En el artículo analizo un cambio que parece sutil, pero es profundo: los pagos están pasando de ser impulsados por clicks humanos a decisiones tomadas por agentes de IA. La IA ya empieza a buscar, decidir, negociar y pagar en nombre de personas y empresas.

Principales ideas:
👉 Cómo la Agentic AI ya está entrando en flujos reales de pago
👉 Cómo redes de tarjetas, fintechs, Big Tech y plataformas están construyendo la infraestructura para transacciones autónomas y confiables
👉 Por qué el verdadero impacto de la IA va mucho más allá del checkout, convirtiéndose en el “tejido conectivo” de todo el stack de pagos (fraude, compliance, underwriting, cobranzas y atención al cliente)
👉 Una matriz simple pero poderosa de impacto/readiness de IA como marco teórico y práctico para estrategas y empresas

También abordo las “luces amarillas”: la confianza, el fraude, la gobernanza y la regulación van a definir qué tan rápido — y hasta dónde — puede escalar este modelo.

Si trabajás en pagos, fintech o servicios financieros, creo que te va a resultar muy relevante.

Acá podés leerla 

En esta publicación exploro cómo las stablecoins están reconfigurando las finanzas globales en la era de la IA.

En la arquitectura financiera que está emergiendo, las stablecoins no son opcionales – son el combustible. Programables, líquidos y escalables globalmente, se están convirtiendo rápidamente en la capa de liquidación por defecto para las finanzas digitales.

En este artículo analizo:
🔹 De las infraestructuras heredadas (SWIFT, ACH, redes de tarjetas) al dinero programable
🔹 Por qué la regulación está moviendo a los stablecoins del “far west” a la corriente principal institucional
🔹 El problema de liquidez B2B de 27 billones de USD – y cómo las stablecoins lo desbloquean
🔹 La convergencia de IA Agéntica + stablecoins programables como el nuevo sistema operativo del dinero
🔹 Las señales de alerta que debemos vigilar en el camino hacia las finanzas autónomas

💡 ¿La conclusión? Estamos entrando en un futuro programable donde el dinero no solo se mueve – piensa, responde y ejecuta en tiempo real. Quienes se adelanten definirán los estándares y capturarán el valor.

👉 Lee el artículo completo Haz clic aquí.

Les comparto la entrevista que me hicieron en PPI en Foco. Durante casi una hora charlamos con Sabrina Corujo sobre: Transformación digital en finanzas, El impacto de la inteligencia artificial en el sector, Educación financiera en Argentina y el mundo… ¡y mucho más!

Mirá la entrevista completa en YouTube aquí:

Artículo publicado por PCMI Blog Series - 16 de julio de 2025

La pregunta no es si, sino qué tan rápido avanzamos hacia un mundo donde las stablecoins sean la columna vertebral de la infraestructura financiera.

Y aquí está lo más importante: la regulación es solo una pieza del rompecabezas. ¿Qué pasa cuando combinamos las stablecoins —la primera forma realmente programable de dinero digital— con la Agentic AI, una nueva generación de agentes financieros autónomos que ya están transformando el compliance, el trading y las operaciones de tesorería?

En mi último artículo exploro justamente eso: cómo las firmas pueden ganar en la era de las finanzas autónomas.

Algunos puntos clave:
✅ Las stablecoins ya mueven 7,5 billones de dólares al año y se están convirtiendo en el riel por defecto para pagos programables.
✅ La Agentic AI está convirtiendo los servicios financieros en sistemas auto-optimizados: gestionan liquidez, automatizan pagos B2B y reequilibran portafolios en tiempo real.
✅Juntas crean un sistema operativo para las finanzas autónomas —pero también plantean enormes retos de diseño y gobernanza.

👉 Lee el análisis completo aquí

2025 se perfila como el año en que las stablecoins entran al corazón del sistema financiero global. Solo en 2024 movieron más de US\$24 billones, y su capitalización creció casi un 60% en lo que va del año.

Hasta ahora, el foco estuvo en por qué las stablecoins son importantes. Este nuevo mini-report responde a la gran pregunta que viene: ¿cómo puede la banca capturar valor con stablecoins?

En solo 11 páginas analizo y presento:
🔹 Seis nuevas fuentes de ingresos para bancos con stables (FX, custodia, APIs, depósitos tokenizados, etc.)
🔹 Un framework en 4 etapas para adoptar stablecoins con bajo riesgo
🔹 Una matriz de decisión para evaluar qué estrategia aplicar según impacto y facilidad
🔹 Casos de uso y ejemplos reales de bancos que ya están monetizando

Para desarrollar este trabajo conversé con  Jack Forestell (Visa), Erick Schneider (Kraken Digital Asset Exchange), Adam Ackermann and Chuk Okpalugo (Paxos), and Nick Philpott (Zodia Markets, by Standard Chartered and OSL) — grandes referentes que compartieron insights FUNDAMENTALES 🙌

📥 Descargalo gratis acá

As Southeast Asia’s largest economy (278.3 million inhabitants), Indonesia presents immense ecommerce and digital payments opportunities. Indonesia’s payments and ecommerce landscape is digitising rapidly in 2025, driven by government policy, fintech innovation, and changing consumer behaviour. With digital payments projected to surge, and a compound annual growth rate (CAGR) of 17.33% expected to catapult the market to USD 115.34 billion by 2025 and USD 256.45 billion by 2030, Indonesia is emerging as one of Southeast Asia’s most dynamic digital economies, according to Mordor Intelligence data.

The COVID-19 pandemic drastically changed how consumers shop, affecting several market verticals, especially the retail sector. Consequently, cash payments in Indonesia are rapidly declining as digital payment adoption accelerates. Although still dominant, since 2020, the use of cash for payments has fallen from over 70% of transactions to 51%. 

Regarding ecommerce volume, Indonesia’s market is forecasted to reach approximately USD 94.5 billion in 2025, doubling to USD 194.20 billion by 2030, with a strong CAGR of 15.5% over recent years, per Mordor Intelligence. This growth is driven by rising internet penetration, smartphone usage, a growing middle class, and an expanding digital payment infrastructure that continues to reduce reliance on cash transactions.

Leading platforms such as Tokopedia, Shopee, Lazada, and Bukalapak dominate the market, while social commerce channels like TikTok Shop and Instagram Shopping are gaining traction among younger demographics. The Indonesian government has taken steps to protect local businesses by requesting tech giants to block certain foreign ecommerce apps, such as China's Temu, to safeguard small and medium-sized enterprises (SMEs) from low-cost competition.

Indonesia’s payments and ecommerce landscape is evolving rapidly, shaped by five major trends that we’ll delve into in more detail below.


Innovation in paytech and trends

As Indonesia accelerates toward a digital-first economy, six key trends are reshaping the country's payment and ecommerce landscape: the ubiquity of mobile wallets, the standardisation of QR code payments, the rise of Buy Now, Pay Later (BNPL) offerings, the expansion of real-time and contactless payments, the modernisation of merchant infrastructure via mobile point-of-sale (mPOS) technology, and the rise of crypto and blockchain tech.

E-wallets and mobile payments
E-wallets and mobile payments now dominate everyday transactions, led by platforms like GoPay, OVO, Dana, and ShopeePay. E-wallets account for a significant share of ecommerce payments, with usage rates among urban consumers exceeding 60% for daily purchases. GSMA Intelligence's numbers indicate that mobile connections in Indonesia were equivalent to 125% of the total population in January 2025, providing a strong foundation for continued digital wallet growth.

QR code payments (QRIS)
QR code payments, standardised under the Quick Response Code Indonesia Standard (QRIS, are now nearly ubiquitous in both urban and rural settings, dramatically reducing the reliance on cash. QRIS transaction volumes surged 175% year-on-year in 2024, with over 30 million MSMEs and merchants now accepting QRIS payments. This interoperability initiative by Bank Indonesia has unified the payment experience across all providers, making QR payments accessible to even the smallest merchants.

Buy Now, Pay Later (BNPL)
BNPL adoption is booming, particularly among Millennials and Gen Z, who value flexibility and convenience. In 2025, the BNPL market is expected to reach USD 8.59 billion, growing at an annual rate of 13.5%. Nearly 9% of Indonesians now use BNPL for online shopping, and the sector is forecast to surpass USD 13.5 billion by 2030 as partnerships between fintechs and ecommerce giants like Tokopedia, Shopee, and Lazada expand BNPL options across retail, travel, and services.

Real-time and contactless payments
Contactless and real-time payment (RTP) systems are steadily gaining traction. BI-FAST, Indonesia’s national RTP infrastructure, now connects over 135 banks and payment providers, according to Bank Tabungan Negara (BTN) data, enabling 24/7 instant transfers and settlement. According to some analysts, RTP transaction values have grown by over 20% year-on-year, with the system designed to process high volumes in under 25 seconds. With 93% of Indonesians trusting RTP security, NFC-enabled cards and mobile contactless solutions are increasingly adopted in major cities, supporting the government’s cashless society vision. 

Merchant infrastructure and mPOS
The retail sector is changing following the proliferation of mPOS solutions. GoBiz Plus and similar platforms empower SMEs to accept digital payments, manage inventory, and digitise operations. Indonesia’s merchant digitalisation is forecast to accelerate, with the number of merchants accepting digital payments expected to grow by over 30% annually through 2027, according to ReportLinker's data. This trend is crucial for bridging the gap between traditional retail and the modern payment ecosystem, especially for SMEs and micro-businesses.

Crypto and blockchain
Indonesia’s crypto market is experiencing explosive growth in 2025, making it the third largest globally by adoption, according to OneSafe. The number of crypto investors surged to 22.9 million by the end of 2024 and is projected to reach 25–28 million in 2025. Transaction volumes soared 335% year-on-year, hitting IDR 650.6 trillion (about USD 39.5 billion) in 2024, with January 2025 alone seeing a 104% jump to USD 2.68 billion compared to the previous year. This boom is supported by evolving regulations. Oversight transitioned from Bappebti to the Financial Services Authority (OJK) in January 2025, which brought stricter compliance rules, a new regulatory sandbox, and real-time reporting for transparency and consumer protection. Despite volatility, crypto and blockchain are increasingly seen as tools for financial inclusion and innovation, especially as nearly half of Indonesia’s adult population remains unbanked.


Leading players in the payment ecosystem

The Indonesian payments ecosystem features a dynamic mix of local super apps, fintech innovators, traditional banks, and global payment providers. Major players include:

• GoPay (Gojek), OVO, Dana, LinkAja, and ShopeePay – leading e-wallets driving daily digital payments, peer-to-peer transfers, and merchant acceptance across Indonesia’s urban and rural markets.
  
• Kredivo, Akulaku, Atome, and Shopee PayLater – dominant BNPL providers, deeply integrated with top ecommerce platforms like Tokopedia, Shopee, Bukalapak, and Lazada, fuelling flexible consumer credit and instalment payments.
  
• Xendit, Midtrans, DOKU, iPay88, Faspay, and TransFi – major payment gateway and infrastructure providers enabling seamless online payments, multi-channel acceptance, and cross-border transactions for businesses of all sizes.
  
• Bank Mandiri, BCA (Bank Central Asia), BRI (Bank Rakyat Indonesia) – leading traditional banks with robust digital banking platforms and mobile apps, facilitating account-to-account (A2A) transfers, bill payments, and integration with fintech solutions.
  
• QRIS (Quick Response Code Indonesia Standard) – the national QR code standard, facilitating interoperable digital payments across all major wallets and banks, and rapidly expanding merchant acceptance (over 30 million merchants).
  
• GoBiz Plus – a mobile point-of-sale (mPOS) solution empowering SMEs to accept cashless payments and digitise operations.
  
• Flip, Payfazz – notable fintechs supporting interbank transfers (Flip) and agent-based financial services for the unbanked (Payfazz).
  

This ecosystem is regulated by Bank Indonesia and the Financial Services Authority (OJK), ensuring innovation, security, and financial inclusion as digital payments continue to reshape commerce across the country.

In 2025, digital wallets are leading as the preferred payment method, followed by bank transfers, cards, and BNPL solutions, with cash usage declining (read more below). This rich mix of payment methods and solution providers is enabling Indonesia’s rapid shift toward a cashless, digital-first economy, with innovation and financial inclusion at its core.

Main ecommerce players and online payment trends

Indonesia’s ecommerce market is experiencing explosive growth, positioning the country as one of the world’s largest and fastest-growing digital economies. As per PCMI data, in 2024, Indonesia’s ecommerce market reached USD 75 billion – USD 46 billion in retail1. Online shopping festivals like Harbolnas, the expansion of mobile wallets, and the introduction of innovative features, such as Shopee and YouTube’s shoppable video integration, have further accelerated adoption.

Indonesia is now the third-largest ecommerce market globally, behind only China and the US. The dominant platforms are: 

• Shopee (38%)
  
• Tokopedia (23%)
  
• Blibli (9%)
  
• Lazada (8%)
  
• Orami (3%).
  

Strategic partnerships and M&A operations (e.g., the TikTok-Tokopedia merger in 2024) are reshaping the competitive landscape and enhancing consumer experiences.

Digital payments are now the preferred method for online shopping2:

• Digital wallets (35%)
  
• Bank transfers (26%)
  
• Credit cards (13%)
  
• BNPL (9%)
  
• Debit cards (6%)
  
• Cash-on-delivery (8%).
  

According to PCMI data3, Indonesia’s ecommerce market is expected to grow at a 19% CAGR from 2027 to 2029 as digital infrastructure, payment innovation, and consumer confidence continue to strengthen. Mobile commerce dominates the Indonesian market in terms of preferred devices. In 2024, desktop transactions comprised only 33% of total ecommerce sales (USD 24.75 billion), compared to 67% via mobile devices (USD 50.25 billion).

The leading ecommerce categories in Indonesia by market share include:

• Retail: 61% (USD 45.8 billion)
  
• Travel: 20% (USD 15 billion)
  
• Ride-hailing and delivery apps: 9% (USD 7 billion)
  
• Other: 5% (USD 4.1 billion)
  
• Gaming: 3% (USD 2.2 billion)
  
• Streaming services: 1% (USD 0.6 billion)
  
• Software-as-a-Service (SaaS): 1% (USD 0.5 billion).
  

Based on transaction volume, the following product categories rank as the most popular among Indonesian online shoppers: 

1. Fashion and accessories (16.3%)
   
2. Health and beauty (14.3%)
   
3. Home and household appliances (10%)
   
4. Food (6.9%)
   
5. Gadgets and accessories (6.4%).
   

This breakdown highlights the significant role of retail and travel in Indonesia's ecommerce ecosystem, along with the rapid rise of digital services, including ride-hailing and delivery apps.

Jakpat's report on 2024 Indonesia's E-commerce Trends and YouGov surveys also provide some interesting key figures on the region's market:

• USD 27 monthly ecommerce spending;
  
• 6 of 10 Indonesian online shoppers made purchases via live shopping in 2024;
  
• 67% of Indonesians use ecommerce platform apps for online shopping, while 50% use social media e-shops;
  
• 9 of 10 Indonesians (96%) use their smartphones to shop online: 38% use them once a month, while 21% use them twice a week.
  

Lastly, here are some key insights about ecommerce in Indonesia according to PCMI data:

• The largest group of Indonesian ecommerce consumers is aged 26–35 and represents 46% of the market;
  
• 6 of 10 ecommerce consumers are men, contributing to 60% of the total online transaction value in 2022;
  
• Approximately 20% of ecommerce sales in Indonesia come from cross-border transactions, showcasing the growing interest in international products and brands;
  
• A remarkable 40% of Indonesians say the frequency of their visits to physical shops has somewhat or greatly decreased.
  
  
  

Cross-border developments in Indonesia's ecommerceCross-border ecommerce is booming in Indonesia, with local consumers increasingly purchasing from international retailers attracted by competitive pricing, broader product selection, and global brands. In 2024, approximately 20% of Indonesia’s total ecommerce sales came from cross-border transactions, highlighting the country’s growing appetite for international goods and the influence of global platforms.

Asia-Pacific and China-based brands – such as those found on Shopee, Lazada, and TikTok Shop – are especially popular. US and European retailers are also gaining traction among Indonesian shoppers.

The country’s young, tech-savvy population and high mobile penetration are driving this trend, as is the growing use of digital wallets and RTP solutions that simplify international shopping. Cross-border payments are becoming faster and more cost-effective, thanks to fintechs and payment providers offering competitive foreign exchange rates and streamlined settlement. Presenting prices in Indonesian rupiah and offering local payment methods are critical for conversion, as Indonesian consumers are highly sensitive to currency confusion and transaction transparency.

Moreover, logistics providers are investing in cross-border infrastructure to reduce delivery times and improve reliability, while regulatory changes, such as new compliance requirements and digital tax rules, are shaping the future of international ecommerce in Indonesia. As a result, Indonesia is rapidly emerging as a key player in global cross-border trade, with both local merchants and international brands capitalising on this expanding market.

Regulatory initiatives
Indonesia’s payments sector is undergoing significant regulatory transformation in 2025, driven by the need to foster innovation, ensure security, and enhance financial inclusion. The following are the most relevant and recent regulatory initiatives shaping the payment landscape:

1. Bank Indonesia’s IPS 2025 (Indonesia Payment System Blueprint 2025) is the central roadmap for modernising the national payment system. Its five pillars focus on:

• Open Banking: encouraging collaboration and data sharing between banks and fintechs to drive innovation and improve customer experience.
  
• Strengthening infrastructure: upgrading payment rails for efficiency, speed, and interoperability, including the expansion of BI-FAST for RTPs.
  
• Expanding digital payment acceptance: promoting digital payments across all sectors, primarily through initiatives like the QRIS, which now reaches over 30 million merchants.
  
• Financial inclusion: prioritising affordable, accessible digital solutions for MSMEs and underserved communities, focusing on QR payments and agent banking.
  
• Adaptive regulation: balancing innovation with risk management, including know your customer (KYC)/anti-money laundering (AML) requirements, regtech adoption, and enhanced data protection.
  

2. BI-FAST and RTPs: BI-FAST, launched as part of the IPS 2025, is Indonesia’s real-time retail payment system. It leverages ISO 20022 messaging for interoperability, supports instant transfers 24/7, and enhances fraud detection and AML controls. BI-FAST is now connected to over 135 banks and payment providers, making RTPs widely accessible and affordable.

3. QRIS regulation and updates: the latest amendment (Bank Indonesia Board of Governors Regulation No. 3 of 2025) further refines QRIS standards, focusing on:

• Enhanced efficiency, security, and interoperability for QR code payments
  
• Broader device and provider integration
  
• Stronger compliance obligations for payment service providers to ensure reliability and consumer protection.
  

4. Regulation of payment service providers (PJP Regulation): BI Regulation No. 23/6/PBI/2021 classifies and governs payment service providers (PJPs), clarifying licencing, operational, and compliance requirements. This regulation simplifies the payment ecosystem, ensures interoperability, and mandates the use of national payment gateways for transactions within Indonesia.
The IPS 2025 blueprint defines Indonesia’s regulatory payment framework, including RTP infrastructure (BI-FAST), strengthened QRIS standards, mandatory use of the national payment gateway, and adaptive, risk-based supervision. These initiatives collectively aim to create a secure, interoperable, and inclusive digital payments ecosystem that supports innovation while protecting both consumers and the financial system as a whole.

Indonesia's digital commerce outlook for 2025

Indonesia's payments and ecommerce landscape in 2025 will be characterised by explosive growth, deepening digital integration, and strong policy support for financial inclusion. The rapid adoption of e-wallets, QR code payments, BNPL, and real-time infrastructure is reshaping how consumers and merchants transact across the archipelago.

Ecommerce will continue to expand, propelled by mobile-first behaviours, rising cross-border activity, and the growing sophistication of marketplaces and digital services. 

As crypto and blockchain gain regulatory clarity and wider traction, and SME-focused platforms bring more merchants into the formal economy, Indonesia is well-positioned to emerge as a regional leader in digital commerce and innovation, building a secure, inclusive, and future-ready financial ecosystem.

Comparto el último whitepaper que tuve el honor de coordinar desde PCMI para Mastercard: "Transforming Payments: Digital Solutions for Traditional Trade in the CPG Industry."

El reporte revela una oportunidad de USD 448.4 mil millones en pagos digitales en América Latina y el Caribe, abarcando flujos B2C y B2B en el canal tradicional. Con casi 12 millones de pequeños comercios en la región, este es el último gran frente de la digitalización financiera — y uno esencial. Estos negocios no solo sostienen la economía diaria, sino que son claves en la generación de empleo y resiliencia local.

Exploramos cinco tendencias que están transformando la forma en que las compañías de CPG y los pequeños retailers interactúan con los pagos:
1️⃣ Plataformas de pedidos digitales – Inventario más inteligente, menos efectivo
2️⃣ Comercio conversacional – Pedidos y soporte vía apps de mensajería
3️⃣ Marketplaces B2B – Mayor visibilidad de productos y facturación más eficiente
4️⃣ Soluciones de crédito embebido – Microcréditos impulsados por fintech
5️⃣ Pagos digitales instantáneos – Transacciones en tiempo real y sin contacto

Y proponemos cinco acciones estratégicas para impulsar esta transformación:
✔️ Infraestructura digital escalable
✔️ Soluciones financieras adaptadas para la inclusión
✔️ Herramientas amigables y capacitación digital
✔️ Asociaciones personalizadas con retailers a través de IA
✔️ Colaboración de ecosistema entre fintechs, FSPs y empresas CPG

Si trabajás en fintech, banca o la industria de CPG, este es tu mapa de acción. 
-> Acceso aquí

Haz clic aquí para editar.

Stablecoins, blockchain-based digital assets pegged to a fiat currency, represent an increasingly viable alternative to traditional cross-border payments, as they grow in both volume and legitimacy. When comparing stablecoin performance to traditional systems in cross-border payments, certain benefits stand out:

• Speed: Transactions settle in seconds or minutes, compared to days in traditional banking.
• Cost Efficiency: Fees can be a fraction of traditional payment methods, making cross-border transfers more affordable (could cut costs by up to 80% compared to traditional methods1).
• Transparency: Blockchain-based ledgers provide a clear, auditable record of transactions, reducing fraud and enhancing compliance.
• Global Accessibility: With only an internet connection required, stablecoins enable financial inclusion in regions with limited banking infrastructure.

Based on these attributes, many industry observers argue that stablecoins are the most efficient option for cross-border payments, offering unparalleled speed, transparency, and cost reductions2. Yet, most financial institutions have been hesitant to invest heavily in stablecoin technology due to persistent regulatory uncertainty.

This article explores how regulatory clarity—expected to materialize in 2025—will impact bank liquidity, drive stablecoin adoption, and unleash competitive opportunities for blockchain infrastructure companies and digital partners in the near term.

Stablecoin gaining traction in the global money movement landscape
Data shows that stablecoin is not a niche, futuristic novelty but a legitimate financial instrument. Globally, around US$210 billion worth of stablecoins are in circulation, the largest issuers being Tether (USDT) and Circle (USDC).  Stablecoin transaction volume is growing, with US$625 billion transacted last February, up 21% from same month 2024.3 When considering payment volume4, US$6.3 trillion in stablecoins payments were settled in the 12 months to February 2025,  equivalent to 15% of global retail cross-border payments in 2024.

​Worldwide, web3 companies like Ripple, Circle, Paxos, and Bitso Business, as well as traditional institutions Visa, Mastercard, PayPal and JP Morgan Chase are leveraging stablecoins to transform cross-border transactions and other financial services.

Of course, stablecoins present challenges as well. Converting stablecoins to local currencies requires reliable on/off ramps, which are limited in some regions and can add costs. Finding banks willing to support these transactions can also be difficult. In many cases, using stablecoins requires access to exchanges and technical knowledge, which may limit adoption. Nevertheless, it is becoming increasingly evident that banks need to take stablecoin seriously, especially as the regulatory environment in key markets evolves in favor of this technology. 


A Regulatory Turnaround Expected after 2025: Why Will Regulatory Uncertainty Change this year?
In most countries, stablecoins are not explicitly banned but still lack full regulatory approval. Uncertainty remains over whether they should be classified as a currency, an asset, or something else, leaving gaps in legal frameworks, compliance requirements, and oversight5. Banks especially have hesitated to commit substantial resources while the legal framework remains undefined. As said by Brian Moynihan, CEO of Bank of America, earlier this year at Davos, referring to stablecoins6:

“If they make that legal, we will go into that business (…). It’s pretty clear there’s going to be a stablecoin, which is going to be fully dollar-backed (…) so you’ll have a Bank of America coin and a U.S. Dollar deposit and we’ll be able to move them back and forth because now it hasn’t been legal for us to do it but it’s just like another foreign currency.” 

This is about to change. Converging factors indicate that the regulatory landscape for stablecoins will transform dramatically in 2025, giving banks, companies, and ordinary consumers more confidence to use stablecoins:

Europe’s MiCA: The Markets in Crypto-Assets (MiCA) framework establish clear rules for the issuance, custody, and trading of digital assets, including stablecoins. MiCA is expected to bring legal clarity across the European Union, creating a uniform standard that banks and fintechs can rely on7. Following the initial phase in June 2024, which introduced stablecoin-specific regulations, the full implementation las December expanded these requirements to encompass Crypto Asset Service Providers. MiCA is now live across the European Union8, marking a milestone for digital asset oversight9.

United Kingdom (UK): The FCA is shaping rules for stablecoin issuance and custody, focusing on fiat-backed stablecoins for payments10. The government plans to engage firms on draft legal provisions for stablecoin regulation “as early as possible” in 202511. The final rules and policy statements will be published, followed by a preparation period, with the regime expected to go live by end-2025 or early 2026.

US Legislative Initiatives: Under the Trump administration, there is significant momentum to bring legislative certainty to stablecoins. Bills like the STABLE (Stablecoin Transparency and Banking Licensing Enforcement) and the GENIUS (Guiding and Establishing National Innovation for US Stablecoins) Acts are under discussion in Congress. These proposals aim to define the responsibilities of stablecoin issuers and set robust compliance standards, reducing legal ambiguity for market participants. Introduced in February 2025, full implementation is expected in 2025-202612. Another sign of confidence is Trump’s March 6 executive order creating the “Strategic Bitcoin Reserve and the United States Digital Asset Deposit.”13

Asia: Key markets are already showing the way. Singapore finalized its stablecoin regulatory framework in August 2023. In Japan, Stablecoins are regulated under Japan’s Payment Services Act, which is already in effect, providing clear guidelines for issuance and operation14. In Hong Kong, a draft Stablecoin Bill was introduced in December 2024,the bill is expected to pass and come into effect by early 2025.

Impact of Regulatory Clarity on Traditional Institutions
As global regulatory clarity strengthens, the adoption of stablecoins by traditional financial institutions is expected to accelerate. As Gabriele Zuliani, Chief Revenue Officer at Bitso Business, said to PCMI:

“Blockchain technology and stablecoins are emerging as a faster, cheaper, and more transparent way to move money. While global regulations remain inconsistent, progress in providing clarity is being made in key countries. Once regulatory clarity is achieved, we expect financial institutions to adopt stablecoins more widely, eliminating intermediaries and revolutionizing cross-border payments to meet the demands of the modern global economy.”

As banks adopt stablecoin to move money across borders, the impact could be substantial in terms of:

• Freeing up of Capital: Blockchain eliminates the need for pre-funded accounts in multiple jurisdictions, improving capital efficiency. Traditional banks currently lock up around US$10 trillion in Nostro/Vostro accounts to facilitate cross-border payments through corresponding banking15. Transitioning even a fraction of these operations to stablecoins can free up capital, allowing banks to reinvest in innovation and expand their services.
• Cost Reductions: With near-instant settlement provided by stablecoins, banks can manage liquidity more dynamically. According to recent studies, improved liquidity management could boost efficiency by up to 40%, while stablecoin transactions can reduce remittance fees by up to 80% compared to traditional methods. This substantial cost reduction is expected to translate into billions of dollars in savings for the global payments ecosystem16–17.
• New Revenue Streams: As banks integrate stablecoins into their offerings, they can generate new fee income from stablecoin-related services, such as transfer fees, minting and redemption fees, and custody services, tapping into the growing stablecoin market.

​Current industry forecasts project that the global cross-border payments market could reach approximately US$320 trillion annually by 203218. The retail cross-border payments market, valued at US$40 trillion, is projected to expand by 62% to US$65 trillion by 2032.

Traditional cross-border transactions incur fees ranging from 1.5% to 6. Using a mid-range fee of 3% for traditional systems and assuming that the fee rate could drop 40% to approximately 1.8% with stablecoins, adoption to stablecoin would save 1.2 percentage points per transaction, or an estimated US$23 billion annually. In an optimistic scenario, a 5% shift (around US$10 trillion annually) could save up to US$116 billion per year.

​Additionally, in the context of US$10 trillion locked in nostro/vostro accounts, a 1% shift would free up US$100 billion in liquidity, and a 5% shift would free up US$500 billion. This freed capital can then be redeployed for innovation, lending, or other value-added services, significantly boosting the overall efficiency of the financial ecosystem.

From Regulatory Uncertainty to Competitive Advantage: What Will be the Impact and What Should Banks and Fintechs Do?

As regulatory clarity is achieved, a substantial market shift is anticipated. This transformation will occur in several stages:

1. Operational Transition

Traditional banks will start shifting a portion of their cross-border payment operations to stablecoins by partnering with stablecoin issuers and blockchain infrastructure providers like Circle, Paxos, BVNK, and Bitso Business.

This shift will unlock liquidity, lower transaction costs, and speed up operations. The types of transactions most likely to be disrupted first include:

• B2B Cross-Border Payments and Retail: Stablecoins will transform non-wholesale B2B payments by reducing transaction times from 3-5 days to under one hour, with 24/7 transfers and lower fees. This will benefit both large enterprises and SMBs making high and low-value transactions, such as paying invoices, supplier payments, and intra-company settlements. Additionally, stablecoins will also transform consumer and retail transactions, including C2B, B2C, and C2C payments, while wholesale19 transactions are expected to remain unaffected in the short term.
• E-commerce Settlements: Stablecoins will enable instant payouts to global merchants and improving cash flow through immediate transparency and real-time transaction tracking. This means that payment service providers (PSPs) and acquirers can settle transactions with merchants in real-time20.

2. Market Disruption
The integration of stablecoins will force traditional financial institutions to re-engineer their operations and strategies to remain competitive. This will involve significant changes in several areas, including:

• Cost Structure Overhaul: To remain competitive, banks will need to revamp their fee structures for cross-border payments, since stablecoins reduce intermediary costs.
• Technology Integration: Legacy systems will require upgrades to handle blockchain-based transactions.
• Talent Acquisition: Institutions will compete for blockchain and crypto expertise.
• Product Innovation: New services leveraging stablecoins for instant settlements and programmable money will emerge.

3. Competitive Edge for Early Adopter
Institutions that embrace stablecoins early will gain significant advantages:

• Expanded Customer Base: Attracting Gen-Z and tech-savvy clients who value speed, efficiency, and cost savings.
• Enhanced Cross-Selling Opportunities: Offering new products like crypto-backed loans or stablecoin savings accounts to existing customers.
• Operational Efficiency: Reducing transaction costs and shortening settlement times from days to minutes, improving liquidity management.
• Capital Utilization: Freeing up capital previously tied up in traditional banking relationships.
• New Market Penetration: Entering previously unprofitable markets like micro-remittances where low fees and faster transactions can drive adoption.

Given the imminent shift toward a stablecoins, both traditional financial institutions and fintech companies must act decisively to seize the emerging opportunities.

Recommendations:
1. Invest in Blockchain Infrastructure and Strategic Partnerships
Financial institutions should partner with established blockchain companies with proven experience in developing secure, scalable solutions, including stablecoin payment systems, liquidity management solutions, and blockchain-based settlement systems. Key solutions to implement include blockchain-based remittance platforms, tokenized assets for real-time settlement, and smart contract-enabled payment systems to automate and streamline transactions, ensuring transparency and efficiency.

2. Develop Multi-Rail Solutions
To optimize customer choice and loyalty, banks should develop multiple payment systems that operate in parallel, including stablecoins and other traditional methods for cross-border transactions. Offering a platform where users can select between stablecoin payments, wire transfers, and digital wallets gives them flexibility and appeals to multiple customer segments at once.

3. Prioritize Compliance and Security
As the adoption of stablecoins and blockchain-based solutions grows, banks must prioritize compliance with regulatory standards by implementing advanced AML/KYC protocols through smart contracts. These can automatically validate the identity of users and ensure the transaction complies with local and international regulations. Using blockchain’s inherent transparency and immutability features enhances security, making it easier to track and report transactions, reducing the risk of fraud and ensuring data integrity in real-time.

4. Enhance Staff Training and Digital Competency
To successfully adopt blockchain and stablecoin technologies, banks must invest in comprehensive staff training programs that cover both the operational and strategic benefits of these technologies. Staff should be trained not only on the technical aspects but also on the potential products and businesses enabled by blockchain and stablecoins, such as instant payments, programmable money, and decentralized finance (DeFi) opportunities. A digitally competent workforce will be crucial for banks to stay competitive and adaptable as the landscape evolves.

The Future Is Now—Are You Ready?
The cross-border payments landscape is undergoing a seismic shift. Stablecoins are already proving their value in real-world transactions, and their adoption is accelerating. Financial institutions, fintechs, and payment networks must decide: Will they lead the charge in integrating blockchain-powered solutions, or will they risk being left behind?

Australia's payments landscape in 2025 continues to evolve rapidly. In addition to primary drivers like technological innovation, shifting consumer expectations, and regulatory changes, the payment ecosystem is shaped by the increasing adoption of digital wallets, the proliferation of ecommerce, government initiatives promoting digital payments, and the expansion of real-time payments infrastructure.

According to a Mordor Intelligence report, Australia’s payments market size is valued at USD 1.07 trillion in 2025 and is projected to reach USD 2.29 trillion by 2030, at a  CAGR of 16.44%. This growth is driven by high internet penetration (96% per a report by neobank Volt) and widespread smartphone usage, which have fostered the adoption of digital payment methods nationwide.

The transition from cash to digital payments is ramping up, with less than 13% of retail transactions paid by cash, according to June 2023 data from the Reserve Bank of Australia (RBA). In addition, fresh data from December 2024 showed that for October, 44% of device-present transactions acquired in Australia were made by mobile wallets such as Apple Pay, Google Pay, and Samsung Pay, 54% by contactless cards, while the remaining 2% were card-insert transactions.

One of the most significant trends is the continued growth of the New Payments Platform (NPP), which enables instant, data-rich transactions. According to Fintech Australia, the platform drove AUD 3.6 billion in net benefits for small merchants in 2024, with roughly 33% reporting revenue growth after adopting account-to-account (A2A) payment solutions.

The Buy Now, Pay Later (BNPL) sector remains particularly fruitful, prompting AUD 3.3 billion in net benefits to small merchants – 84% of those who adopted the method reported revenue growth.  According to Red Search estimates, BNPL in Australia is projected to expand rapidly, at a CAGR of 9.5% by 2029. However, specialists think growth may be stymied after the Australian government passed legislation at the end of 2024 to regulate BNPL under the National Consumer Credit Protection Act 2009.

Cryptocurrencies and central bank digital currencies (CBDCs) have also seen growing interest, with RBA exploring the potential role of a digital AUD. Moreover, fintechs are entering cross-border payments. These providers offer significantly lower rates than traditional banks, enabling small merchants to generate AUD 3.5 billion in net benefits from cross-border payment solutions in 2024.

Australia’s paytech innovation and trends

Australian financial institutions and fintech companies are actively developing new payment technologies to enhance security, efficiency, and customer experience. Key innovations include biometric authentication, AI-driven fraud detection, and blockchain-based payment systems. Open Banking regulations (through the Australian Government's Consumer Data Right legislation) have facilitated the rise of Embedded Finance, where payments are seamlessly integrated into non-financial platforms.

The payments sector remains the most mature fintech segment, with over 150 active firms headquartered in Australia, accounting for roughly 20% of the fintech landscape, according to KPMG estimates. Major firms such as Tyro, Cuscal, Zip, and Airwallex continue to lead the space, benefiting from local and overseas investments.

Australia’s fintech sector is at the forefront of payment innovations, with developments in the following areas:


Real-time payments (RTPs)

PayTo, PayID, and the NPP (developed by Australian Payments Plus) are emerging as significant trends in Australia's payment landscape in 2025, reshaping how businesses and consumers transact. Here is an overview of their current status and future outlook.

• PayID: the NPP’s addressing service, allows users to register a mobile phone number or email address as an alias for their bank state branch (BSB) and account number. There are currently over 18.5 million registered PayIDs in Australia, according to Australian Payments Plus data, and usage is well up among businesses – for good reason. By the end of 2025, PayID registrations are expected to reach 20 million, driven by its ease of use and enhanced security features.
  
• PayTo: supported by all major banks under the NPP framework, PayTo enables secure one-click payments and recurring transactions, replacing traditional direct debits. It is expected to become crucial for merchants' payment strategies by 2025. This system will offer benefits such as no surcharges on large transactions, secure one-click bill payments, and simplified back-end management for merchants.
  
• NPP: the adoption of the New Payments Platform (NPP) for real-time A2A payments has been rapid compared to similar systems overseas. The 2025 AP+ Roadmap outlines key industry and regulatory requirements alongside other major initiatives as a reason for this.
  
  
  

A2A Payments
Pay by Bank is a separate payment solution developed by various providers like Azupay and NAB, enabling RTPs directly from a user's bank account without using cards. It integrates with PayID and PayTo for streamlined transactions but operates as an independent payment method rather than an NPP overlay service. Pay by Bank is a payment method that allows customers to make online purchases directly from their bank accounts without requiring a credit or debit card. Pay by Bank or A2A payments are predicted to become mainstream by 2025. This trend, already familiar in Europe, is expected to gain traction in Australia, particularly for bill payments. Providers will focus on educating consumers about the ease and security of this payment method:

• Customers can make payments without needing to top up wallets or type in card details;
  
• Pay by Bank methods have lower transaction fees than credit card payments; 
  
• Pay by Bank is a secure way to transfer money between bank accounts.
  
  
  

Surcharging changes 
A ban on surcharging for debit card transactions is predicted and will impact the payment landscape, although it may be delayed until 2026. However, the impact may be limited due to:

• The Reserve Bank of Australia's lack of power to limit interchange fees;
  
• The lack of visibility on card scheme fees;
  
• The exclusion of credit cards from the ban.
  
  
  

Increased adoption and usage of QRs
QR code payments are gaining momentum in Australia, with adoption rates rising rapidly. Over 70% of Australian businesses have implemented QR codes in some capacity, and approximately 65% of Australians scanned a QR code in April 2024. QR codes are being integrated with Australia's RTP infrastructure:

• The NPP is enabling services like Azupay's 'AzupayID' for QR code payments;
  
• Eftpos, Australia's national debit card scheme, is rolling out a QR code payment network for online, mobile, and in-store transactions.
  
  
  

Blockchain and AI
These technologies are being integrated to enhance fraud detection, streamline cross-border payments, and improve customer experiences:

• Platforms like Instarem use Ripple’s blockchain solutions to streamline treasury operations and reduce processing times;
  
• Generative AI is transforming payment systems with innovations like virtual remittance assistants that automate payment tracking and error detection;
  
• Blockchain is enabling faster, more affordable remittances by eliminating intermediaries, with stablecoins emerging as a tool to reduce transaction fees further.
  

Main players in the payments ecosystemThe Australian payments ecosystem comprises traditional banks, fintech disruptors, and global payment giants. Major players include:

• Commonwealth Bank, ANZ, Westpac, and NAB (The ‘Big 4’) – dominating traditional banking services while expanding into digital payments;
  
• PayPal, Stripe, and Square – global payment processors supporting businesses with online transactions;
  
• Afterpay, Zip, and Klarna – leading BNPL providers influencing consumer spending habits;
  
• Apple Pay, Google Pay, and Samsung Pay – mobile wallet providers driving contactless and mobile payments.
  
  
  

Popular payment methods and solution providersAustralia's payment ecosystem offers a wide range of methods catering to diverse consumer preferences. As mentioned, in 2025 digital wallets will become the preferred payment method. BNPL and direct A2A transfers follow closely behind.
Key payment solution providers include:

• Eftpos – a longstanding Australian payment network, now supporting real-time transactions;
  
• Osko by BPAY – an RTPs provider leveraging NPP infrastructure;
  
• Visa, Mastercard, and American Express – dominant card networks offering innovative security features;
  
• Cryptocurrency platforms such as Binance and CoinSpot – Facilitating digital asset transactions.
  
  
  
  

Ecommerce and marketplaces

The Australian ecommerce market has expanded significantly, with a surge in online shopping post-pandemic and continued demand for seamless digital experiences. 
Australia is the 14th largest ecommerce market in the world, according to ECDB data. It’s ahead of emerging countries such as Brazil, which has a population seven times bigger, and developed markets such as Italy, whose population is three times bigger. With a predicted revenue of USD 50,720 million by 2025, the sector revenue is projected to grow at an 8.2% CAGR, reaching USD 69,536 million by 2029.
The country ranks as one of the leading ecommerce markets globally, with a highly developed digital economy and a strong preference for online shopping. According to PCMI proprietary data and analysis, in 2023, Australia's total ecommerce market reached USD 81.13 billion, reflecting deep integration into consumer lifestyles and a steady shift toward digital transactions.
Domestic ecommerce dominates the Australian market, accounting for 85.8% (USD 69.65 billion) of total sales, while cross-border ecommerce answers for 14.1% (USD 11.47 billion). Although domestic players continue to hold strong market positions, cross-border transactions are growing, fuelled by better exchange rates, improved international logistics, and consumer demand for diverse product offerings.


Key ecommerce payment methods in 2023 were distributed as follows:

• Internationally-enabled credit cards: 36.7%
  
• Debit cards: 25.0%
  
• BNPL: 13.0%
  
• Bank transfers: 12.0%
  
• Digital wallets: 11.2%
  
• Other (including gift cards, pay-on-delivery, and miscellaneous methods): 2.0%.
  
  
  

Preferred devicesUnlike some other markets where mobile commerce dominates, Australia maintains a more balanced ecommerce ecosystem. In 2023, desktop transactions made up 55% of total ecommerce sales (USD 44.62 billion), compared to 45% via mobile devices (USD 36.51 billion). This suggests that while mobile shopping is growing, many consumers still prefer desktop-based transactions for larger purchases and more complex online shopping experiences.


Key ecommerce verticalsThe leading ecommerce categories in Australia by market share include:

• Retail: 51.7% (USD 41.94 billion)
  
• Travel: 15.9% (USD 12.94 billion)
  
• Streaming services: 9.7% (USD 7.88 billion)
  
• Ride-hailing and delivery apps: 9.3% (USD 7.58 billion)
  
• Software-as-a-Service (SaaS): 8.9% (USD 7.25 billion)
  
• Gaming: 2.6% (USD 2.14 billion).
  

This breakdown highlights the significant role of retail and travel in Australia's ecommerce ecosystem, along with the rapid rise of digital services, including streaming and SaaS platforms.


Main ecommerce playersAustralia's leading ecommerce players include:

• Global marketplaces
  
  • Amazon Australia: the dominant player with 88 million monthly visits, known for its vast product range, fast delivery, and logistical innovations;
    
  • eBay Australia: a long-standing marketplace with approximately 51 million monthly visits, offering auction and direct-sale formats.
• Local marketplaces and retailers
  
  • Kogan.com: a leading Australian online retailer specialising in electronics, home goods, and personal products;
    
  • Woolworths: a top supermarket chain with a strong online presence, offering groceries and household items;
    
  • Coles: another major grocery retailer competing in the online shopping space;
    
  • Big W: a discount department store under Woolworths Group, offering a wide range of products online;
    
  • Kmart: a popular retailer with a growing ecommerce platform for affordable goods;
    
  • Others: JB Hi-Fi, The Iconic, and Bunnings – major retailers expanding their digital presence.
• Other noteworthy platforms
  
  • Catch.com.au: a marketplace offering deals across various categories, including fashion, electronics, and home goods;
    
  • MyDeal: an Australian-owned marketplace providing tailored support to sellers and access to millions of customers monthly;
    
  • The Iconic: a leader in online fashion retail, appealing to younger demographics with trendy offerings.

Cross-border developments
Cross-border ecommerce is booming in Australia, with consumers increasingly purchasing from international retailers due to competitive pricing and product variety. Asia-Pacific and North American brands continue to be the most popular among Australian shoppers.

Cross-border ecommerce spending is projected to reach USD 7.9 trillion globally by 2030 per Airwallex data, with Australia playing a significant role in this expansion. Australian merchants accounted for more than 25% of total ecommerce transactions. This figure is expected to grow as more businesses target global markets.

Also according to Airwallex, 54% of global consumers plan to increase their international online spending in 2025, reinforcing Australia's position as a key market for cross-border trade. Popular regions for Australian shoppers include Asia-Pacific (China, Japan, and South Korea – with Chinese platforms like Alibaba and Shein gaining traction) and North America. Presenting prices in local currencies is critical, as 93% of consumers say currency confusion impacts their decision to complete purchases

The rise of cross-border payments has led to enhanced foreign exchange solutions and more competitive international transfer fees. Fintechs such as Wise and Airwallex are revolutionising the way Australians send and receive international payments, making transactions faster and more cost-effective. Wise’s platform has expanded into business-to-business (B2B) markets, partnering with Australian institutions such as Bendigo Bank to streamline international payments. The high fees charged by traditional banks have pushed merchants to switch to fintech solutions.

It must be noted that the RBA is exploring linking its NPP with fast payment systems in other countries, enabling real-time international transfers and fostering global trade partnerships.

Australia's trade relationships with China, the US, and Europe remain crucial, with logistics companies investing in infrastructure to streamline cross-border shipping and reduce delivery times. Additionally, regulatory changes around data security and anti-money laundering measures have increased scrutiny of international transactions.


Regulatory initiatives

The Australian government and regulatory bodies continue to implement policies that shape the payments and ecommerce sectors. As of February 2025, the RBA is actively engaged in several regulatory initiatives poised to influence Australia's financial landscape. Among the most relevant are the following:

1. Payment surcharging regulations: the RBA is reviewing merchant card payment costs and surcharging practices. In January 2025, the RBA released an issues paper titled ‘Merchant Card Payment Costs and Surcharging’, inviting stakeholder feedback on potential regulatory adjustments. The Australian Government has proposed banning debit card surcharges from 1 January 2026, subject to the outcomes of this review. 
   
2. BNPL regulation: effective 10 June 2025, BNPL providers in Australia must hold an Australian credit licence and comply with responsible lending obligations under the National Consumer Credit Protection Act 2009. The Australian Securities and Investments Commission (ASIC) is consulting on draft regulatory guidance to ensure these measures protect consumers while allowing the BNPL industry to grow responsibly. 
   
3. Consumer Data Right (CDR) expansion: the Australian Government is expanding the CDR to include non-bank lending and BNPL products. This expansion aims to enhance consumer control over personal data and promote competition across various sectors. The Treasury Laws Amendment (CDR) Act 2024 introduced ‘action initiation’, allowing consumers to authorise accredited service providers to initiate actions on their behalf, such as making payments or updating personal information.
   
4. Project Acacia – exploring wholesale CBDCs: the RBA, in partnership with the Digital Finance Cooperative Research Centre (DFCRC), is also conducting Project Acacia to assess the role of digital money in wholesale markets. From February to March 2025, the RBA and DFCRC will engage with selected parties on their detailed use case proposals, including consideration of regulatory implications. Development and testing of selected use cases are scheduled from May to October 2025.
   

Australia's upcoming payments and ecommerce trends

Australia's payments and ecommerce landscape in 2025 is marked by rapid digital developments, regulatory evolution, and increased consumer reliance on innovative financial technologies. The transition from cash to digital transactions continues to accelerate, driven by the widespread adoption of mobile wallets, RTPs, and A2A transfers. Ecommerce remains a dominant force in the economy, with robust domestic sales complemented by growing cross-border transactions. Regulatory initiatives, including BNPL reforms, surcharging changes, and CDR expansion, signal a shift toward greater consumer protection and market transparency. As fintechs and traditional financial institutions adapt to these changes, Australia is poised to remain a leader in digital payments and ecommerce innovation, ensuring a secure, efficient, and competitive financial ecosystem.

Estoy feliz de compartir la publicación de un informe que tuve el honor de coordinar y escribir desde PCMI: "FROM BARRIERS TO BRIDGES: HOW BLOCKCHAIN AND STABLECOINS CAN RESHAPE CROSS-BORDER PAYMENTS IN LATIN AMERICA".

🔍 ¿Qué encontrarás en este reporte?

• Una visión profunda sobre cómo funcionan actualmente los pagos internacionales.
• Los desafíos históricos y persistentes que enfrentan las transferencias transfronterizas, como altos costos, demoras, y falta de transparencia.
• El impacto transformador de las soluciones basadas en blockchain y stablecoins, incluyendo casos de uso reales.
• Un análisis del potencial de adopción en países clave como Brasil, Argentina, México y Colombia, así como los retos regulatorios que enfrenta la región.

📈 Datos clave:

• América Latina es la región de remesas de mayor crecimiento global, con flujos que alcanzaron los $156 mil millones en 2023.
• Las stablecoins y blockchain están emergiendo como alternativas clave para reducir costos, eliminar intermediarios y acelerar transacciones internacionales.

Este informe incluye contribuciones de líderes de la industria y 16 entrevistas a profundidad con remitentes de dinero y PSPs, lo que lo convierte en una guía imprescindible para entender el presente y futuro de los pagos transfronterizos en la región.

​👉 Pueden acceder en el siguiente link: ACCESO AL REPORTE