MIAMI, CMC – The Inter-American Development Bank Group (IDB Group) says it has launched a new initiative to accelerate the rollout of real-time, low-cost digital payment systems across Latin America and the Caribbean.
It said that IDB Pay will bring financial services to the 30 per cent of the region’s population that remains unbanked by 2030 and will support countries to build inclusive, interoperable, and secure Fast Retail Payment Systems (FRPS) and other Digital Public Financial Infrastructures (DPFI).
IDB Pay will also use strategic technical cooperation, policy innovation, and flexible financing instruments to support the build-up of inclusive, interoperable, and secure fast retail payment systems that align with global best practices and are tailored to national contexts.
“IDB Pay is designed to accelerate the inclusion of those who have been historically unserved by the financial system. By integrating them into modern payment systems, the door to formal financial ecosystems, we empower individuals, strengthen communities, and uphold the fundamental right to economic participation,” said Anderson Caputo Silva, Chief of the IDB’s Connectivity, Markets and Finance Division.
The solution was unveiled during the FinnLAC2025 Forum, an event organised by the IDB Group to discuss the future of the financial industry in Latin America and the Caribbean.
The IDB Group said that IDB Pay will support interoperability, noting that, as the foundation of a genuinely inclusive and efficient digital payment ecosystem, it will help establish technical and regulatory standards that enable different payment systems to communicate and operate seamlessly.
It will also enable the creation of legal and policy frameworks that support the implementation of FRPS and other Digital Public Financial Infrastructures. IDB support includes co-developing regulatory roadmaps and enabling regulations with financial authorities; facilitating peer learning and regional dialogues to harmonize regulations; and offering policy-based loans to incentivize reforms.
“ A thriving digital financial ecosystem depends on active participation from the private sector. IDB Pay helps in designing policies and mechanisms that encourage private-sector participation, public-private cooperation in innovation, and investment in digital financial services. It supports offering alternative payment system architectures that leverage existing private-sector infrastructure and support pilot programs and public-private partnerships.”
The IDB Group said that strong governance is the backbone of any resilient and inclusive financial system.
“Without defined oversight, coordination, and accountability, digital financial infrastructures risk fragmentation, inefficiency, and erosion of public trust. IDB Pay supports establishing strong institutional oversight and coordination mechanisms to ensure transparency, accountability, and long-term sustainability.”
The IDB Group said that the new initiative builds on the IDB’s successful work in several countries and its support for regional digital finance infrastructure, including technology sandboxes, as well as its partnership with the Bank for International Settlements to offer open-source technology to central banks to facilitate the implementation of payment systems and other settlement infrastructures.
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