Understanding in depth SPEI, PIX, and PSE: Instant payment systems transforming LATAM
SPEI, PIX, and PSE drive financial inclusion in Latin America, linking instant payments and stablecoins for a digital, global future.
Roberto Femat
Oct 9, 2025
Latin America is at the epicenter of an unprecedented financial revolution, driven by instant payment systems. In less than two decades, technologies such as SPEI in Mexico, PIX in Brazil, and PSE in Colombia have not only modernized their economies but also expanded financial inclusion to historic levels. These systems are redefining how people, businesses, and governments exchange value, accelerating digitization in a region historically marked by economic informality and cash dominance.
More than simple payment methods, SPEI, PIX, and PSE are structural drivers that enable real-time transactions, increase transparency, reduce operational costs, and create new opportunities for both local and international businesses. For any investor, company, or global user, understanding these technologies is fundamental to successfully operating or expanding presence in Latin America, a rapidly emerging region positioned as a leader in fintech innovation.
SPEI (Mexico)
SPEI, or the Interbank Electronic Payment System, is a real-time electronic transfer platform developed by Banco de México. It operates 24/7 and enables near-instantaneous transfers between financial institutions through the standardized CLABE, an 18-digit unique bank account key. Transactions settle on average within 1.9 seconds, ensuring high security through digital signatures, dynamic tokens, and ongoing monitoring.
Besides individuals, SPEI is crucial for companies to execute mass payments such as payroll and supplier settlements. Its open architecture promotes integration with banks and fintechs, facilitating automation and smooth reconciliations throughout the Mexican financial ecosystem.
PIX (Brazil)
PIX was launched in 2020 by the Central Bank of Brazil to revolutionize digital payments. Featuring a cloud-native architecture and a database called DICT that stores unique keys—such as phone numbers, emails, or CPF/CNPJ—users can send and receive payments instantly 24/7 at no cost to individuals and with competitive fees for businesses.
PIX offers innovative functionalities: QR code payments, random keys for privacy, scheduled payments, and commerce transactions. Its speed (average settlement in 3 seconds) and ease of use have positioned it as the backbone of Brazil’s digital economy, with over 30% of banking transactions processed through PIX.
PSE (Colombia)
PSE, Secure Online Payments, is a system that allows Colombian consumers to make online payments by debiting directly from their bank accounts, eliminating the need for credit or debit cards. It operates 24/7, providing a secure platform where users are redirected to their bank to authenticate and complete the transaction.
The system has been key to e-commerce growth in Colombia, with over 50 million monthly transactions, and widely adopted by SMEs for digital collections. Its simple and secure model for direct bank authentication significantly enhances financial inclusion, allowing even cardless users to pay online.
Real-Life Use Cases and Adoption
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SPEI provides the foundation for fast, secure transfers in Mexico, used for paying bills, government services, peer-to-peer payments, and corporate transactions. For example, a company can promptly pay payroll through SPEI, while individuals can send instant remittances to family members.
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PIX has changed payment habits in Brazil. A user might pay at a supermarket by just scanning a QR code with their phone. It also allows free transfers between friends and is widely used by businesses to speed up collections and improve cash flow.
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PSE gained popularity alongside e-commerce in Colombia. A consumer shopping online can pay directly from their savings account, validating the transaction with bank credentials. This accessibility has enabled thousands of small merchants to digitize sales without complex infrastructure or card dependencies.
| Feature | SPEI (Mexico) | PIX (Brazil) | PSE (Colombia) |
| Launch Year | 2004 | 2020 | 1990s (modernized 2010s) |
| Key Advantages | Fast and secure RTGS transfers; extensive banking use | Instant transfers, free for individuals, high adoption | Easy cardless online payments; safe environment |
| Operating Hours | 24/7 | 24/7 | 24/7 |
| Settlement Time | Average 1.9 seconds | Average 3 seconds | Instantaneous (seconds) |
| Identifiers | CLABE (standardized bank account) | Phone, email, CPF, CNPJ, QR codes | Bank credentials |
| Fees | Variable, bank-specific | Free for individuals, 0.33% for businesses | Variable, bank-specific |
| Security | Digital signature, biometrics | Encryption, real-time fraud monitoring | Secure redirection, bank authentication |
| Integration | Open banking APIs for fintechs | Cloud architecture with standardized APIs | APIs for digital merchants and banks |
| Users/Adoption | Millions in Mexico, mature base | Over 140 million users | Broadly used in Colombian e-commerce |
This table shows how each system uniquely fits its context while sharing goals of speed, security, and accessibility.
Impact on Financial Inclusion and Regional Economy
Latin America has traditionally faced low financial access, with almost half the adult population unbanked. The advent of SPEI, PIX, and PSE has been pivotal to changing this, breaking technical and economic barriers so millions join the formal digital economy.
These platforms have reduced cash usage—still dominant regionally—and promoted daily digital payments, easing life for consumers and businesses alike.
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In Brazil, PIX's mass adoption surpassed expectations, with over 30% of bank transactions through it and notable cash reduction, enhancing traceability and economic oversight.
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In Mexico, SPEI is the backbone of formal interbank payments, increasing efficiency and trust in business payments.
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In Colombia, PSE democratized digital purchasing, enabling cardless payments for traditionally excluded people, supporting digital economy diversification and enhanced tax formality.
Additionally, the rise of these instant payment systems has opened doors to integration with stablecoins. These digital coins provide a fast, low-cost, and transparent means of transferring value using blockchain technology. Emerging platforms such as VelaFi connect traditional transfers via SPEI, PIX, and PSE with stablecoin liquidity, enabling more efficient, secure, and inclusive cross-border payments throughout Latin America. This synergy accelerates financial inclusion, especially for the unbanked and micro-payments where traditional banking is costly or slow.
Global Perspective: Opportunities for International Investors and Companies
For global players, understanding and leveraging SPEI, PIX, and PSE is vital to entering the Latin American market:
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Investors see fast-digitizing, low-penetration markets with high returns driven by rapid digital payment uptake.
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Companies enhance conversions and reduce costs by integrating these methods, gaining client trust and improving user experience.
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Integrating traditional platforms with innovations like stablecoins and DeFi, through players like VelaFi, unlocks new frontiers in cross-border commerce and financial inclusion.
Ultimately, these systems open doors to a Latin American economy rapidly digitalizing and integrating globally.
This fusion of instant payment networks with stablecoins positions Latin America as a global fintech hub. Platforms blending instant payments and stablecoin liquidity reduce transaction costs and settlement times, offering innovative solutions for remittances, B2B payments, and micropayments—driving a qualitative leap in regional and global financial integration.
SPEI, PIX, and PSE exemplify Latin America’s technological and social advancement. They are not just payment rails but infrastructures redefining financial trust, accelerating formality, and opening new markets for millions.
Latin America’s financial future is digital, inclusive, and global. The intersection of instant payment systems and stablecoin ecosystems offers new pathways for extending inclusion, accelerating speed, and lowering costs in national and international transactions. Interoperability among SPEI, PIX, PSE, and stablecoin platforms will be key to Latin America’s leadership in fintech innovation, transforming complex fragmented markets into a coordinated, accessible financial system for all.
Interoperability, coexistence with emerging blockchain technologies, and strong public-private collaboration will determine if the region fully realizes its potential as a global fintech leader.