Digital payments surge in Latin America via QR codes and AI

Latin America is experiencing a rapid transformation in digital payments, characterized by the rise of interoperable QR codes, instant transfers, and artificial intelligence integration.

In Argentina, Central Bank (BCRA) data shows a significant shift as QR code transactions grew by 67.5% year-on-year in August, reaching 117.2 million operations. This growth is increasingly displacing traditional methods, with physical cash withdrawals and credit/debit card usage seeing declines. Digital wallets play a central role, with 76.9% of immediate transfers involving payment accounts (CVU).

Technological innovation is also driving user experience. Mercado Pago launched ‘Mago’, an AI assistant available in Mexico, Argentina, Brazil, and Chile, which allows users to perform financial tasks via natural language, voice, or photos. Similarly, the digital wallet MODO has integrated ChatGPT to enable conversational commerce. In Mexico, the fintech Finsus is developing solutions to allow money transfers directly through messaging and social media apps.

Regionally, the modernization of low-value payment systems is a shared priority. While countries have developed distinct solutions—such as Pix in Brazil and Transferencias 3.0 in Argentina—the focus remains on interoperability and the expansion of digital ecosystems to facilitate seamless transactions across different platforms.