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Retail payments in Latin America and the Caribbean: present and future

Author

Listed:
  • Viviana Alfonso C
  • Alexandre Tombini
  • Fabrizio Zampolli

Abstract

Retail payment services in Latin America and the Caribbean are characterised by high costs and insufficient access for large swathes of the region's population. To overcome these limitations, some of the larger central banks in the region have taken the lead to introduce fast retail payments and develop an open banking ecosystem. Several others have launched central bank digital currency pilots. The shift to digital payments, which is supported by these policy initiatives, is likely to receive further impetus from the Covid-19 pandemic.

Suggested Citation

  • Viviana Alfonso C & Alexandre Tombini & Fabrizio Zampolli, 2020. "Retail payments in Latin America and the Caribbean: present and future," BIS Quarterly Review, Bank for International Settlements, December.
    • Handle: RePEc:bis:bisqtr:2012f
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    References listed on IDEAS

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    1. Leandro Medina & Friedrich Schneider, 2019. "Shedding Light on the Shadow Economy: A Global Database and the Interaction with the Official One," CESifo Working Paper Series 7981, CESifo.
    2. Viviana Alfonso C & Codruta Boar & Jon Frost & Leonardo Gambacorta & Jing Liu, 2021. "E-commerce in the pandemic and beyond," BIS Bulletins 36, Bank for International Settlements.
    3. Morten Linnemann Bech & Umar Faruqui & Frederik Ougaard & Cristina Picillo, 2018. "Payments are a-changin' but cash still rules," BIS Quarterly Review, Bank for International Settlements, March.
    4. Thorsten Beck & Asli Demirgüç-Kunt & Ross Levine, 2000. "A New Database on the Structure and Development of the Financial Sector," The World Bank Economic Review, World Bank, vol. 14(3), pages 597-605, September.
    5. Raphael Auer & Rainer Boehme, 2020. "The technology of retail central bank digital currency," BIS Quarterly Review, Bank for International Settlements, March.
    6. Derryl D'Silva & Zuzana Filkova & Frank Packer & Siddharth Tiwari, 2019. "The design of digital financial infrastructure: lessons from India," BIS Papers, Bank for International Settlements, number 106.
    7. Raphael Auer & Giulio Cornelli & Jon Frost, 2020. "Covid-19, cash, and the future of payments," BIS Bulletins 3, Bank for International Settlements.
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    Citations

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    Cited by:

    1. Gayá, Romina, 2022. "The payment landscape of B2C e-commerce marketplaces in Latin America and the Caribbean," Desarrollo Productivo 48557, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL).
    2. Claudel Mombeuil, 2024. "Consumers’ Willingness to Use Mobile Payments in Micro Business Transactions: Differences in Demographic Factors," Information Systems Frontiers, Springer, vol. 26(4), pages 1495-1508, August.
    3. Jose Aurazo, 2024. "Interchange fees, access pricing and sub-acquirers in payment markets," BIS Working Papers 1163, Bank for International Settlements.
    4. Aurazo, Jose & Vega, Milton, 2021. "Why people use digital payments: Evidence from micro data in Peru," Latin American Journal of Central Banking (previously Monetaria), Elsevier, vol. 2(4).

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    More about this item

    JEL classification:

    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies

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