Digitalization drives payments and tokenization in the Americas

Latin America has become a global reference point for payment digitalization, with around 15 jurisdictions now operating fast payment systems.

Brazil's Pix, launched in November 2020, exemplifies this success, serving nearly 165 million people and facilitating transfers close to $7 trillion in 2025.

Mexico's SPEI infrastructure, along with CoDi and DiMo initiatives, also provides a strong foundation for instant payments.

These initiatives are crucial for fostering financial inclusion and higher productivity.

Research shows that a 1 percentage point increase in digital payment use correlates with a 0.10 percentage point rise in per capita GDP growth over two years.

Successful adoption relies on smart design, sound policy, and robust public-private coordination, coupled with regulatory frameworks that promote innovation while mitigating risks.

Digitalization extends to other assets and tokenization, defined as the digital representation of claims or ownership on programmable platforms.

While applications are nascent, they show strong growth and efficiency gains.

Tokenized money market funds, investing in short-term US government securities, have expanded rapidly.

BIS research provides early evidence of efficiency gains in tokenized corporate and government bond markets, with $8 billion in issuance, noting lower bid-ask spreads.

The BIS Innovation Hub's Agorá project, involving seven central banks and over 40 financial institutions, explores linking tokenized commercial bank deposits and central bank reserves to streamline cross-border payments, aiming for programmable and smarter processes.