Template-Type: ReDIF-Book 1.0
Author-Name: Jose Aurazo
Author-Name: Cecilia Franco
Author-Name: Jon Frost
Author-Name: Jamere McIntosh
Title: Fast payments and financial inclusion in Latin America and the Caribbean
Abstract: Most countries in Latin America and the Caribbean are implementing fast payment systems (FPS), often with the goal of enhancing access to and use of affordable financial services. FPS offer immediate transfer of funds on a 24x7 basis between end users. This paper assesses how FPS can promote financial inclusion. We find that FPS go hand-in-hand with greater access to loans and savings in the financial system. The paper also discusses the current experience of countries across the region in FPS and related payment innovations, including central bank digital currencies (CBDCs). Finally, we discuss the key challenges in practice associated to cybersecurity risks and fraud, interoperability, end user and participant fees and universal access.
Creation-Date: 2025-03
Year: 2025
Month: March
File-URL: http://www.bis.org/publ/bppdf/bispap153.pdf
File-Format: Application/pdf
File-Function: Full PDF document
File-URL: http://www.bis.org/publ/bppdf/bispap153.htm
File-Format: text/html
ISBN:  978-92-9259-837-2
Number: 153
Handle: RePEc:bis:bisbps:153