The Central Bank of Paraguay (BCP) is moving forward with the modernization of the country's digital payment system through the QR Hub project, which is now in the final testing phase. The platform, integrated into the Sistema de Pagos del Paraguay (SIP), has successfully completed certification sessions with participating banking institutions and is now operating in a controlled production environment to assess its performance under real conditions before a nationwide rollout.
The initiative aims to create a unified and interoperable system for commercial collections using QR codes. This will allow users to make quick and secure transfers at any retail establishment, regardless of the bank or financial app they use. The plan is to simplify everyday transactions and reduce operational costs.
According to the BCP, the SIP accounts for approximately 42% of all transactions carried out through digital payment methods in the country. In 2026, around 248 million operations have already been processed, with roughly 56 million in May alone, averaging 1.9 million transactions per day. The main challenge, however, remains expanding the acceptance of electronic payments among businesses, especially micro, small, and medium-sized enterprises.
As part of this transformation process, the BCP has also authorized the participation of financial technology companies (fintechs) as Payment Initiation Service Providers (PISPs), a regulatory category approved in August 2025. Currently, two fintechs already have authorization to operate under this modality, while four other applications are still under review. To obtain permission, companies must meet regulatory, technological, risk management, operational continuity, and cybersecurity requirements.
In parallel, the BCP reported that the digital Certificados de Depósito de Ahorro (CDAd) project is also at an advanced stage. Training sessions and tests with participating institutions are underway to implement a platform that automates the issuance, custody, trading, and settlement processes for these financial instruments.