ACI Worldwide and Mexico-based financial technology firm Mexipay have extended their partnership to improve Mexico's real-time payments infrastructure. This collaboration aims to increase the adoption of instant payments and support economic growth and financial inclusion in the country.

As part of this effort, Mexipay will implement ACI's Digital Central Infrastructure solution, which is included in the ACI Enterprise Payments Platform. The platform, designed to meet the ISO 20022 global standard, will introduce features such as Request to Pay and Alias management, creating new opportunities for payment and revenue streams. In 2023, Mexico processed 3.8 billion real-time payments, positioning it as the 10th largest real-time payments market globally, according to ACI's Prime Time for Real-Time report.

Despite this, Mexico is among the slower-growing real-time payments markets in Latin America, with a projected compound annual growth rate (CAGR) of 7.8% from 2023 to 2028. ACI Worldwide currently supports 26 domestic and pan-regional real-time payment systems across six continents, including ten central infrastructures. The company serves central banks, participant banks, fintechs, and other payment service providers.

ACI's global reach extends to approximately one-third of countries offering real-time payment services, covering around 3 billion individuals served by various entities, including central governments, payment networks, banks, financial institutions, and fintech companies. State of real-time payments in Latin America Latin America has experienced substantial growth in real-time payments adoption, driven by efforts to modernise financial systems and promote financial inclusion. Countries such as Brazil have led the way with initiatives like the PIX system, which has rapidly gained popularity since its launch.

The success of PIX underscores the potential for real-time payment systems to transform financial services in the region, particularly in reaching unbanked populations who have traditionally relied on cash transactions. As smartphone penetration and internet access continue to improve, digital payment solutions are becoming increasingly viable, offering greater convenience, efficiency, and security for consumers and businesses alike. However, despite this progress, several challenges threaten to impede the broader adoption of real-time payments in Latin America.

Regulatory hurdles pose significant obstacles, as governments and financial regulators work to balance innovation with the need to protect consumers and ensure financial stability. Technological infrastructure also remains a concern, particularly in rural and underserved areas where access to reliable internet and digital services is limited. Additionally, cybersecurity threats loom large, as the shift towards digital payments creates new opportunities for fraud and data breaches.

Addressing these challenges will be crucial for Latin American countries to fully realise the benefits of real-time payments and improve financial inclusion across the region. .