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


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Countries Covered: Argentina, Brazil, Chile, Colombia, Mexico, Peru

Pages: 30

Publication Date: 27/01/2021

Questions Covered in the report:

  • What is the share of consumers who reduced cash usage due to the COVID-19 restrictions in Latin America?
  • How much do Pix payments are going to constitute in total electronic payments in the year 2030 in Brazil?
  • What is the number total and active CoDi accounts in Mexico?
  • What is the monthly average volume and value of electronic real-time payments in Peru?
  • How did the payments via the real-time gross settlement system change during the pandemic in Colombia?

Key Findings:

Amid COVID-19, in Latin America, real-time payments adoption growth, however with challenges

The governments of the largest economies in LatAm actively encourage citizens to switch to the new real-time payment platforms

In Latin America, providers of alternative means of payment, including those offering real-time transfers have been accumulating users rather fast in recent years. However, this has been complicated by the fact that most of the consumers in the region still prefer cash over any digital fund transfer options. Nevertheless, the onset of the COVID-19 pandemic and the imposed restriction gave another impetus to digital payments in Latin America, as close to two-thirds of consumers surveyed in 13 countries of the region reported that they decreased cash usage amid the pandemic, as detailed in the yStats.com publication. With that, in November 2020, the Brazilian Central Bank introduced its real-time payment platform Pix, aiming to replace any other digital fund transfer service currently present in the country. By the year 2030, payments via the Pix system are forecasted to constitute more than one-fifth of the total electronic payments in Brazil. Similarly, in Mexico, the Central Bank, launched its mobile real-time payment platform CoDi in 2019. As of December 2020, the service has accumulated a substantial number of users, but only a small two-digit percentage of users actually have made or received fund transfers.

In countries of Latin America, the adoption of real-time payments remains fairly fragmented

In Argentina, the volume of real-time transfers has been steadily growing throughout 2020, while the increase was especially significant after the first lockdown in March 2020. The numbers reached their peak in December 2020 and were mostly driven by individuals making real-time payments. In Colombia, in opposite to that, the monthly volume of real-time payments via the local system CUB has been substantially going down since March 2020, but the Government put a lot of hope on the newly introduced blockchain-based payment platform Transfiya. Meanwhile, in Chile, the value of real-time transfers underwent a nearly four-fold increase from the first quarter of 2019 to the fourth quarter of 2020, but the number of transactions remained essentially constant, according to figures cited in the new yStats.com report.

1. Global

  • Main Drivers for Real-Time Payments Adoption, January 2021
  • Share of Consumers Who Reduced Cash Usage, in %, and Share of Consumers Who Reduced Cash Usage at Least by 20%, in %, November 2020
  • Current State of Real-Time Payments, January 2021

2. Brazil

  • Profile of Real-Time Payment System Pix, January 2021
  • Weekly Average Pix Transactions settled at SPI, Volumes, in millions, and Values, in BRL million, 03 November 2020 – 10 January 2021
  • Share of Payments via the Pix System, in % of Total Electronic Payments, 2030f

3. Mexico

  • Overview of the Real-Time Payment System, January 2021
  • Transaction Volumes via the RTS System SPEI, in millions, and Year-on-Year Change, in %, January 2020 – November 2020
  • Number of CoDi Accounts that Made and Number of CoDi Accounts that Received at Least one Payment, December 2020

4. Chile

  • Payments via the Real-Time Gross Settlement System LBTR, Volume, in thousand, and Value, in CLP billion, Q1 2019 – Q4 2020

5. Colombia

  • Profile of RTGS System CUD and Transfiya, January 2021
  • Payments via the Real-Time Gross Settlement System CUB, Volume, in thousand, and Value, in COP billion, January 2020 – December 2020

6. Peru

  • Profile of the Real-Time Payment System, January 2021
  • Monthly Average of Electronic Real-Time Payments, Volume, in thousands, and Value, in PEN million, incl. Transfers Using Domestic and Foreign Currency, 2019 & 2020

7. Argentina

  • Volume of Real-Time Payments, by Source of Payment, in millions, January 2020 – December 2020
  • CoDi
  • PLIN
  • Pix
  • Transfiya
  • Yape BCP

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