In an era marked by digital transformation, cashless payments are positioned as a driver of change in the global economy. According to PwC’s Payments 2025 & Beyond report, cashless transaction volumes are experiencing exponential growth, with a projected increase of over 80% between 2020 and 2025, reaching an estimated 1.9 trillion transactions globally.
This digital revolution is even more relevant in Latin America. The same study predicts that the volume of digital payments will increase by 52% by 2025 and will continue with a sustained growth of 48% until 2030. This dizzying pace of adoption reflects not only a preference for convenience, but also a cultural shift driven by technological innovation and the need for financial inclusion.
In this blog, we will explore four key trends in the digital payments landscape for this year.
Financial Trust and Inclusion
At the heart of any digital payments ecosystem are these two fundamental concepts. Financial trust and inclusion. For millions of people, especially in regions like Latin America, adopting digital payments is not only an opportunity for convenience, but also a gateway to previously inaccessible financial services.
The PwC study points out that the proliferation of solutions such as mobile wallets, domestic payments and QR code technologies will continue to be essential until 2025, as these tools democratize access to financial services and significantly reduce costs and transaction times. In rural areas or underserved communities, these solutions are making a difference, offering a simple, secure, and affordable alternative to cash.
However, the mass adoption of these methods depends on one key factor: trust. Trust in these new technologies and the ability to include more people in the financial system become the true catalysts for change. Mobile wallets and QR code payments are enablers of a more inclusive, equitable, and resilient economy. In this scenario, the union between technological innovation and responsible regulation will be the axis on which the future of digital payments will be built.
Digital currencies
Led by central bank digital currency (CBDC) projects and complemented by cryptocurrencies, digital currencies are transforming the way we understand, use, and store money. One of the main promises of digital currencies is their ability to facilitate faster, safer, and cheaper transactions, both locally and internationally. In particular,
CBDCs seek to combine the efficiency of digital technology with the stability and trust associated with government-issued currencies. They not only enable instant payments between individuals, businesses, and governments, but also have the potential to integrate millions of unbanked people into the formal financial system.
A recent study by the Bank for International Settlements revealed that 60% of central banks are actively exploring CBDCs, and 14% are already conducting pilot tests. China is leading the charge with its e-yuan. As these digital currencies gain traction, regulators face the challenge of balancing innovation with economic stability and monetary policy.
Digital wallets
More than just a means of payment, digital wallets have become an essential tool in the daily lives of millions of people, evolving into multifunctional platforms that connect users to financial services, merchants, and global payment networks, redefining our relationship with money.
One of the main factors behind their mass adoption is the combination of accessibility and convenience. Digital wallets allow users to store, send, and receive money from their mobile devices, eliminating the need for cash or even traditional bank accounts. Additionally, digital wallets are driving the emergence of technologies such as QR codes and contactless payments.
This trend will continue to accelerate. According to the PwC study mentioned previously, 86% of respondents predict that traditional payment providers will increasingly collaborate with fintech and technology companies to drive innovation. 45% of respondents “strongly agree” that there will be a significant increase in investment in mobile technology beyond retail payments, with a focus on supporting B2B transactions and digitizing supply chains. These projections underscore how digital wallets are emerging as a key component in the modernization of personal and business processes.
Cross-border payments
Having become a key component of business competitiveness and global economic integration, this trend is shaping the future of financial services, driven by the need for faster, cheaper, and more transparent transactions in a business environment that operates without borders.
According to a PwC study, which interviewed financial industry executives, cross-border B2B payments are expected to accelerate significantly over the next five years. This growth will be supported by the adoption of ISO 20022, a global standard that optimizes the transmission of transaction data. The adoption of this standard not only improves the speed and accuracy of cross-border payments but also enables a higher level of interoperability between financial systems around the world.
The rise of cross-border payments is not only driven by technology, but also by the growing collaboration between traditional banks, fintech, and technology providers. These players are working together to develop innovative solutions that address the traditional challenges of these types of transactions, such as high fees, long turnaround times, and a lack of transparency. Technologies such as blockchain, smart contracts and digital payment networks are playing a crucial role in overcoming these barriers, transforming the experience for businesses and consumers.
The pace of change in the digital payments landscape is undeniable, and financial industry players must stay ahead of the curve by embracing these trends to remain competitive and relevant. The ability to innovate, adapt, and collaborate will be critical to leading in an era of constant transformation.
Topaz connects the world with secure cashless payments
Topaz’s extensive experience enabling digital payment systems positions us as leaders in this growing trend in Latin America and the world, offering innovative solutions for implementing this type of transaction.
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