Sources:

^{*All third-party trademarks are the property of their respective owners.}

^{1. https://www.fidelity.com.sg/articles/analysis-and-research/2021-03-22-the-rise-of-e-commerce-in-latin-america-1616387364368}

^{2. PPRO_Latin_America_Payments_and_ecommerce_report_2022.pdf}

^{3. emarketer, June 2022 Digital Buyer Penetration in Latin America, by Country, 2020-2026}

^{4. https://www.forbes.com/sites/forbesagencycouncil/2022/04/18/seo-and-e-commerce-in-latin-america-a-ripe-opportunity}

^{5. https://www.statista.com/outlook/dmo/fintech/digital-payments/south-america}

^{6. https://www.insiderintelligence.com/content/mastercard-teams-up-with-inswitch-expand-digital-payment-solutions-latin-america}

Disclaimer

^{This communication represents the extent of Mastercard’s knowledge as of the date hereof, is provided for marketing purposes only and maybe subsequently modified.}