Payments/PY
Paraguay
ISO PY · 3 schemes
Summary
- SPI instant payment system (May 2022)
- 560K daily transactions (Aug 2024)
- 2.8 seconds average settlement
- 37% of low-value transactions
- 170K new users monthly
Banking landscape
Central Bank
- Name: Banco Central del Paraguay (BCP)
- Website: https://www.bcp.gov.py/
- Role: Monetary policy, payment systems
Major Banks (2024)
| Rank | Bank Name | Type | Digital Platform |
|---|---|---|---|
| 1 | Banco Continental | Private | Continental App |
| 2 | Banco Itaú | International | Itaú App |
| 3 | Banco Regional | Private | Regional App |
| 4 | Sudameris Bank | Private | Sudameris App |
| 5 | Banco Atlas | Private | Atlas App |
Market Structure
- SPI: Central Bank led
- SIPAP: Payment systems
- Mobile wallets: Growing
- Cash declining: Digital rising
Payment infrastructure
National Payment Systems
| System | Operator | Type | Status |
|---|---|---|---|
| SPI | BCP | Instant payment | 560K daily |
| SIPAP | BCP | Settlement | 2013 |
| ACH | BCP | Clearing | Active |
| Card networks | Visa/MC | Cards | Active |
SPI (Sistema de Pagos Instantáneos)
- Launched May 23, 2022
- Phase 1: 24/7 transfers
- Free for end customers
- Under 1 minute settlement
- 2.8 seconds average
SIPAP Background
- Implemented Nov 2013
- RTGS, ACH, DEPO
- BCP administered
- SPI is 5th component
QR code standards
QR Payment Status
| Attribute | Value |
|---|---|
| Status | Expanding |
| Integration | SPI-linked |
| Target | MSMEs |
| Development | Ongoing |
SPI QR Plans
- Commercial payments via QR
- Alias-based payments
- MSME accessibility
- POS alternative
Current QR Landscape
- Bank app QR codes
- Fintech app QR
- Interoperability developing
- Future expansion planned
Mobile payment apps
| App | Provider | QR | Features |
|---|---|---|---|
| Tigo Money | Tigo | Yes | Mobile money |
| Zimple | Fintech | Yes | Wallet |
| Billetera Personal | Personal | Yes | Carrier wallet |
| Bank Apps | Banks | Limited | SPI enabled |
Market Growth
- 560K daily transactions (Aug 2024)
- 4x increase from pre-SPI
- 170K new users monthly
- 26% active accounts on SPI
Cash Replacement
- SPI volumes > ATM withdrawals
- 37% of low-value transactions
- 71% low-value via 24/7 systems
- Rapid transformation
Schemes
| Scheme | Type | Symbology | Adoption | Technical standard |
|---|---|---|---|---|
| SPI | Instant | BCP | 560K daily | spi |
| Tigo Money | Mobile | Carrier | Active | — |
| Bank QR | Developing | Banks | Growing | — |
Sources
- BCP - Payment Systems
- Central Banking - Paraguay Award
- World Bank - Paraguay Fintech
- Transfi - Paraguay Payments
Full country report
Schemes
Standards
Primary · 1
Mentioned · 2