Reasons for Popularity

Bank transfers are accepted by most businesses and individuals in Ecuador

Many banks offer international transfer services, facilitating cross-border payments and making it easier for businesses and individuals to transact globally

Reasons for Popularity

Reasons for Popularity

Reasons for Popularity

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Ecuador

Top e-commerce industries
24.3%
Electronics
20.8%
Hobby & Leisure
21.3%
Fashion
Furniture & Homeware
Care Products
DIY
Grocery
Quito
Capital
18.3M
Population
-5
Time Zone (GMT)
USD
Currency
American dollar
$24.1B
Transactions
value in 2028
21%
CAGR
of Digital Payments
during 2024-2028

Popularity of e-commerce payment methods

Bank Transfer
20%
Buy Now Pay Later
1%
Cash-in
6%
Credit Cards
31%
Debit Cards & Prepaid Cards
21%
E-wallet
11%
Mobile Money
11%
Others
11%

Extend your reach

Payment Method

Bank transfers are a fundamental component of Ecuador's financial system. Major financial institutions such as Banco Pichincha, Banco Guayaquil, and Banco del Pacífico offer these services through traditional branch banking, online platforms, and mobile applications, providing flexibility and convenience for users.

Method
Bank Transfer (EC)
LPM Market Share
n/a
Payments
Yes
Refunds
Yes - full refunds only
Type
Bank Transfer
Local Card Scheme
Users
8M
Disbursements
Yes (all banks in Ecuador)
Yes (all banks in Ecuador)
Chargebacks
$25.00
$25.00
Authorization currency
USD
Authorization
speed
Instant
Recurring
No
No

Cash-in payments in Ecuador provide convenient and accessible financial services, offering local banking transactions through their extensive network of service points.

Method
Red Activa
LPM Market Share
n/a
Payments
Yes
Refunds
Yes - full and partial refunds (automated)
Type
Cash-in
Local Card Scheme
Users
1.3M
Disbursements
No
No
Chargebacks
$25.00
$25.00
Authorization currency
USD
Authorization
speed
Instant
Recurring
No
No

Cash-in payments in Ecuador provide convenient and accessible financial services, offering local banking transactions through their extensive network of service points.

Method
Farmacias 911
LPM Market Share
n/a
Payments
Yes
Refunds
Yes - full and partial refunds (automated)
Type
Cash-in
Local Card Scheme
Users
n/a
Disbursements
Yes (all banks in Ecuador)
Yes (all banks in Ecuador)
Chargebacks
$25.00
$25.00
Authorization currency
USD
Authorization
speed
Instant
Recurring
No
No

Cash-in payments in Ecuador provide convenient and accessible financial services, offering local banking transactions through their extensive network of service points.

Method
Tía
LPM Market Share
n/a
Payments
Yes
Refunds
Yes - full and partial refunds (automated)
Type
Cash-in
Local Card Scheme
Users
650K
Disbursements
No
No
Chargebacks
$25.00
$25.00
Authorization currency
USD
Authorization
speed
Instant
Recurring
No
No

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