Fintechs expand cross-border payment solutions in Latin America

Fintech companies are increasingly challenging traditional banking models by offering more efficient solutions for international payments and cross-border commerce. In the corporate sector, specialized fintechs are providing alternatives for managing international treasury and payments, with companies potentially saving up to 45% compared to traditional bank transfers depending on the currency and destination. These digital platforms aim to reduce the processing times typically associated with correspondent banking, which can take between two and five business days.

In the consumer sector, QR code payment systems are expanding across Latin America. Following the widespread use of Brazil’s PIX system by Chilean tourists—who reported savings of up to 10% compared to traditional credit cards—Prex has announced ‘QR Latam’. This new feature will allow users to make mobile payments via QR codes in Argentina, Peru, Colombia, Paraguay, and Bolivia, in addition to Brazil, facilitating easier transactions for travelers without the need for cash or currency exchange.