Last week, on May 12, Sandra Martinez Espinoza and I began a trip across three Latin American countries where PPRO operates: Chile, Colombia, and Mexico.

The mission was to gain insights into local payment ecosystems, engage with our partners, and identify how we as a company can better serve the global merchants we support.

We started in Chile

We met with Kushki, Transbank, and Klap. Chile stands out for its high level of payment technology maturity. Around 85 percent of the population uses credit cards, which reduces the demand for alternative methods like digital wallets or PIX-style solutions.

What is especially interesting is the shift in market dynamics. TransBank, which was the only acquirer in the country up until not too long ago, is now heavily regulated.

This opened the door for new players like Kushki and Klap to gain market share and bring more competition and innovation into the ecosystem.

It is a streamlined market, but no longer a centralized one, and that is creating space for evolution.

Colombia brought a different perspective

We met with BBVA en Colombia, Banco de Occidente, Redeban, Mastercard and CredibanCo. While research suggests that around 80 percent of the population is banked, our local banking partners painted a more cash-heavy reality.

Colombia is currently piloting BREB, a real-time payment system inspired by Brazil’s PIX. Some partners are not betting that BREB will have the same traction PIX had in Brazil, largely because PSE is already so dominant.

That said, PSE’s user experience is, frankly, obnoxious. The process involves something like 12 steps, yet Colombians are used to it. This friction could actually work in BREB’s favor, but we will have to wait and see.

We wrapped up in Mexico and what a finish

We engaged with BBVA en México, Banorte , American Express México, and Sistema de Transferencias y Pagos – STP, which powers SPEI and CODI. What really caught my attention was CODI PUSH. It sort of works like PIX, but with an even smoother user experience.

At checkout, the user enters their key and receives a push notification from their banking app to approve or decline the payment. It got me thinking that merchants could overuse it, but from a UX standpoint, it is simple, fast, and elegant.

Now, speaking from personal perspective: I do not believe that something like PIX would gain the same traction in Mexico as it did in Brazil. And here is why.

PIX was a massive success in Brazil because we had no true real-time payment option. We were stuck with outdated rails like boleto and TED, which were either slow or expensive.

PIX arrived and filled a gaping hole.

Also, the timing helped. The pandemic dramatically increased the need for digital and contactless payments. And the Central Bank of Brazil made it mandatory. All banks with more than 500 thousand accounts had to integrate PIX. Adoption was not just organic, it was institutional.

Mexico, on the other hand, already has a strong, functional instant payment infrastructure. SPEI is widely used and well-integrated, and solutions like CODI PUSH are evolving the user experience. The market is not waiting for a miracle, they have been building steadily and effectively.

Congrats to Mexico and its developers. CODI PUSH is an excellent example of innovation done right. Way to go.

Now, wrapping up this journey from the airport in Mexico City, I return with valuable insights, stronger relationships, and a deeper understanding of how PPRO can evolve to better serve the clients we bring into these markets.

Huge thanks to all the partners who welcomed us so openly. We are coming back with clarity on where we are, and most importantly, where we can go.