The economic crisis brought by COVID-19 will help Latin America to embrace technology to sustain the growth of its industry, according to a recently published article.

Love/Hate Relationship of Technology and Latin America

There is a love/hate relationship between technology and Latin America. As the world evolves, Latin America seems to infuse technology in some of its industries like business and commerce.

Traditionally, Latin America had a culture of valuing face-to-face business interaction instead of doing it through phone or emails. This culture has already become part of their business etiquette, but it set them apart from the world.

Additionally, this culture slows down the Gross Domestic Product of the region under three percent because some countries refused not to emerging technology in its industry. One of the ways to increase regional growth is to utilize the available technology to implement efficiency and enable digital tools for more productivity.

Moreover, the region has resistance to new technologies even though they outpaced the rest of the world in using social media. It is very ironic because 70 percent of the region's population has the internet, and they are second-fastest--growing mobile phone market around the globe. Still, there is a cultural resistance of merging technology in government processes and education.

However, the crisis that the pandemic brought has forced the region this time is use technology in business and commerce. Examples of these are teleconferencing, workflow management, food delivery, mobile payments, and more.

In a recent article, the following are predictions as to how Latin America will adopt technology:

1. Trust around digital transactions will improve

Just like other countries, many were very adamant about using technology at first in doing essential transactions. Still, they slowly resolved its glitches and has now become their main way of doing business. Today, most of the countries rely on technology when it comes to online shopping, mobile payment, sending applications, and more. The ease and convenience it gives have changed the pace of businesses around the globe.

2. No-touch services will grow

The global pandemic has also changed how traditional transactions should be done. From buying to the market, buying new clothes, ordering food, and payments of the bill require a person to touch the items physically, but this time services where "no-touch" is expected to grow. Days from now, orders and payments will be made through online to avoid touching objects that may have droplets from a person who is positive for the virus.

3. Entrepreneurship in Latin America will grow

This will also open doors of opportunities for people living in Latin America to start a business that does not need a physical store or shop. Many are expected to have their small online businesses in the days to come. Today, this is significantly seen in Brazil, Chile, and Colombia.

4. Paying will become digital

Given the present situation where social distancing and some are strict measures are implemented to control the spread of the virus, paying anything, including transportation, will become digital. Paying through digital will accelerate to avoid transmission of the virus.

In general, even though the global pandemic has affected the economy of Latin America, but it also offers them new trends in business and commerce that they can use to boost their GDP. This transition is very significant in the region.

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