Payment Infrastructure Analysis

Chile already runs an interbank transfer rail with immediate availability of funds, but 76% of its interbank transfers are person-to-person. This analysis reviews the Banco Central de Chile's August 2026 Payment Systems Report figures and the alias, QR and API standards it plans to put out for consultation in the second half of 2026.

The CBBH's annual report on its two settlement systems shows RTGS volume rising for a fifth consecutive year, according to the 2001 to 2025 series. Giro Clearing processed the remaining 53,896,095 transactions. In effect, the split leaves Bosnia's large-value rail with a small but growing count of interbank payments that dominate settlement value.

Enrolment in Banco de México's two SPEI overlays appears to run far ahead of actual use. This profile sets out how CoDi and DiMo work, who runs them, what the adoption figures say, and what changes before the 14 December 2026 standardisation deadline.

The Banco Central de Costa Rica is preparing a QR-based version of SINPE Móvil. A channel-based transfer cap took effect on 1 June 2026. A draft Hacienda decree would require taxpayers to register their SINPE Móvil numbers. This analysis sets out the 2025 volumes, the limit reform, the draft decree and the stated redesign timeline.

If banks meet the December 14 deadline, 2027 will likely be the first full year in which CoDi and DiMo are presented the same way in every SPEI participant's app.

NFC-based contactless checkout for Wero has been deferred to 2027, with the scheme's physical retail entry now dependent on QR-code solutions requiring no specialized hardware. Merchant momentum is building through major retailer integrations and EPI-funded activation campaigns.

Three years after launch, FedNow's quarterly transaction count jumped 83% to nearly five million in Q2 2026 while total settled value barely moved. The drop in average payment size from $99,000 to $55,000 points to a system expanding beyond early large-value adopters into routine commercial payments.

Banco de Mexico's two overlay services built on SPEI have collectively enrolled over 33 million accounts since 2019 but converted only a fraction into regular transactions, reflecting the persistent leadership of cash and direct SPEI transfers in the Mexican market.

Despite 180 million banking accounts and growing SPEI adoption, Mexico's instant payment overlay CoDi has reached only 0.2% transaction penetration after six years. Industry panelists at Revolution Banking Mexico attribute the gap to device requirements, fiscal surveillance fears, and zero-commission economics that give banks no incentive to promote the service.

One year after launch, PIX Automatico shows 177 percent monthly enrollment growth, with EBANX processing 38 percent of all transactions. Sixty-four percent of users are first-time digital subscribers. B2B payments dominate financial volume at 90 percent despite representing less than five percent of transaction count.

BCB's Joint Resolution 14 capital requirements, which link minimum capital to operational activities rather than license type, entered their first phase on July 1, 2026. The central bank estimates 679 of 1,751 authorized institutions may fall below the new thresholds at full enforcement, with peer-to-peer lenders the most exposed segment.

The Central Bank of Sri Lanka replaced its legacy RTGS in March 2024 with an ISO 20022-compliant platform built by Montran. LankaSettle serves 35 participants and handles the country's large-value payments, government securities, and retail payment net obligations.

Bangladesh Bank launched an upgraded RTGS platform on 25 February 2025, replacing the original system that had been operational since October 2015.

Bulgaria's accession to the eurozone on January 1, 2026 retired its domestic RTGS, batch clearing, and instant payment systems. All payment traffic now settles through the Eurosystem's T2, STEP2, and TIPS platforms.

France became the third country to offer Wero online payments when Groupe BPCE completed the first transactions in April 2026, following Germany's November 2025 debut and Belgium's March 2026 launch. ING Germany reports a 15 percent activation rate among current account holders as merchant adoption expands across all three markets.

The National Payment Corporation of Kazakhstan processed 35.76 million RTGS transactions through the Interbank System of Money Transfers in 2025, averaging 143,600 daily settlements across 33 participants as the restructured operator expands into QR payments and digital services.

Iceland signed a TIPS participation agreement in 2025. The agreement adds the Icelandic krona as the fifth currency on the Eurosystem's instant payment settlement platform from 2028.

RENTAS+ serves 69 participants comprising commercial banks, Islamic banks, investment banks, and development financial institutions.

PayShap's monthly transaction volumes surged eightfold during 2025, from six million to 45 million, driving the South African instant payment system to 905 million cumulative transactions by May 2026 as operator PayInc targets merchant QR payments.

Four operational deadlines between July and November 2026 will complete Sweden's transition from legacy Bankgirot formats to ISO 20022 XML-based clearing, starting with the permanent end of direct file submissions on July 1.

Lynx is the real-time gross settlement system at the core of Payments Canada's infrastructure. The system currently maintains 16 direct participants, all banks.

The SCT volume decline at STEP2 coincides with accelerating instant credit transfer adoption across the euro area.

TIPS averaged 10.8 million instant payment transactions per day in April 2026, exceeding ten million for the first time. Danish krone settlements surged 52 percent month-on-month, driving the multi-currency platform past the milestone.

The European digital wallet's growth rate has decelerated from 1.5 million to approximately one million net monthly additions since March 2026, while ING Germany's disclosure of 600,000 Wero activations offers the first bank-level adoption benchmark in the German market.

Euro volumes dipped 4.3 percent month-on-month from March's peak of 4.74 million daily. Euro daily settlement value held steady at 5.7 billion euros for a second consecutive month.

RTP's volume lead remains wide. Its single-day record of 2.27 million transactions on May 1 exceeded FedNow's Q1 daily average of 30,317 by a factor of 75. FedNow's value trajectory, however, is extraordinary: the $271.

Bankgirot has completed the first wave of service discontinuations and faces three remaining infrastructure deadlines between July and September 2026, marking the most intensive period of Sweden's clearing system transformation.

Reserve Bank of India data shows NEFT processed 1,000 crore transactions worth Rs 482 lakh crore in CY2025, a 27.4 percent volume CAGR from CY2021. Average transaction size declined from Rs 72,895 to Rs 48,200 over the period, indicating expansion into automated batch payment use cases rather than migration toward higher-value transfers.

BankservAfrica has acknowledged that transaction fees and inconsistent user experience across banking apps have constrained adoption.

Turkey's FAST system grew 83% year-on-year to 3.3 billion instant payment transactions in 2023, driven by progressive limit increases from TRY 20,000 to TRY 100,000. Daily throughput reached 11 million by January 2024 as the CBRT added overlay services to the platform.