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      "text": "Given the recent developments around the world and the success stories we've seen so far, we are probably going to see a lot of innovation and disruption in this market going forward.",
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      "text": "As we showed in the graph in Section 3, the adoption of PIX in Brazil has been four times as fast as that in India, reaching $1 billion transactions per month in about 11 months since its launch, while India’s UPI took about 44 months, and Thailand’s PromptPay took about 56 months (Mexico’s CoDi never reached the mark).",
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      "text": "First, the possibility that Mexico’s lack of success is not necessarily due to their failures in designing significant adoption booster strategies but rather the fact that Mexico has a very large unbanked population that highly prefers to use cash. Second, the possibility that the reason for the success of India and Thailand stems from the fact that both governments carried out a huge initiative to increase mobile phone penetration and push digital payments before launching instant payments.",
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      "text": "Through our analysis, we understand that adoption boosters are the most important criteria to enable a high adoption of instant payments. However, there are some potential limitations to our study.",
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      "text": "It is also worth mentioning that we have only analyzed four emerging countries amongst 60 other cases of Instant Payments solutions operational across the globe. These four countries can serve as relevant examples to learn from, but this is — by no means — an exhaustive analysis. For instance, UPI and CoDi have required that nobody can be charged for using the Instant Payments solution. This can be useful to drive user and merchant adoption, but it might require government support to enable the economic sustainability of the system. Additionally, the benefits of this strategy (as shown in Section 3) could only be reaped if there is sufficient openness to enable competition among the players trying to provide a cheaper and more effective interface. Otherwise, the high entry barriers are expected to promote monopolies that can stifle innovation, as happened with CoDi in Mexico.",
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