WMARANON

Beyond QR Transfers

The Association of Private Banks of Bolivia (ASOBAN) recently presented the tenth edition of its Banking Figures Bulletin, which provides a comparative analysis of the results of banking activity in 2024 and 2023. While several significant achievements are highlighted—some of them historic—one of the most notable aspects is the advancement in the use of digital banking services.

The Bulletin shows an impressive 126% growth in interbank electronic transactions, reaching 446 million orders with a total value of USD 85.971 billion. Within this increase, transfers made through QR codes have consolidated themselves as the main digital tool, representing 86% of operations, with significant growth both in transaction volume (182%) and in transaction value (145%).

The use of digital banking services has transformed the user experience by streamlining processes and reducing costs. It has not only optimized banking operations through speed, security, and accessibility, but has also empowered consumers by offering instant payments, immediate transfers, and greater control over their finances through faster, safer, and more accessible digital platforms.

Furthermore, the digital transition is becoming a key tool for financial inclusion, allowing traditionally underserved sectors to access financial services without the need to visit physical branches. This shift benefits both consumers and businesses, fosters innovation, and enhances competitiveness in the financial sector by driving the development of new technological solutions aimed at improving the user experience.

This modernization process is part of a broader transformation that connects the Bolivian financial system with global trends. In Latin America, examples such as Nubank, with its 100% digital and branchless model, have transformed access to financial services, while globally, Ant Group leads in Asia with its Alipay platform, which integrates payments, lending, and insurance into a comprehensive digital ecosystem. These experiences reflect how technology is redefining access to banking and how Bolivia is joining this global trend, moving toward a more modern, inclusive, and competitive financial system.

The integration of digital transformation with the remarkable resilience of the Bolivian financial system has consolidated the sector as an essential pillar of the national economy. To strengthen these advances, it is crucial to continue investing in technological infrastructure, promote digital financial education, reinforce cybersecurity measures, and comprehensively address emerging challenges such as the regulation and use of cryptocurrencies. In this way, Bolivia will be able not only to advance in the modernization of its financial system, but also to consolidate and strengthen it over the long term.

Author: Walter Marañon Quiñones