国际清算银行-拉丁美洲和加勒比地区的快速支付和金融普惠（英）-2025.3_20页_814kb

Summary of "Fast Payments and Financial Inclusion in Latin America and the Caribbean"

Core Content

This paper explores the role of fast payment systems (FPS) in promoting financial inclusion in Latin America and the Caribbean (LAC). It highlights how FPS, which enable immediate, 24/7 fund transfers between end users, are becoming a key tool for enhancing access to affordable financial services. The authors examine the current landscape of FPS in the region, their potential benefits, and the challenges that accompany their implementation.

Main Viewpoints

• Financial Inclusion Goals: FPS are seen as a way to increase access to transaction accounts, loans, and savings, thereby integrating more people into the formal financial system.
• Digital Transformation: The shift from cash to digital payments is driven by technological advancements, regulatory changes, and the impact of the Covid-19 pandemic.
• Key Drivers of FPS Adoption: Central bank ownership, participation by non-bank providers, and the availability of multiple domestic use cases and cross-border connections are critical to FPS success.
• Empirical Evidence: The introduction of FPS is associated with increased borrowing and savings rates, suggesting that they encourage financial engagement and reduce informality in the economy.
• Challenges: Cybersecurity risks, interoperability issues, user and participant fees, and ensuring universal access remain major hurdles in the widespread adoption of FPS.

Key Information

Financial Inclusion in LAC

• Access to transaction accounts has increased significantly in most LAC countries between 2014 and 2021.
• However, gaps in access to savings and loans remain, especially among women and low-income populations.
• Despite progress, only about 25% of adults in emerging markets and developing economies (EMDEs) use savings accounts, and over half borrow from informal sources.

Role of Digital Payments

• Digital payments are linked to greater access to financial services and reduced informal employment.
• They can lower the cost of transactions for merchants and help formalise informal economic activities.
• Digital payments also support monetary policy by increasing the effectiveness of the interest rate channel.

Fast Payment Systems in LAC

• Brazil: Launched Pix in November 2020. It allows transactions through QR codes, email, and mobile numbers. P2P transactions are free, while merchant fees are low (0.22% average).
• Costa Rica: Implemented SINPE Móvil in May 2015. It supports various transaction types (P2P, P2B, etc.) and is free up to a certain limit. Only accounts in Costa Rican Colón are eligible.
• Mexico: Introduced SPEI in August 2004. It supports high-value and retail transactions. Overlay services CoDi and DiMo have expanded its functionality and user base.

Impact of FPS

• FPS adoption has been associated with a 3.9 percentage point increase in borrowing from financial institutions.
• Similarly, it has led to a 3.0 percentage point increase in formal savings.
• These systems are gaining market share, with Pix representing 43% of Brazil's cashless transactions by 2024.

Challenges and Considerations

• Cybersecurity and Fraud: A major concern in the implementation and scaling of FPS.
• Interoperability: Ensuring that different FPS platforms can communicate and work together is essential for broad adoption.
• Costs and Fees: Although FPS are generally low-cost, fees for merchants and participants can vary and impact adoption.
• Universal Access: Addressing the digital divide and ensuring that all population groups, including the unbanked, can benefit from FPS.

Conclusion

FPS are playing a pivotal role in advancing financial inclusion in LAC by reducing the reliance on cash, increasing access to financial services, and encouraging formal economic participation. While central banks have been instrumental in their development, collaboration with the private sector is also essential. The paper concludes by noting that further research is needed to understand the long-term effects of FPS on financial inclusion and monetary policy, as well as to address the practical challenges that hinder their full potential.