Panama
Panama, a vibrant Central American economy with a population of approximately 4.5 million, relies heavily on banking, logistics, trade, and tourism, with the Panama Canal as a critical global trade route. Panama’s GDP reached around $77 billion in 2023, with services contributing 70%, industry 26%, and agriculture 3%.
Panama is a key import-export hub, exporting minerals, petroleum products, and agricultural goods, while importing machinery, vehicles, and consumer products. The Panama Canal significantly boosts trade revenues.
Panama’s e-commerce and fintech sector is growing rapidly. Popular online payment methods include Yappy, Banistmo, BAC Credomatic, Visa, Mastercard, and mobile wallets. Digital payments, widely accepted by businesses and government services, make Panama an ideal market for online payment providers.
Cryptocurrencies, including Bitcoin and USDC, are increasingly used in commercial transactions, reflecting Panama’s openness to innovative digital payment solutions. Panama’s strategic location, growing digital adoption, and thriving fintech ecosystem make it an attractive market for international merchants and fintech companies expanding in Latin America.
Top banks
Banco General
Founded in 1955, Banco General is Panama’s largest private bank. It offers comprehensive banking services, including retail, corporate, and digital banking. Known for stability, innovation, and strong customer service, it plays a key role in Panama’s growing fintech and digital payments ecosystem.
Banistmo
Banistmo, established in 1984, is one of Panama’s leading banks, part of Grupo Bancolombia. It provides retail and corporate banking, online payment solutions, and mobile banking. Banistmo emphasizes technological innovation, supporting Panama’s e-commerce growth and digital financial inclusion.
BAC Credomatic
BAC Credomatic is a regional bank with a strong presence in Panama. Founded in 1952, it offers credit cards, loans, and digital banking services. It is a pioneer in mobile and online payment solutions, widely used by consumers and businesses.
Multibank
Multibank, founded in 1991, provides a wide range of retail, corporate, and international banking services. It is known for its modern digital banking solutions, supporting online transactions, mobile payments, and Panama’s expanding e-commerce sector.
Global Bank Panama
Global Bank Panama, established in 1994, offers commercial, retail, and digital banking services. Focused on innovation and customer convenience, it supports Panama’s growing fintech landscape, providing online payment platforms and secure mobile banking solutions.
Top payment methods
Yappy
Yappy Panama is a leading mobile payment solution in Panama, allowing users to send money instantly, pay bills, and shop online or in-store using smartphones. Popular for P2P transfers and digital payments, Yappy simplifies e-commerce transactions and supports Panama’s growing fintech ecosystem.
Visa
Visa is the world’s largest global card network by transaction value, accepted almost everywhere. It’s known for secure, fast, and reliable payments, positioning itself as “the best way to pay and get paid by everyone.”
Mastercard
Mastercard is a global payments leader, dominating the co-branded card market in Europe and key countries like Brazil, Canada, and Germany. Known for secure, contactless, mobile, and digital payment solutions, Mastercard drives e-commerce, fintech, and online banking innovation worldwide.
ApplePay
Google Pay
Google Pay enables secure digital payments using stored credit or debit cards for online, in-app, and in-store purchases. It offers a fast, seamless checkout experience on Android devices and supports 3D Secure authentication for EU and UK-issued cards.
Concluding remarks
Cash
Cash payments remain widely used in Panama, especially for small transactions, local markets, and informal businesses. While rural areas prefer cash, urban centers are increasingly adopting digital payments and mobile wallets.
Cards
Visa, Mastercard, and American Express dominate card payments in Panama. Debit cards are popular for in-store purchases, while credit cards are preferred for online shopping, travel, and large transactions. Banks like BAC Credomatic, Banistmo, and Banco General provide secure card payment solutions.
Bank transfers
Bank transfers are widely used for payroll, utility bills, and B2B payments. Major Panama banks offer online banking platforms for efficient domestic and international money transfers.
Mobile wallets
Mobile wallets such as Yappy and bank-specific apps enable peer-to-peer transfers, bill payments, and QR-code transactions. Alternative payment methods (APMs) are growing due to convenience, digital adoption, and smartphone penetration.
Cryptocurrency
Cryptocurrency adoption in Panama is niche, mainly among tech-savvy users and investors. Some merchants and fintech startups accept Bitcoin and other digital currencies, but regulatory clarity and mainstream adoption remain limited.
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