The future of digital payment ecosystems in emerging markets: lessons from Latin America
The future of digital payment ecosystems in emerging markets: lessons from Latin America
DOI:
https://doi.org/10.51473/rcmos.v1i1.2023.1718Keywords:
Payment Ecosystems; Emerging Markets; Latin America; Financial Inclusion; Fintech; Open Banking.Abstract
This article analyzes the profound transformation of payment ecosystems in emerging markets, using Latin America, and specifically Brazil, as a central case study. It is argued that this region is not merely a follower of global trends but a "mobile-first" innovation laboratory, where high smartphone penetration coexists with a historically underbanked population. The analysis focuses on the symbiosis between three main actors: fintechs, which act as vectors of agility and inclusion for new entrants, notably Small and Medium-sized Enterprises (SMEs); incumbent banks, forced to migrate from legacy systems to "coopetition" models; and proactive regulators, who act as catalysts for interoperable infrastructures, such as instant payment systems (e.g., PIX) and Open Finance. It is concluded that the Latin American hybrid model, which balances market disruption with regulatory stability, offers a strategic blueprint for economic digitalization and financial inclusion in other emerging economies in Africa and Southeast Asia.
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Copyright (c) 2023 Victor Hugo Ribeiro da Silva Valentim (Autor)
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