Real-time payments have the power to drive financial inclusion and transform the way people and businesses transact daily.
One of the main benefits of the so-called RTP, for its acronym in English, is the speed and efficiency they offer. A few years ago we had to wait days for a bank transfer to complete; Now, they can be done instantly, which is especially valuable in a business world where speed and agility are critical.
Furthermore, RTPs not only benefit digital financial companies, but also present significant opportunities for traditional banking, as it promotes its modernization, makes the service more competitive and creates collaboration environments between banking institutions and digital financing companies to improve customer experience.
However, although the implementation of real-time payment systems may initially involve significant investments for financial institutions, in the long term these technologies help reduce operating costs and expand their service offerings, as they are not limited only to money transfers. , also cover commercial payments, electronic invoicing, among others.
In terms of financial inclusion, real-time payments are a powerful tool to reach segments of the population that have historically been excluded from the traditional financial system. With solutions fintech Innovative solutions, such as digital wallets and payment applications, can provide access to financial services to remote or underserved communities, significantly contributing to reducing the economic gap in the region.
According to Condusef data, in Mexico 97 percent of the adult population already has access to the financial system, including branches, ATMs, point-of-sale terminals, commercial chains and convenience stores.
DiMo, the bet in Mexico on RTP
Despite the benefits, it is important to take into account the challenges facing the mass adoption of real-time payments in the region. One of the main obstacles is technological infrastructure and connectivity, especially in rural or less developed areas. To address this challenge, close collaboration is required between the private sector, governments and other stakeholders to improve digital infrastructure and promote financial literacy.
In Mexico they are also betting on RTPs, the first big bet arose in 2019 with the launch of CoDi to allow payments with QR code through the SPEI. However, this type of payment failed to scale for several reasons, including that financial institutions were prohibited from charging a fee for its use, which discouraged its promotion among clients.
Last year, having learned from CoDi’s experience, Banxico launched its new iteration of RTP: DiMo, which instead of relying on a QR code, links users’ bank account number to their phone number. , allowing you to make mobile payments easily.
During this and next year we will see the growth and adoption of real-time payments in the country so that traditional banking transforms and adapts to the changing demands of the market and its clients. By embracing these types of technologies and collaborating with digital payments players, financial institutions can improve their service offerings, optimize their operations and provide a more satisfying experience to their customers.
The author is country manager of Kushki México.
