinean growth probably will not stay percent world average”. previous year.
Chamber of Electronic Com- at the current 50 percent rate Latin America’s participa- According to a Goldman
merce survey, complaints by that has been the trend for the tion in global e-commerce will Sachs report, e-commerce will
consumers about lack of sup- past decade, he adds, but “for continue to grow, and its growth generate US$ 2 million in online
ply in 2011 increased 7 percent
over 2009. Towards the balance point
BRAZIL MEXICO
One of the key factors for Percentage term variation of e-commerce spending in Latin America
CHILE LATIN AMERICA
Source: AméricaEconomía Intelligence
the increase in demand has been
the decrease in transactional 140.0
132.6
security breaches, one of the
biggest historical problems with 120.0
e-commerce in the region. Ac-
cording to Guillermo Rospigliosi, 100.0
94.3
Latin American general manager
76.1
for CyberSource –a payment 80.0
70.3
75.0
processing management and 70.1
64.3 56.0
65.0
58.7
anti-fraud security company 60.0
59.3
54.4
48.0
54.3
53.0
acquired by Visa in 2010 with 54.4 43.1
46.0 39.2 39.0 41.7
over 370,000 clients wordwide, 40.0
40.2
38.4
42.8
34.9
“the boom is intimately related 32.1 33.8
30.6 30.5
with an increase in consumer 20.0
11.1
trust, e-commerce is already 12.6 11.8
considered to be more safer.” 0.0
Var 04/03 Var 05/04 Var 06/05 Var 07/06 Var 08/07 Var 09/08 Var 10/09 Var 11/10
In 2011, 63 percent of Mexi-
cans declared trusting online falabella.com
payment methods, as opposed
to 2009, when the figure was at Off and Online Co-existence
55 percent.
F alabella, the Chilean company with the highest listed stock exchange value, and with operations
in Chile, Argentina, Peru and Colombia,
has taken note of the mobile customers’
Childhood’s End
new habits and will launch its smartphone
How long will Latin American and tablet platform this year. “People can
e-commerce be able to maintain already enter from their mobiles, but they
the current rate of growth, which can’t make transactions,” says Patricia
reached 42.8 percent between Jabsen, its e-commerce manager in
2010 and 2011? Argentina. “This year we will first perform
an upgrade of our electronic platform and
In a constantly evolving immediately afterward we will launch it for
industry, it is very difficult to mobiles,” she says. Jabsen is also president
predict. However, estimates of the Argentinean Electronic Commerce
predict a 26 percent growth in Chamber of Commerce, and she believes
2012 and a 28.5 percent in 2013. that “it is a false dichotomy to say that one
has to opt between developing the online
Many believe the industry is sales channel or physical stores, since the
soon to reach maturity. “Latin offer online has to be complementary to
America consolidated its com- the stock at non-virtual stores”. According
mercial power through the inter- to her, this complementary character helped Falabella win the award for the best e-retail company
net and its consumption patterns of the year awarded by eInstituto.
AméricaEconomía 7

8. E-commerce study in Latin America
May 2012
tucarro.com
purchases per second in 2012.
This depends basically on the International License Plate
market behaviors of China and
the United States, but Latin
C ar sales classified ads pages are booming in Venezuela and Colombia. “They are two very
different markets, but the platform works the same in both,” says Venezuelan Ignacio
Caride, its CEO, through a business model that allows
America will keep gaining posi- to evenly grow at a 40 percent annual rate, no matter if
tions, as long as it maintains its Venezuela has a 30 percent inflation rate, while in Colombia
economic and online population it does not go beyond an annual 8 percent.” The webpage
growth rates. started out in Caride’s home country, competing with the
classified ad pages of newspapers, and winning because,
There are other elements that according to him, at Tucarro.com “the ad stays on until the car
indicate the pace is not going to is sold without a time limit.” Every person placing an ad pays
slow down. “If e-commerce only between US$ 22 and US$ 32 to be on the page until the car
consisted of retail and tourism, in is sold or the sale is suspended. “Over time I discovered that
the United States the proportion the key to the business is to take a picture of the car from the
same angle to give every offer the same exposure,” Caride assures. The page has its associated
would be 63 to 37 percent,” says websites Tulancha.com and Tuavion.com, where placing an ad costs up to US$ 100.
Fosk. “But in Latin America it is
the other way around, which is
anomalous given the great po- does not require the consumer to Carolina Forero, Visa’s execu-
tential retail has in the region.” enter their information for every tive director for innovation and
The presence of giants such as transaction. The speed of the e-commerce, refering to this Publisher & Editor
Walmart and global Latin Ameri- digital wallet payment systems platform that offers businesses Elías Selman Carranza
can retailers of amazing growth is an important factor as it also greater conversion rates and AméricaEconomía Intelligence
Jaime Contreras S., director
have to be taken into account as reduces the premature abandon- increased security. Rodrigo Dörn, researcher
Dalomy Switt, researcher
well. All of them are much more ment of online shopping carts. Every day has its way. The
powerful and have many more “The adoption of mobile sentence applies to what lies Art direction & design
Álvaro Araya Urquiza
clients than any individual actor technology, social networks ahead for e-commerce, as digital
Illustrations
in the regional tourism industry. and the increase in digital goods wallets and other innovations Patricio Otniel
There are still other regional purchases are changing our way that are just being conceived, Editors
gaps to fill. According to eInsti- of communicating and our con- come to the region, are tested, Andrés Almeida F.
Samuel Silva (English version)
tuto, 70 percent of Brazilians, sumer behavior, both online and and keep feeding the industry’s
Writer
Argentineans and Chileans in brick-and-mortar stores,” says bloom and boom. Pablo Rosendo Gonzalez
spend less than 10 percent of
their annual budgets on online
shopping, only half of what citi- Methodology
zens in developed countries do. The estimates by AméricaEconomía transactions held between consumers and
That gap could become smaller Intelligence for the elaboration of this retail enterprises, tourism companies and
as smartphone penetration in- study for 2010 and 2011 were realized from airlines, between consumers (C2C) and
information provided by the official sources transactions with governments (online tax
creases throughout the region.
in each country (electronic commerce payment) in the definition. The amounts in
It is estimated that 50 percent of chambers or associations), which were dollars were obtained using the exchange
mobile phones in Latin America homologated and complemented from rate valid on the last day of the year for
will be smartphones by 2015. industrial analyses, expert opinions, and the every respective year.
There are also new devel- information supplied by a survey specifically We thank the following information sources
created by AméricaEconomía Intelligence for their collaboration: AMIPCI, Camara-e.
opments gaining momentum
and its own estimations, considering other Net, CACE, Cavecom, CCS, FMI, eInstituto,
worldwide that should soon variables related to electronic channel sales. World Internet Statistics, Cepal, World
take hold in Latin America. For the effects of this study, we define Tourism Organization, the Colombian
One of them is digital wallets, (B2C) electronic commerce as those Chamber of Electronic Commerce, Receita
an innovation that offers a safer commercial transactions executed online, Federal, Banxico and many other experts and
ending in, at least, a purchase order being e-commerce area leaders in the region, who
and simpler way to pay, which
sent to a natural person. We included the helped us gather the necessary information.
8 Visa