Latin America's Real-Time Payment Revolution: Peru and Mexico Leading the Way

Presently, a significant portion of households in Latin American countries that are not affiliated with banks exhibit neither the inclination nor any readiness to adopt real-time payment methods when managing their finances. However, experts anticipate that in the near future, certain regions within this area will witness the expansion of corresponding services, reports PaySpace.

Optimistic projections primarily revolve around Peru. In 2016, the country introduced a system for immediate interbank transfers. Despite not showcasing remarkable efficiency thus far, this initiative's share in the overall transaction volume for the nation stood at 0.3% based on last year's data. Nonetheless, the Peruvian government's continued efforts to promote this payment system contribute to the positive outlook, even amidst the current sentiment.

The country's leadership has devised and implemented various measures to encourage the digital transformation of the financial system, striving to enhance financial services. Notably, in Peru, real-time payments, despite a relatively low demand, display a positive trend, albeit with gradual growth. According to César Ferreyros, the General Manager of the Electronic Compensation Chamber (CCE), an organization affiliated with the Association of Banks of Peru (ASBANC), over 2.6 million financial transactions were processed through the immediate interbank transfer system in 2017.

Experts firmly believe in the potential for an increased prevalence of real-time payments within Peru. Their forecasts indicate that by 2027, the daily volume of such transactions will reach 1 billion, experiencing an annual growth rate of 57% leading up to that date. According to analysts, Mexico is also poised to enhance the popularity of real-time payments by 2026. Although numerous households in the country currently lack interest in these financial services, experts assert that this circumstance will not impede the realization of the aforementioned scenario.

Specialists anticipate that by 2026, the daily number of real-time transactions in Mexico will surpass 5 billion. The national payment system, Cobro Digital (CoDi), launched in 2019, which processes a maximum amount of 8,000 Mexican pesos (equivalent to 445 US dollars), is expected to play a pivotal role in this process.

Mexico was an early entrant into the real-time payments market, introducing its interbank electronic payments system (Sistema de Pagos Electrónicos Interbancarios – SPEI) in 2004.