Latin America Real Time Payments Market Size

Statistics for the 2023 & 2024 Latin America Real Time Payments market size, created by Mordor Intelligence™ Industry Reports. Latin America Real Time Payments size report includes a market forecast to 2029 and historical overview. Get a sample of this industry size analysis as a free report PDF download.

Market Size of Latin America Real Time Payments Industry

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Latin America Real Time Payments Market Size
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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

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*Disclaimer: Major Players sorted in no particular order

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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 Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)