Latin America Real Time Payments Market Size (2024 - 2029)

The Latin America real-time payments market is experiencing significant growth, driven by factors such as increased smartphone penetration, a rising banked population, and supportive government initiatives. The market's expansion is further fueled by the decline in the unbanked population and the shift towards faster payment services, with countries like Brazil and Mexico leading in transaction volume. The adoption of new payment technologies, including QR codes and various fast-payment systems, is enhancing the market's development. Additionally, regulatory reforms in telecommunications are reducing costs and improving connectivity, which are crucial for the evolution of real-time payments. The COVID-19 pandemic has also accelerated the shift towards digital and contactless payments, contributing to the market's robust growth.

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Market Size of Latin America Real Time Payments Industry

Latin America Real Time Payments Market Size
Study Period 2019 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2019 - 2022
CAGR 15.10 %
Market Concentration Medium

Major Players

Latin America Real Time Payments Market Major Players

*Disclaimer: Major Players sorted in no particular order

Latin America Real Time Payments Market Analysis

The Latin America real-time payments market is expected to register a CAGR of 15.1% from 2022 to 2027. The primary factor driving the growth of the market is the increasing smartphone penetration, growing banked population, and government initiatives in various countries of the Latin America region, among others.

  • The real-time payments market in Latin America is booming owing to a decrease in the region's unbanked population, the rising shift towards faster and instant payment services, and the high proliferation of smartphones. Furthermore, the growth is coupled with the growing real-time payment transactions in Brazil and Mexico.
  • In addition, new payment technologies and payment methods like QR codes and real-time payments are rising. Several countries have Real-time payments and fast-payment systems, such as Transferencia 3.0 in Argentina, PIX in Brazil, and SPEI in Mexico.
  • The growth of real-time payments is further supported by increasing smartphone penetration and government regulations in many regional countries. For instance, telecommunications regulation reforms in Mexico have resulted in lower costs for mobile phones and data, which has led to more connectivity and usage, a key component in real-time payments evolution.
  • The COVID-19 pandemic has sharply increased digital transactions in the region. Some people have tried out fintech and real-time payment services for the first time, while existing users have increased their frequency of use. Further, the shift towards contactless and innovative payments has increased the usage of real-time payments in the region.

Latin America Real Time Payments Industry Segmentation

Real-time payments, also called immediate or instant payments, refer to interbank money transfers wherein both the payer's and the receiver's bank accounts are updated instantly upon initiating a payment transaction. Real-time payments describe the ability to make and receive payment on any day, at any time.

The Latin American Real-Time Payments Market is segmented by Payment Type (P2P, P2B) and Country (Brazil, Mexico, Rest of Latin America).

By Type of Payment
P2P
P2B
By Country
Brazil
Mexico
Rest of Latin America
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Latin America Real Time Payments Market Size Summary

The Latin America real-time payments market is experiencing significant growth, driven by factors such as increased smartphone penetration, a growing banked population, and supportive government initiatives across the region. The shift towards faster and instant payment services is further propelling the market, with countries like Brazil and Mexico leading in real-time payment transactions. The introduction of new payment technologies, including QR codes and various fast-payment systems like Transferencia 3.0 in Argentina, PIX in Brazil, and SPEI in Mexico, is enhancing the adoption of real-time payments. The COVID-19 pandemic has also accelerated the trend, as more consumers turned to digital and contactless payment methods, increasing the frequency of real-time payment usage.

The P2B segment is poised for substantial growth, fueled by rising internet and smartphone usage, a surge in online shopping, and the booming e-commerce sector in Latin America. Services such as "buy now, pay later" are gaining traction, with companies like ADDI, DiniePay, and Cleo driving expansion in this area. Partnerships and mergers among regional companies are fostering innovation in the P2B segment, exemplified by Nelo's all-in-one app in Mexico. Brazil's pro-innovation regulatory environment and the successful launch of PIX have been pivotal in advancing real-time payments, with significant user adoption and transaction volume growth. The competitive landscape is moderately consolidated, with major players like ACI Worldwide Inc., Fiserv Inc., Mastercard Inc., and Visa Inc. offering innovative solutions and engaging in strategic mergers and acquisitions to enhance their market presence.

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Latin America Real Time Payments Market Size - Table of Contents

  1. 1. MARKET INSIGHTS

    1. 1.1 Market Overview

    2. 1.2 Industry Attractiveness-Porter's Five Forces Analysis

      1. 1.2.1 Bargaining Power of Suppliers

      2. 1.2.2 Bargaining Power of Buyers/Consumers

      3. 1.2.3 Threat of New Entrants

      4. 1.2.4 Threat of Substitute Products

      5. 1.2.5 Intensity of Competitive Rivalry

    3. 1.3 Evolution of the payments landscape in Latin America

    4. 1.4 Key market trends pertaining to the growth of cashless transaction in Latin America

    5. 1.5 Impact of COVID-19 on the payments market in Latin America

  2. 2. Market Segmentation

    1. 2.1 By Type of Payment

      1. 2.1.1 P2P

      2. 2.1.2 P2B

    2. 2.2 By Country

      1. 2.2.1 Brazil

      2. 2.2.2 Mexico

      3. 2.2.3 Rest of Latin America

Latin America Real Time Payments Market Size FAQs

The Latin America Real Time Payments Market is projected to register a CAGR of 15.10% during the forecast period (2024-2029)

ACI Worldwide Inc.​, Paypal Holdings Inc.​, VISA Inc.​, Mastercard Inc and Fiserv Inc.​ are the major companies operating in the Latin America Real Time Payments Market.

Latin America Real Time Payments Report Snapshots

Latin America Real Time Payments Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)