Latin America is undergoing a remarkable digital transformation — and nowhere is that shift more visible than in the rapid rise of digital payments. In a region historically dominated by cash, mobile wallets, real-time transfers and account-to-account (A2A) transactions are now defining the new standard for commerce. The latest Embedded Payments Tracker®, produced by PYMNTS Intelligence in collaboration with Galileo, uncovers the data and insights behind this regional shift — and what it means for the future of financial access in LatAm.

How Digital Payments Are Replacing Cash in Latin America’s Financial Revolution

In just a decade, Latin America has transitioned from a cash-first market to a digital-first ecosystem. In 2014, cash accounted for 67 percent of in-store transactions across the region. By 2024, that number had dropped to 25 percent, and projections show it could fall below 17 percent by 2030. At the same time, digital payments are expected to account for two-thirds of all e-commerce and nearly half of point-of-sale (POS) transaction volume across the region by the end of the decade.

What’s driving this momentum? A confluence of mobile adoption, government-backed infrastructure, fintech innovation and consumer demand for faster, more inclusive financial services.

Brazil’s Pix: The Real-Time Banking Revolution Transforming Latin America

Brazil’s Pix system is perhaps the most compelling example of how real-time payments can redefine a market. Launched by the Central Bank of Brazil, Pix processed 64 billion transactions in 2024 alone — surpassing debit and credit card transactions by more than 80 percent. Even more notable is the widespread consumer adoption: Pix is now a go-to method for everyday purchases, peer-to-peer (P2P) transfers and small business transactions alike.

The system continues to evolve. In 2025, Pix will introduce tap-to-pay functionality and support for recurring payments, making it even easier for consumers and businesses to participate in the digital economy — without the friction or fees often associated with traditional payment methods.

Mobile Wallet Adoption Rates Soar Across LatAm 

Mobile-first financial tools are gaining ground across the region. More than 60 percent of Latin Americans now use mobile wallets or payment apps for everyday transactions — outpacing debit card usage in some markets. Countries like Argentina, Panama and Colombia are seeing particularly high adoption rates, with mobile-based solutions becoming the default for everything from splitting restaurant checks to paying utility bills.

This widespread usage isn’t just about convenience. It’s a powerful signal that mobile payments are unlocking financial access for consumers who previously lacked traditional banking options.

How Fintech Innovation and Government Programs Are Expanding Financial Access

With over 3,000 fintechs operating in Latin America — up from just 700 in 2017 — startups are stepping in to fill long-standing gaps in the financial system. These innovators are reaching younger, lower-income and previously underserved consumers with solutions tailored to their needs, including prepaid cards, BNPL, QR code payments and cross-border remittances.

Government initiatives are also playing a critical role. Programs like Mexico’s CoDi and Brazil’s Pix have helped expand digital access through regulation, public infrastructure and broadband investment. Today, more than 65 percent of the population has mobile internet access, a key enabler for mobile-first financial inclusion.

What’s Next for Digital Payments in Latin America?

The momentum is clear — but the work is far from done. To maintain this trajectory, continued investment is needed in mobile infrastructure, digital literacy and cross-border interoperability. There’s also an opportunity for greater collaboration between governments, fintechs and financial institutions to ensure digital tools remain accessible, affordable and secure for everyone.

Want to Dig Deeper?

Download the full PYMNTS Intelligence | Galileo Embedded Payments Tracker® to access the latest data, expert insights and growth forecasts shaping Latin America’s digital payment landscape.