Argentina vs Mexico · Real-time payment systems compared
| Capability | SNP | SPEI |
|---|---|---|
| QR Code Payments | ◐ | ◐ |
| Wallet Support | ◐ | — |
| 24/7 Availability | ✓ | ✓ |
| Cross-Border | — | — |
| ISO 20022 | — | — |
| Request to Pay | ✓ | — |
| Open API | ◐ | ◐ |
| Alias/Proxy | ✓ | ✓ |
Argentina's Sistema Nacional de Pagos enables instant interbank transfers supporting both push (credit) and pull (debit) payments via CBU (bank account), CVU (virtual wallet), or alias (human-readable name). Operated by the BCRA, it connects traditional banks and the rapidly growing fintech/e-wallet ecosystem (Mercado Pago, Ualá, etc.). Transferencias 3.0 extended the system with interoperable QR codes for merchant payments, making it one of Latin America's most feature-rich instant payment platforms.
Mexico's Sistema de Pagos Electrónicos Interbancarios is one of the world's earliest 24/7 real-time payment systems, operated directly by the central bank (Banxico). SPEI processes both high-value and retail payments with no maximum transaction limit, settling in real time through Banxico's accounts. It supports CLABE (standardised 18-digit account numbers) and has been extended with CoDi, a QR-based overlay for merchant payments. Note: SPEI data includes both immediate and scheduled transfers on the same rail, as Banxico does not separately report real-time vs deferred transactions.