Latin America’s next payment revolution: El Salvador, Peru, and Argentina lead instant payment innovation.
The payment revolution in Latin America began with trailblazers like Mexico’s SPEI, Brazil’s PIX, and Colombia’s PSE, setting the foundation for instant, secure, and inclusive financial transactions that redefined regional economies. These systems remain the pillars of the continent’s transformation.
However, the story is far from complete. Across Latin America, other nations are joining the movement with their own pioneering instant payment initiatives — El Salvador’s Transfers 365, Peru’s interoperability push led by the Banco Central de Reserva del Perú (BCRP), and Argentina’s comprehensive Transferencias 3.0 architecture. These systems build on the original wave, elevating payment infrastructure, boosting regional connectivity, and accelerating the digital financial ecosystem.
This second installment explores how these countries are evolving the instant payment landscape, complementing the legacy of SPEI, PIX, and PSE with new regional strengths and innovations essential for the future of Latin America’s financial inclusion and economic growth.
Transfers 365 (El Salvador)
Transfers 365 is El Salvador’s national instant payments platform developed by the Banco Central de Reserva (BCRES). It operates 24/7 with real-time settlement between banks and other financial entities, allowing users to make transfers and payments quickly and securely. This system is a keystone in the country's efforts to increase financial inclusion and digitize a traditionally cash-heavy economy. Moreover, it is designed to achieve interoperability with regional payment networks and supports integration with digital wallets and emerging crypto payment systems, reflecting El Salvador’s pioneering approach to digital currencies.
BCRP Interoperability Initiative (Peru)
In Peru, the Banco Central de Reserva del Perú (BCRP) has spearheaded a strategic push towards payment system interoperability, aiming to unify various financial platforms including banks and fintechs through open technical standards and QR code interoperability. This initiative fosters seamless payment flows across wallets, banks, and different payment instruments, enhancing the efficiency of instant payments while encouraging ecosystem competition. It also lays the groundwork for regional interconnectivity with systems like Argentina’s Transferencias 3.0.
Transferencias 3.0 (Argentina)
Transferencias 3.0, launched by the Banco Central de la República Argentina (BCRA), is an interoperable instant payment system that enables instantaneous, 24/7 payments via standardized QR codes. It allows users to push or pull payments from digital wallets, bank accounts, and other financial instruments, simplifying commerce and daily transactions. Its scalable design supports a centralized and accessible network, rapidly modernizing Argentina’s financial ecosystem, especially for micro and small merchants.
Practical Use Cases and Adoption
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In El Salvador, Transfers 365 enables individuals and businesses to send and receive payments instantly, fostering trust in the digital economy. Its availability around the clock and support for wallet integration allow rapid financial exchanges, including payrolls, government disbursements, and e-commerce payments.
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In Peru, BCRP-led interoperability initiatives have unified disparate wallets and banking services, allowing consumers to complete transactions across platforms effortlessly. The rollout of interoperable QR codes and open APIs has boosted digital transaction volumes, particularly in urban and semi-urban areas.
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In Argentina, Transferencias 3.0 is transforming retail and service payments. Consumers use QR codes to pay bills, shop, and transfer money instantly. Small businesses accept a variety of digital payments without additional hardware, facilitating widespread digital adoption.
Technical and Operational Comparison
| Feature | Transfers 365 (El Salvador) | BCRP Interoperability (Peru) | Transferencias 3.0 (Argentina) |
| Launch Year | 2023 | Aggressively driven 2022–2025 | 2020 |
| Operating Hours | 24/7 | 24/7 | 24/7 |
| Settlement Speed | Seconds (real-time or near real-time) | Real-time/instant as infrastructure evolves | Real-time (seconds) |
| Key Technology | Bank integration platform supporting wallets | Open API standards, interoperable QR codes | Centralized interoperable QR-based payments |
| User Identification | Bank accounts or wallet IDs | Open standards for multiple ID types | Multiple payment instruments (bank, wallet, card) |
| Security Measures | Central bank supervision, encryption | Regulation-driven security, API controls | BCRA oversight, data encryption and fraud prevention |
| Interoperability Focus | National system aiming at regional integration | Connecting banks, fintechs, wallets; regional scope | Connecting wallets, banks, digital payment networks |
| Adoption & Usage | Growing consumer and business adoption | Increasing volumes, fintechs onboarding | Rapid uptake in retail, services, micro merchant sectors |
Impact on Financial Inclusion and Regional Economy
These systems are reshaping financial accessibility in countries where historically large populations have been unbanked or reliant on cash.
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El Salvador’s Transfers 365 promotes digital financial inclusion by facilitating payment and transfer access for remote and underserved communities. Paired with the country’s unique embrace of cryptocurrencies, it is a stepping stone toward a hybrid, innovative financial ecosystem.
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In Peru, BCRP’s open standards and interoperability reduce barriers for fintech innovation, creating a competitive market that services diverse users adhering to international standards.
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Argentina’s Transferencias 3.0 empowers small businesses to embrace a cash-reduced, transparent economy through accessible payment systems, enhancing rapid digital adoption even among low-tech merchants.
Together, these innovations fuel economic formalization, resilience, and transparency while addressing the challenges set by fragmented legacy systems.
Transfers 365, BCRP interoperability, and Transferencias 3.0 exemplify Latin America’s vibrant path toward seamless and inclusive digital finance. Complementing the pioneering SPEI, PIX, and PSE, these systems enable secure, near-instant financial flows and broaden financial accessibility.
Their focus on interoperability, regulatory balance, and embracing emerging tech like stablecoins positions the region at the forefront of the global fintech revolution—where speed, inclusion, and technology merge to unlock unprecedented economic opportunity.