# Paraguay — payment codes and schemes

> Source: https://docs.barcoder.ai/docs/payments/PY
> extracted at 2026-10-03
> Publisher: Barcoder — encyclopedia of QR, barcode and payment-code standards

## 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](https://docs.barcoder.ai/docs/payments/PY/spi) | Instant | BCP | 560K daily | [`spi`](https://docs.barcoder.ai/docs/standards/spi) |
| [Tigo Money](https://docs.barcoder.ai/docs/payments/PY/tigo-money) | Mobile | Carrier | Active | — |
| [Bank QR](https://docs.barcoder.ai/docs/payments/PY/bank-qr) | Developing | Banks | Growing | — |

## Sources

- [BCP - Payment Systems](https://www.bcp.gov.py/en/sistemas-de-pago-y-tesoreria)
- [Central Banking - Paraguay Award](https://www.centralbanking.com/awards/7972499/payment-and-market-infrastructure-development-central-bank-of-paraguay)
- [World Bank - Paraguay Fintech](https://blogs.worldbank.org/en/latinamerica/el-camino-de-paraguay-hacia-las-finanzas-digitales-inclusivas--n)
- [Transfi - Paraguay Payments](https://www.transfi.com/blog/popular-local-payment-methods-and-solutions-in-paraguay)

## Full country report

[PY-paraguay.md](https://docs.barcoder.ai/docs/payments/PY)