Central banks build mass digital payments

Latin American central banks are deploying instant, account‑to‑account payment rails (Brazil's Pix and similar systems in Argentina, Costa Rica, and soon Mexico) that reach hundreds of millions via QR codes, keys and mobile wallets. Those rails not only replace cash and legacy card flows but create traceable transaction data that can underwrite SME credit, reroute remittances, and concentrate regulatory and operational power in state financial infrastructure. — If central banks become the default operators of mass payment infrastructure, that shifts who controls payments, data, remittances and credit access — with implications for financial inclusion, competition, cross‑border flows and state leverage.