2021 Key Trends of the Payment Industry: Real-Time Payments in Latin America

Latin American Real-Time Payment Adoption is a Slow Process, Says Report

Latin American countries strive to attract users on the local real-time payment platforms during the pandemic

Latin American countries have been increasingly opting for real-time payments in recent years, which was especially encouraged by the local Central Banks. The main goal was to increase financial inclusion and reduce cash in circulation. In Mexico, for example, right before the onset of the COVID-19 pandemic, a new real-time mobile payment platform known as CoDi was introduced. The platform has accumulated a substantial number of accounts, however, it still struggles to increase the number of active users. Similarly, driven by the globally rising demand for the real-time payment options, the Central Bank of Brazil decided to launch Pix in November 2020. According to figures cited in the report, by 2030, fund transfers via Pix are expected to be about one-fifth of the total electronic payments in the country.

Other economies in the region, including Colombia, Argentina, Chile, and Peru are also making efforts to catch up in terms of real-time payments adoption, however, as of now, for some of them, this remains a serious challenge, as detailed in the publication.

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