Digital wallet of microfinance institutions will allow transfers for S/500 a day, as well as other benefits for users. Learn more about how this application will operate.
In June 2023 the 11 microfinance entities that make up the Peruvian Federation of Municipal Savings and Credit Banks (FEPCMAC) will launch a unique digital wallet with certain characteristics to join the market where other applications operate such as Yape, Plin, Tunki, Lukita, Agora and Bim, given the growing demand for these technological tools. Also, the Central Reserve Bank of Peru (BCRP) approved an interoperability regulation that will allow the application to carry out operations with other wallets such as Yape or Plin.
What is the digital wallet and microcredits?
According to the manager of Corporate Services of the FEPCMACJohn Sarmiento, the proposal will open a great door to maximize the reach of the electronic wallet and will provide microcredits or life-saving credits with an amount of up to S/200, but increasing it is not ruled out.
The annual interest rate will be 50%, 40% less than Yape, and it is being considered to add a second type of credit focused on micro and small businesses (MYPE). The application will be available to all users of the boxes (Arequipa, Huancayo, Cusco, Del Santa, Ica, Maynas, Paita, Sullana, Tacna, Trujillo and Piura), as well as to those who are not affiliated with them.
Citizens will benefit from a new digital wallet. Photo: MIDIS
What are the facilities of the new digital wallet?
- Transfers of up to S/500 per day can be made, as it is what users are currently familiar with. But this amount of money is still under evaluation, as it could be higher.
- They may request lifesaving credits of up to S/200.
- In addition, the municipal savings banks have agreements with different businesses nationwide, this will allow the sale of products by catalog, SOAT, as well as payments for basic services, among others.
Source: Larepublica
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