Around 12 million users will benefit from the interoperability of Yape and Plin. How and from when can transfers be made?
Every day, thousands of users use digital wallets such as Yape and Plin to make money transfers to their contacts in the easiest way, without having to go to an agent or financial institution. In estimates of the Association of Banks (Asbanc)about 23.5 million users use digital wallets. Faced with this growing demand, the Central Reserve Bank published last year the interoperability regulation that requires that both apps operate with each other. Since when will it be and how will the transactions be? We tell you here.
Yape and Plin: since when can transfers be made between the two?
The Republic consulted both companies about how the progress of this project is going. These companies assured that they are working on the fly to provide the functionality as soon as possible —within the term granted by the BCR—, that is, on March 31, 2023. In addition, both Yape and Plin confirmed to this wording that they will not charge any commission for the transfer of money.
“Yape was born with the aim of being interoperable and free, so our yaperos must have the peace of mind that they will not be charged a single sol for transfers to other wallets. Proof of this is that we currently interoperate with nine other entities,” said Miguel Ibáñez, product owner of Yape and process leader interoperability.
For his part, Mauricio Sánchez, head of Plin, pointed out that, due to the importance of the project, different milestones have been defined that seek to ensure the correct operation to continue connecting Peruvians financially and, as a result, financial inclusion, digitization of means of payment, and reduction in the use of cash are promoted.
Yape and Plin: how will the transfers be made?
transfers between Yape and Plin will be made through the mobile number of the users. In the second phase, whose deadline is June 30, operations may also be executed through QR code reading.
In figures
More than 12 million Yape users will benefit from this functionality. meanwhile, in Plin, more than 10 million users. In the latter case, they will maintain the dynamic of transferring up to S/1,500 per day and a maximum of S/500 per operation.
If they fail to comply with their obligations, such as initiating interoperability within the period indicated by the BCR, both companies can be penalized with a fine of S/24,750 (five UIT) per week until they comply with what is indicated.
Source: Larepublica
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